Importance of self employed tax return and chartered accountant in Luton
Posted: Jan 05, 2017
Every person who is self employed and running his own business in Luton, UK, is supposed to file his tax return. Before proceeding to the first stage of this process, it is essential for the individual filing the return to completely understand the meaning and importance of self employed tax return and chartered accountant in Luton. Filing returns can be quite time consuming and, most persons consider it a tedious chore. Getting hold of a capable chartered accountant in Luton, in itself, is a formidable task, simply because one is spoilt with choices. It is all the more important, therefore, to carefully puruse the credit ratings of a good firm who are adept at business skills in the art of accountancy. A good and experienced accountant will willingly cater to businessmen, either big or small.
Getting oneself registered is the first stage towards filing your return. All registered users,will get timely notifications from HMRC in the month of April, reminding them of their tax obligations. You may be asked to either complete the returns or make a self assessment return online. To go about this, a self employed tax return form needs to be filled, which is a tricky job. It may look simple, at first, but requires careful study and then provide the correct information. One is supposed to maintain records of all business related expense in a ledger for at least six years from the date of filing. The records should contain details of all sale proceeds, as these will be required to file an accurate return.
The last date to fill and submit your self employed tax return is usually by 31st October of every year. Care should be taken to fill the supplementary pages that come with the main form. These pages reflect your source of income from self employment, property income and income from any other source. Basically your turnover will decide which type of form needs to be filled by you. If your total turnover, in a financial year is below 83,000 £, then there is a particular form to be used. If, in case, this exceeds 83,000 £, then a different form is required to be filled and submitted.
The bottom line remains, that a good chartered accountant should be entrusted to do this complicated job. He will guide you as to how to generate your personal pin online, to make the process of filing an online tax return easy for you. An expert in taxation will evaluate your financial situation in relation to your line of work and chalk out ways to help you. They should be clear in their fees, and try and offset this expense by recovering any overpayment made by you to the tax authorities. Only if you let him handle your income tax woes, then only will you be able to devote more time to your work.
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