Providing Independent Financial Advice In Lancashire

Why Have Your Accountant Do Your Self-Assessment?

If you lack the time or aren’t confident that you fully understand all the regulations which will apply in your case, you might want to have an accountant fill in and file your self-assessment tax return. In fact, this is one of the government’s own suggestions.

There are a number of different tax sources you may not have been aware of. As well as income directly from your business, you may have additional income from renting property, or you may have sold certain things which qualify for capital gains tax. Interest on savings can also be affected by tax.

You may also qualify for the High Income Child Benefit Charge if your individual income is over £60,000 and you or your partner get child benefit (or if someone else receives child benefit for a child who lives with you, where they contribute at least an equal amount toward the child’s upkeep).

As well as additional sources of tax, as a self-employed individuals you will be able to claim certain expenses, including but not limited to:

• Business travel costs
• Office costs including stationery and phone bills
• Staff costs (if any)
• Financial costs including insurance and bank charges
• Cost of stock or raw materials
• Training courses taken for the purpose of your business
• Marketing expenses including website costs

In all cases, there are further limitations on what can be expensed and how.