January 31st is looming! For self-employed individuals filing online tax returns the deadline for submission is just a couple of weeks away so if you haven’t already got yours completed then there really is no time to waste.
You can complete your tax return yourself or engage the services of an accountant or bookkeeper to do it for you. Whichever way you do it, you’ll still need to have the vital information for tax year 6th April 2013 - 5th April 2014 ready:
- Confirmation of all income received in the year – interest on any savings, dividend payments, life insurance gains, any benefit payments or income from any other sources – all income needs to be entered on to the form
- Total of any payments qualifying for tax relief – contributions into any pensions you might have, charitable donations, any earlier years losses you have carried forward etc
- For Self-employment, details of your business turnover, allowable business expenses that can be deducted, your net profit and any capital expenses which are allowed, for vehicles and equipment used in your business
If you’re completing the form online yourself, remember you can complete it in stages so don’t leave it all till the last minute if you can avoid it. Enter pieces of information as you have them ready.
Once the form is complete and you have included any supplementary information needed, make sure you save a copy for yourself and then send it off without delay. Remember, if your return is late you will be fined a penalty of £100, and if it is more than 3 months late a penalty of £10 per day so don’t waste your hard earned business cash and get it done in time.
If you are already panicking about completing your tax return or wading through that pile of receipts then our experienced team of Virtual Assistants are here to help. Our Bookkeepers can help with completing tax returns and accounts, whilst our VAs can assist with handling expenses on a day-to-day or one off basis.
Please contact us on 01483 332220 or email us at email@example.com to find out more. We pride ourselves on being the staff you don’t see, but the difference you do.