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Self Assessment Tax Returns
The tax years runs from 6th April to 5th April
An Online Tax Return must be submitted, and any Tax and National Insurance owing paid, by 31st January after the end of a tax year. (Tax year 2012/2013 must be submitted and paid by 31st January 2014)
By 31st January you must pay tax and NI owing for the tax year being assessed plus 50% of that amount towards the next tax year, less any payments already made towards the tax year under assessment.
By the next 31st July you must make a further 50% payment towards the next tax year to be assessed.
If you use a car for both business and personal use and want to claim mileage allowance in your tax return, then you should keep a record of all business miles travelled throughout the year.
Capital Items - (machinery etc that will last in business use for more than a year) you should keep a separate record of these items and claim Capital Allowances on them. Their cost should not be included in your Profit & Loss A/C
Drawings - these should never be included in the Profit & Loss A/C of a Sole Trader (unless they are taken in the form of Wages and tax and NI is paid through the PAYE system)
Even although someone else may prepare and submit your tax return on your behalf, you are personally responsible for your tax affairs. You must make sure all the information your adviser supplies to HMRC is accurate. You must keep your records relating to your tax return for 5 years after the January deadline for submitting that tax return.
Orchid Bookkeeping, Bonnybridge FK4 1BE
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