SELF-EMPLOYMENT

Self-employment means working for yourself. Many people who are self-employed call themselves sole traders. You are your own boss. It is up to you to decide what you do each day and what you charge.

It may be that you employ people to work for you. There may be business partners with whom you share the work. The fact is you have statutory commitments with which we at MyAccountant.org can help.

Our service includes statutory accounting, cash basis accounting, bookkeeping, tax advice and planning as well as VAT returns, if they are required.

As a self-employed person, you will be taxed differently to an employee. As you will be responsible for paying income tax on your earnings you will usually need the help of an accountancy service.

There are special tax reliefs and allowances that self-employed people like sole traders can claim. We can provide that tax advice.

If you are registered as self-employed or as one of the many sole traders, you’ll be sent a Self Assessment Tax Return (if you file on paper), or a Notice to File (if you file online) soon after the 5 April end of the tax year.

The paper return must reach us by 31 October following the end of the tax year. The online return must be filed with us by 31 January following the end of the tax year.

The accountancy service we provide at MyAccountant.org includes:

• Writing to you annually to request the information to prepare your tax return
• Preparation of your tax return, based on the information you provide
• Calculating your tax liabilities and advising you on dates of payment
• Submitting your Self Assessment Tax Return electronically to HM Revenue and Customs (HMRC)
• Dealing with any queries on the tax return
• Checking your notice of coding during the year to ensure you are appropriately taxed at source on your earned income
• Advising you accordingly during the preparation of your annual tax return if we think there are any potential tax saving opportunities from which you may benefit
• Providing tax advice and company formation consultancy if required

A tax return is a form on which details of your income and expenses must be recorded if required to do so by HMRC. This tax return is then used to calculate the amount of tax you are due to pay.

The people who may need to submit an annual Self Assessment Tax Return form include:

• Company directors
• People with taxable benefits (represented by a P11D from your employer)
• People who are self-employed
• Anyone who receives offshore/foreign income
• Owners of UK rental property
• People who have made capital gains