Tax Return Help

Tax Return Help For Sole Traders

Tax return help is something that every self-employed person needs, whether running a large company, or working alone in a home office, or converted garden shed. Understanding the tax system is a specialised subject, and if you get your tax return wrong, ignorance or lack of specialism, will not be accepted as an excuse by HMRC. The best way to avoid late return fees, and large unexpected tax bills is to secure the aid of an expert tax return accountant with experience of working with sole traders. Failing to do this could see you starting the new year with a late penalty of £100.

What Can A Tax Return Accountant Do For You?

The world of tax can be an intimidating one for someone new to the idea of self-employment. After all it is just one in a long line of things you need to consider, along with getting customers, marketing your business and developing your goods or services, as you set out on your journey. But, with the right tax return help, it doesn’t need to be. One of the first things accountants or contractor accounts and tax return specialists can do to support you, is ensure that you are preparing the right business structure. The type of structure you choose will depend on a host of elements, including the type of self-employed work you are going to be doing, what your long-term plans look like, and whether you are considering taking on staff at any time. The most popular options are to set up either as a limited company or a sole trader. Either option involves tax considerations, and your accountant tax return advisor can offer full explanations of these considerations and provide advice on how you should proceed. As a sole trader, you are assessed for your tax and National Insurance contributions each year via the HMRC self-assessment process. The overriding concept of self-assessment is straight forward – you pay tax on the profit you make from your income, once all outgoings are deducted. However, knowing what needs to be deducted and what doesn’t can make a difference between not needing to pay tax and making it into the first tax band. And this is where tax return help really comes into its own.

What You Need To Do For Your Accountant For Tax Return Support

It is very exciting starting out on any new project. When this is the beginning of a business as a sole trader that excitement is only matched by anticipation, fear, loneliness and an enormous workload. Any support you can find is valuable and the support of an accountant, especially one that can provide help filling out tax return is vital. But, they can only do their part fully if you do yours with the same level of commitment and professionalism. So, as the business owner, what do you need to do? Firstly, be honest with your tax accountant. If it is your first meeting and you don’t have a clue about setting up the tax and VAT side of your business, tell them. If you don’t understand the terms they are using when discussing these things, tell them. The whole idea of having an accountant for tax return support, is they provide support, within their expertise, where you need it the most. The next most important thing you need to do is keep your paperwork, all of it, at least until your accountant says you don’t need it. It’s better to have things you don’t need, than to find out you have thrown away something important. The better organised you keep this paperwork, the easier it will be for companies such as AMG Financial Chartered Tax Advisers & Accountants to support your business.

For The Best Tax Return Help, Turn To AMG Financial Chartered Tax Advisers And Accountants

Business finance can be confusing, and can feel like a big challenge. Thankfully, when you need tax return help, you can turn to the professionals at AMG Financial Chartered Tax Advisers & Accountants. You can find out more about our dedicated tax and financial services at http://amgfinancial.co.uk. For more information on using us as your tax return accountant, or on the range of services we provide, please don’t hesitate to get in touch on 01243 681097 or 07986 347396. If you prefer, you can email andy@amgfinancial.co.uk for the best advice and up to date tax guidance for sole traders and other business owners.