Henry Morgan House Barnsley S71 3PQ
01226 700100

The World of Self Assessment and Accounts Preparation

More and more people are taking the plunge into the world of being self-employed and we know it can be a worrying place. We can help you through that process and answer all your questions in a supportive and friendly way.

There is nothing to be scared of! You will need to go through a self-assessment process so HM Revenue and Customs (HMRC) can work out how much tax you owe. If you are used to being employed by a company then your tax is paid automatically for you. As your own boss you now need to do this yourself. However we can prepare and submit Self Assessment tax returns to HMRC for you as well as advising you about your tax position.

We have plenty of experience in preparing both annual accounts and management accounts for sole traders, partnerships, limited liability partnerships (LLPs) and limited companies. We also pride ourselves on keeping it simple so those of you who prefer not to focus on the numbers side of the business can still confidently understand what we are talking about!
As a starting point make sure you keep detailed and accurate records of income and expenditure. This could be on paper or digitally on a simple spreadsheet for example. We can even provide you with a simple system and we can help you with absolutely everything else.

Don’t be afraid you are asking a “stupid question”. No question is stupid if you don’t know the answer! We are here to help and give you the answers.
Even if you are employed it can be useful to know the reasons why you may need to do a self-assessment form. For example you are a part-time teacher employed by a Local Authority but you also write books for children in your spare time. You would need to complete a Self Assessment tax return to ensure you pay tax on the additional earnings from your book.
Other examples are if:

you receive £2,500 or more in untaxed income, eg from renting out a property or savings and investments;
your savings or investment income is £10,000 or more before tax;
you make profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax;
you are a company director;
your income (or your partner’s) is over £50,000 and one of you claims Child Benefit;
you have income from abroad that you need to pay tax on;
you live abroad and have a UK income;
you receive dividends from shares and you’re a higher or additional rate taxpayer;
your income is over £100,000;
you are a trustee of a trust or registered pension scheme.
Don’t forget… if you need a question answering then let us help. We can tell you whether you have a tax liability or are due to receive a tax refund and we can guide you through the process.

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