Accountants Chichester

Accountants Chichester For All Business Types

Accountants Chichester are well practised in completing tax returns for both self-employed sole traders and businesses of all types and sizes. Whether you complete the return yourself, or you employ a tax return accountant to do it for you, the information required will be the same. You will be asked for details of any profits that your business made over the previous financial period (usually April to March). You will also need to complete details of any other income you have. This might be from a rental property, or from investments. From these details, HMRC will calculate how much tax you will need to pay.

Tax Return Accountant: What Records Should You Keep?

Although we are often told these days that a ‘paperless office’ is the best way forward, there are some records that will need to be kept. When you ask your Chichester accountants to help you with your tax return, they will need to see records of your outgoings and your income. By law, everyone needs to keep records of their income (including any capital gains) for 22 months after the end of the tax year. However, if you are a sole trader, you need to keep them for much longer; five years and ten months. The best way to have a stress-free time when it comes to doing your taxes, or to enable your accountants Sussex and Chichester to get the taxes done easily, is to be organised from the beginning. You don’t necessarily need to buy expensive software to do this, although if it helps you be more organised then it may be a wise investment. Otherwise, all you really need to do is start a simple computerised spreadsheet with columns for what you spend, and what you get in. Computerised is best as it can then be easily sent across to the accountants in your local tax office Chichester when it is needed. You will also need to keep copies of all the invoices and receipts that connect to your business. A good way to do this is to buy two lever arch folders – one for invoices and customer receipts, and one for sales receipts. File them in order to make finding individual items easier.

Questions To Consider Asking Your Accountants In Sutton

Working with an accountant, particularly on your tax return is a two-way exercise. Just as you must be willing to answer their questions, the accountant must be ready and willing to answer yours. Many of the questions you need to ask will depend on how long you have been in business and your knowledge of the tax system. However, you should never consider a question to be silly. On first meeting accountants Sutton based, you might want to ask about their previous experience. Consider asking whether they have worked with businesses like yours before, and what services the accountants in Sutton provided. This will give you the information you need to know whether to have confidence in their services. You may want to ask questions regarding the structure of your business. Do they think it is the most suitable structure for your tax needs? It is also ok to ask questions about anything the accountant says or asks you for. If you are new to business and don’t know your capital gains tax from your VAT, then ask. Same goes if you are unsure about payroll or PAYE. One of the most common sets of questions that business owners are often reluctant to ask are about expenses. If you don’t know whether you can claim for something as an expense, you have nothing to lose by asking. And don’t worry, the chances are the accountant from a company such as AMG Financial Chartered Tax Advisers & Accountants has heard worse before.

For The Best Accountants Chichester Use AMG Financial Chartered Tax Advisers & Accountants

Be smart when it comes to hiring a tax return accountant – hire AMG Financial Chartered Tax Advisers & Accountants. With our extensive knowledge of taxation, and our experience in completing business and sole trader tax returns (as well as much more), we are your accountants Chichester. We can offer help and advice on all aspects of tax. See our website for further details of exactly how we can help you (http://amgfinancial.co.uk) and we’re sure you’ll want to get in touch. When you do, simply phone us on either 01243 681097 or 07986 347396, or email andy@amgfinancial.co.uk. We’re looking forward to working with you.