23rd January 2015

Horizontal Shot Of Man With Tax Troubles -Tax Time Troubles

Have you registered for self assessment? Do you have all your records at hand? If not then you’d best start to gather all the info you will need, as you only have until end of Jan 2015 otherwise risk being fined.

Preparing Your Returns

You really only have 8 days left, gather all the invoices and receipts in order to submit your yearend tax returns, as it’s up to you to ensure you file your returns. It’s no good blaming your accountant (assuming you have one) it’s down to you!

Remember, send a tax return if you’re:

  • a self-employed sole trader
  • a partner in a business partnership
  • a company director
  • employed and self-employed

Collecting your information

Before you can file your tax return, you’ll need to collect all of the necessary information that you have to include in it. As a basic rule, this will be any money you’ve received or earned from pretty much anywhere, including wages from a job, income from a trust, interest from your bank account, profits from operating a sole trader or a partnership, etc.

Follow the rules

There are many rules and regulations when it comes to completing your tax returns.  For example, ensure you’re adding up your income and expenses for your sole trader or partnership accounts correctly. Unless you use the cash basis to prepare your accounts, you have to count income depending on when you did the work – not when you was paid or going to be paid by your customer.

Make sure that you’re fully up-to-speed with the rules surrounding business expenses and what you can and can’t claim, especially when it comes to travel, accommodation, food & drink, entertaining, clothing and the business use of your home.

Deadlines as follows:-

2013 to 2014 tax year – This tax year ended 5 April 2014.

Self Assessment                                Deadline

Online Tax returns                           31st Jan 2015

Final payment of any tax due     31st Jan 2015

For more information go to the Government website help pages  or help line on 0300 200 3310

Registering for self employed and or Limited Company

To register as a sole trader and or a partnership then this can be done via HMRC web site and to register a company, direct to Company House or a Company Formations Service/Accountant.

Make it easy for yourself (if you live/operate in East of England Region) drop us a line via www.nwes.org.uk or call 08456 099 991 and let us help you at no charge (Company House fees will be payable where appropriate).

Written by Sergio Aschettino, Nwes Sales Performance Manager

Information correct at time of going to press (23/1/15).  No responsibility can be accepted for any changes made and not updated after this time.

 

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