Self Assessment Tax Return Checklist 2011-12
To help you collate the information you need to prepare your self assessment tax return for 2011/12 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 2013 to avoid a penalty.
At HRBS we submit all tax returns and tax computations online. However, if you wish to prepare a paper return, the deadline is midnight on 31 October.
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 are calculated which explains the self assessment payment on account system.
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Flat Rate VAT For Affiliate Marketing
Using the UK flat rate VAT scheme is quite often beneficial for affiliate marketeers. Many in the affiliate marketing sector have low overheads and in particular small amounts of input tax (VAT charged on purchases).
Under the flat rate scheme, input tax is not reclaimable and the VAT paid to HMRC is calculated as a percentage of gross sales. Gross sales are net sales + the VAT charged to the networks.
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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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How to form a limited company
Many businesses are making the change from being a sole trader to running their business through a limited company to take advantage of the limited liability and also the opportunity for tax planning.
An extended version of this HRBS.biz “How to form a limited company” guide can be downloaded as a free pdf here.
Click here for the “How to save tax and National Insurance” article.
Suppliers and customers often prefer to deal with a limited company as it can imply stability, longevity and also the company’s accounts and details of directors are in the public domain. This makes it easier for credit reference agencies and debt insurance providers to recommend credit limits. Unfortunately your competitors can find out about your company’s performance, ownership and mortgages etc at Companies House from only £1!
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