Articles tagged: "self assessment tax return"

1: Accounting Periods And Basis Periods For Self Employed Business

Accounts are required each year for tax and financial control purposes with preset dates by which those accounting records must be submitted and penalties for failure to deliver on time. While in the UK self employed business can use its own accounting period the tax position can become more complex if the accounts use a basis period rather than the standard financial tax year.

2: Registering Self Employment And The Self Assessment Tax Return Form

If you start a business and become self employed in the UK you are required to register the self employment within three months of starting up the new business. Having registered as self employed you will then be required to complete the inland revenue self assessment tax return form each year.

3: Capital Tax Allowances And The Self Assessment Tax Return Form

To accurately complete the self assessment tax return requires the self employed businessman to understand the tax system as applied to capital allowances that can be claimed against fixed assets. A potential difficult area for the non accountant these notes explain what capital allowances are and briefly how to calculate the capital allowances which reduce the net tax payable.

4: Explaining Income And Expenditure Sections Of The Self Assessment Tax Return

Every self employed businessman in the UK is required to complete a self assessment tax return form and requires accurate accounting records to support the tax return. These notes explain how those accounting records should be entered in the income and expenditure section of the self assessment tax return form.

5: Self-employed Accounting Software Fills In Self Assessment Tax Return

Accounting Software for the self employed businessman in the UK does not have to be complex. The most important requirement being a simple package that automatically produces the Self Assessment tax return.