Ready for Self Assessment Tax returns?
Yes, the time has come again.
Are you ready? Ok, first of all, you need to know what is that you need to have before your Tax return can be submitted Online (the paper submission deadline was 31 Oct 2017) to HMRC.
Either you are a Sole Trader, Partnership or a Limited Company, the focus should be on the Owner, Partner or Director respectively and the income they have earned from their Business Activity along with any other income you may have earned. A Brief list is given below.
- Profit from Sole Trader/Partnership
- Salary/Bonus/Dividends from Limited Companies
- Rental Income from Properties
- Dividend income from other investments in Stocks/Shares (ISA can be ignored)
- Untaxed Bank Interest Income
- P60 Income from Second Jobs etc.
- Pension Income
- P45 Income, if any
- Rent a Room income
- Any other income
Apart from the above, any tax already paid (eg: P60) should be handy to check whether you have paid any excess tax, if so, can claim it via Tax returns.
Also, with reference to Properties, need to keep in mind about Capital Allowances and other expenses to claim before arriving at your Rental Profit.
Any help needed, either call Srinivas Ram on 07879601780 or send us an email at: srinivas@ExcelAccountz.co.uk
for an initial discussion and assistance.