What is Tax Return for Self Employed?
Tax Return is the annual statement of income and expenses, as well as the tax to be paid for the past financial year.
This declaration is compulsory for all persons who are registered self-employed, and must be submitted to HMRC from 06/04/. Until 31/10/ it can be submitted on paper, and until 31/01/ it can be submitted online.
Failure to submit this declaration on time results in a fine of £100 plus surcharges and late payment penalties.
Regardless of whether your income is zero during the past financial year, this return must be submitted to eliminate any suspicion of tax evasion by HMRC.
Self-Employed in the construction industry
People working in construction who are registered with CIS tax 20% and have had these taxes deducted during the year, have the possibility to recover part of these taxes paid.
If your business profit is less than £12,570, then you can reclaim the full tax paid.
We are Authorized Tax Agent
We act on your behalf and maintain communication with HMRC.
One to One Consultation
We provide up-to-date information on taxes and fees for Self Employed.
The following documents are required to prove income and expenses:
- Invoices issued to your clients.
- Payslips
- Bank statements
- Receipts for your business expenses (transport, telephone, some, etc.)
- Letters from HMRC with UTR and National Insurance Number
