Most of our clients are required to complete an individual self-assessment through one the following circumstances
- Director of a Limited Company
- Sole Trader
- Partner in a Partnership
- Have rental income.
The tax return deadline is 31 January at which point any outstanding tax for tax year ending the previous 5th April will be due.
There is no reason to delay this long, have peace of mind and don’t let your Christmas period be spoilt with the nagging in your mind that you still haven’t completed your return.
As a client of ours, we will aim to have your personal tax return completed at the same time your annual accounts are finalised. If we act for your limited company or partnership we will have 90% of the required information but will request any additional information we may require.
A sole trader is a person who sets up and owns their own business. They may decide to employ other people but they are the only owner. A sole trader has unlimited liability.
As a sole trader, your business is owned entirely by you, grown by you and ultimately succeeds or fails by you. This also means you are entitled to all profit that the business makes.
You are also required to complete a self-assessment and a key step in being able to do so is completing as a minimum a Profit and Loss account to incorporate into your self-assessment.
As a sole trader, you are entitled to claim a number of expenses if they are incurred wholly and exclusively for your business needs.
This may also include expenditure on items that used both for business and personally i.e. A motor vehicles and telephone, as such HMRC would expect you to make a fair adjustment to allow for personal use and as therefore is often a key point HMRC would examine in any investigation.