When you’re self-employed, either working as a freelancer working from a virtual office or running a small business, you have to wear a lot of different hats. You’ll often be in charge of your marketing strategy, product design as well as managing cash flow and accounts plus probably a hundred other things!
We hate to be the bearer of bad news, but Self-Assessment Tax Returns for the new tax year are now open! Filling out your tax return can be daunting and quite confusing, so we’re sure everyone procrastinates and holds off until the last minute! 31 January might seem a lifetime away right now, but why not avoid the last-minute stress this year and turn to a professional to ensure your tax return is filed ahead of time and without the stress?
In addition to your tax return, an accountant can also help with preparations for the Government’s Making Tax Digital initiative. Although it was rolled out in April 2019 for VAT registered businesses, HMRC will eventually roll this out to businesses including Sole Traders and non-VAT registered businesses. So it’s important to ensure all of your accounts are in order.
Here at The Business Centre (Cardiff) Ltd, we have a range of fantastic small businesses in our community! HRA Accounting has been with us for almost 6 years now, with Helen starting out at her kitchen table after re-training following redundancy and a with a small family. Initially, she joined us with a small flexible serviced office space; now, she owns a thriving accountancy firm and is who we turn to with any tax or finance query or question!
Filling Out Your Self-Assessment Tax Return
The most stress-free way to file a tax return is undoubtedly to hire an accountant to take care of it for you! Someone like Helen from HRA Accounting can deal with sifting through your paperwork and making sure nothing has been missed! Leaving you to relax knowing your taxes are in the hands of an expert.
Although an accountant can take care of everything, there is still some information you’ll need to provide them with, such as:
- your 10-digit Unique Taxpayer Reference (UTR) (if you’ve never registered before, an accountant can also get this for you on your behalf)
- your National Insurance number
- details of your untaxed income from the tax year, including income from self-employment, dividends and interest on shares
- records of any expenses relating to self-employment
- any contributions to charity or pensions which might be eligible for tax relief
- your P60 or other records showing how much income you received which you’ve already paid tax on.
If you’re worried about being prepared for the Self-Assessment Tax Return deadline, why not see if HRA can help? HRA Accounting provides a range of services from bookkeeping to accounts service for many SME’s over a wide range of industries.
With over 30 years of experience, Helen and HRA Accounting can provide support in any area of your business; from raising invoices to paying bills, from running payroll to preparing cash flow, as well as filling out your Tax Return. HRA can be as involved as you need to help you run your business. Contact Helen on 01446 731160 or 07801 998785, or you can email: helen@HRAaccounting.co.uk.