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Register as Self employed, thinking of starting up?
You can deduct the cost of the accountancy fees – in order to prepare your tax return,
Critics regard cheap online services as "sausage factories". A £70 filing service will be just that. You will need to provide the Data , They will simply input the details and submit the tax return.
GM professional accountants are accountants in London, They provide cheap affordable services and are specialists in tax returns. Unlike cheap online accountants, they will help you from bookkeeping till the submissions of the tax return. This ensures the correctness of the data and criteria with the UK GAAP.
The accountants need be following UK GAAP and the accountants are specialist in this field, this prevents errors that you may encounter with cheap online accountants. GM professional accountants provide free advice for their clients and deal with the compliance you may face the tax authorities.
The procedure for self assessment tax return registration is to register with HMRC as soon as possible or latest by 5th October in your businesses second tax year. After registration you will then receive a UTR number. This number is used to submit your Tax return, without this number you will not be able to submit your tax return.
The tax year runs from April 6th till April 5th, this is the simplest way to account for your business. You may choose a different accounting period which may lead to overlap profits in the first year.
Once you have submitted the tax return, you may request for a SA302 if you need this document as majority of the lenders need this for approve a mortgage. You may also need the tax overview to show that you have paid your taxes.
The tax return procedure may get complicated if you have additional income and again it will be accounted either with UK GAAP or the cash method if this applies.
The common questions that people have are , if they have undeclared income then do they need complete a tax return for historic periods, HMRC has campaigns and you may be eligible to enter them and declare your income with lower penalties, The current campaigns are Let property campaigns and second income campaigns. You will need to check there website to ensure that the campaigns are still active.
Our specialists' accountants will guide you the process and administer the process. This will allow you to be comfortable and that an expert is dealing with your case.
The process can take up to 4 months and the tax, penalties, and interest will needed to be paid by this period. This gives you enough time to obtain your data and complete the procedure.
For more information visit http://www.gmprofessionalaccountants.co.uk