How to submit Self Employed Tax Return in Luton?

Self Employed Tax Return and Chartered Accountant in Luton

If you are self-employed, then you are likely to go through the process of filling out your tax return. It clearly means that you need to be well aware of how the process works and be very clear about what Self-employed tax return means for you and your business. Before you can complete a tax return, you need to register for self-assessment. It is a good idea to get in touch with a competent Chartered Accountant in Luton if you happen to live in or around that area. Look for an experienced firm of Accountants and Tax Planners who specialize in accountancy and business skills. The firm should be able to cater to both small and medium-sized businesses.

Self Employed Tax Returns

HMRC will notify you in April and ask you to complete your tax returns, or it may ask you to make an online tax return. There is a self-assessment tax return form that one needs to fill in. However, it is not as easy and simple as it looks. One needs to make an accurate tax return, and in order to do so, they need to keep records carefully and keep details of all their sales and takings. All those records pertaining to purchases and business expenses should be well written and maintained for a minimum of six years.

Self-employed tax returns papers

There are some supplementary pages to be filled up along with the main return form when you fill Self-employed tax return papers. Those supplementary forms include income from self-employment, employment income, income from UK property and other income and gains. A lot will rely on the land of business, its size and the business turnover. You need to use different forms if the turnover is below £83,000 and different forms if it is above £83,000. The deadline to submit a self-assessment tax return is generally 31 October.

Income Tax Return Online

You can also submit an income tax return online, but before this, you need to register in advance. You will get an activation code (Pin) and should be able to submit an online self-assessment tax return without any problem.

As a client, you need to fully understand your financial situation and how it relates to your business. An expert firm specializes in all aspects of taxation and accountancy. They are able to provide a proactive service and a business advice that is tailored to your needs. Let them handle your tax woes and income returns as you focus more on your business.