Whether you’re a self-employed holistic therapist, a plumber or a small business owner, at Taxfile we can bring experience and expertise to your accountancy and tax needs. We have established the foundation of our business on providing a high level personal service at a realistic rate. Working as an independent organization and therefore dealing with HMRC on your behalf. We ensure you only pay as much tax as you really need to, offering advice as to which allowances, reliefs and deductions are available to your particular situation, and can help you to claim them. This is even true when your business ceases trading.
You will need to register for submitting a self assessment income tax return to HMRC if any of the following criteria are met:
- You are self-employed
- You are a landlord or have holiday lettings
- You are on PAYE but have income from other revenues
- You are a director
- You are in a partnership
- You are on PAYE and earn above £100,000 per annum
It is a legal requirement that you keep full and accurate records of your business transactions. Every year you will then be required to fill in a Self-Assessment tax return to show your profits from the business plus any additional income (e.g. from property rental). Your tax and National Insurance contributions will then be computed.