|
|
| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Can anyone talk me through the self assessment tax process? |
Am working freelance for about 3 months, and am absolutly clueless when it comes to practical financial matters, I would be sooo grateful if someone could post up step by step instructions about what to do and what to expect. Like, do I have to give proof of all my outgoings? or just the stuff I want to claim tax back on? Thanks to anyone who helps out this dunce! :) Funny this, I was just spending today going through my Tax records for my own quarterly reveiw. visit http://www.hmrc.gov.uk as it contains so much info you could scream. In the self-employment section, you can download a sample of a self-assesment form and all the other forms, and the guidebooks and notes, and more that I can't even list. And you can phone them and ask them to send you copies. Ask them about start-up courses. These are free courses they offer to explain tax in more detail. "Self Employment" and "SA for the Self employed" are really good for clearing up matters. Also, there are so many books out there to ensure you keep your accounts records in perfect order. I like "Teach Yourself - small business Accounting" for my knowledge. I really think speaking to an accoutant is a good idea, but then again, I never went to see one, and it didn't hurt me. But I felt ready after doing what I mentioned. One more thing, 3 months operating as self employed, so you registered in May. Since you registered after 5 April, you do not have to worry about submitting tax returns till 5 April 2007 (Or thereabouts). Source(s): Grant (G!) Leech; Freelancer & Consultant in Business & Recruitment. You should go & see an accountant as long as you have kept your books in order this doesnt cost too much & he will claim for things you didnt even think about & save you money in the long run. My friend is a Tax expert, would you want me to introduce him? Generally speaking, you should keep all the receipts/ records which you think related to the business you do. I'd pay for an accountant, there are so many areas you can save tax on that it can be a false economy to do it yourself, most will do it on a yearly basis if you just keep track of your incomings and outgoings. If you allow for your time to do it yourself and the amount the accountant will save you its not worth trying to do it. Plus they are tax deductable! I would get professional help from an accountant/tax expert as this is about the amount of money you have and you want to be careful with filling this in and have advice from a professional person. you bascially need to go to the inland revenues website which is www.inland revenue/tax.org.uk |
| Tags |
| Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes |
Finance Categories--Copyright/IP Policy--Contact Webmaster |