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Free Guides for new and growing businesses from HRBS - fixed fee accountants and business advisors

Self Assessment Tax Return Checklist 2014-15

hrbs.biz tax return checklist for 2009 10 Self Assessment Tax Return Checklist 2014 15To help you collate the information you need to prepare your self assessment tax return we have prepared a useful checklist which you can download here.

In our experience, the list of income, deductions and capital transactions covers the majority of our clients but if you have other income, tax deductions or gains/losses not listed, you may need to include those on your tax return.

HM Revenue & Customs must receive your tax return by 31 January 2016 to avoid a penalty.

At HRBS we submit all tax returns and tax computations online. The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.

Read our guide on how your tax and NIC payments on account are calculated which explains the self assessment payment on account system.
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Save Tax and National Insurance with your limited company

hrbs.biz guide to saving tax and national insurance with a limited company Save Tax and National Insurance with your limited company
It is possible to reduce your (UK) personal tax and national insurance by running your business via a limited company.

The amount of tax and NI you can save will depend upon several factors including the company’s profitability, your personal circumstances and the amount of funds you wish to withdraw from the business.
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A quick guide for your new limited company

hrbs quick guide to limited company A quick guide for your new limited companyGetting at your profits

Extracting your profits from your company can be by a mix of wage (ie under PAYE) and dividend. In order to pay a dividend the company must have sufficient after tax profits. ie for a £10,000 dividend to be paid the company must have at least £12,500 pre-tax profits (corp tax rate of 20%).

Do not be tempted to withdraw more than is legally available as dividend, as it would be void and treated as a loan repayable to the company. If the loan is to the director it would be a taxable benefit in kind if over £5,000 .

For more on how to extract your profits in a tax efficient way, read our article “Save tax and National Insurance with your limited company”.

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