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Sole Trader Tax Returns

As a sole trader you should register with HMRC if you need to complete a self assessment tax return. HMRC will then decide if you need a tax return. If you do, they'll set up your tax records and assign and send you a Unique Taxpayer Reference (UTR) number.

As a sole trader you are eligible to claim for numerous things through your self assessment tax return

  • Cost of materials
  • Cost incurred for advertising and promotions
  • Business assets which includes capital expenses
  • Mobile phone used for business purposes
  • Stationery and other appliances used for the business

Depending on each case we will be able to advise you on what else you can claim for through your tax return. You also need to keep all your records accurately in order to claim for these expenses.

If you are employed then the employer is responsible for deducting and paying your tax and National Insurance contributions at source through the PAYE system. You are also entitled to certain rights and benefits, such as maternity or paternity leave, sick pay, Jobseeker's Allowance if you lose your job and a State Pension including the additional state pension when you retire.

What to do next Call or email us Give us your details We will do your tax return Sign it We will send it to HMRC


Tax Returns for Sub Contractors

If you are a sub contractor such as a teacher, carer, doctor or nurse, you are required to file a self assessment tax return. Based on the way you perform your work, you may be eligible for claiming certain expenses such as follows.

  • Claims for mileage
  • Accommodation expenses that is attributable for your profession
  • Expenses incurred on stationery
  • Expenses incurred on mobile phone related to your job

Depending on each case we will be able to advise you on what else you can claim for through your tax return. You also need to keep all your records accurately in order to claim for these expenses.

What to do next

give us all you details. We will complete your tax return. One that is done, you need to sign it. Once you sign we will send the tax return to HMRC.

Contact us now on 020 3318 5714. We will make it easier to file your tax return



Tax Return for Freelancers

If you are a freelance professional such as a photographer, journalist, web designer you will have to declare your income through a self assessment tax return.
If you’ve just commenced work as a freelancer or run a small business, you’ll definitely need the help of an accountant and there are plenty of accountants out there! However, the problem is many of these accountants will charge you every time you get in touch with them even for every phone call, email or meeting.
Depending on your work, we will be able to advise you on how best to declare your income and the expenses that you can claim for.

What to do next

give us all you details. We will complete your tax return. One that is done, you need to sign it. Once you sign we will send the tax return to HMRC.

Contact us now on 020 3318 5714. We will make it easier to file your tax return



Tax Return for Company Directors

If you are a director of a limited liability company in the UK, you need to submit a self assessment tax return. You can send your return online or on paper. You have three months longer to send it if you send it online.
Unless the company is dormant, or is a not profit organisation which doesn’t pay you any remuneration, you have to file a self-assessment tax return for yourself, as well as accounts and a self assessment corporation tax return for the company.
Online Tax and Accounts are professional accountants that have helped many company directors to file their tax return.

What to do next

give us all you details. We will complete your tax return. One that is done, you need to sign it. Once you sign we will send the tax return to HMRC.

Contact us now on 020 3318 5714. We will make it easier to file your tax return



CIS Scheme

The Construction Industry Scheme (CIS) is a scheme that has set out rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry.
You can check whether CIS applies to you or your business and whether you count as a contractor, subcontractor or under the scheme. CIS can apply to all types of businesses that work in the construction industry in the UK. The type of work includes,

  • Self employed individuals working as sole traders.
  • Partnerships
  • Companies
  • Limited liability partnerships
  • Labour agencies and staff bureaux
  • Property developers

If you work as a subcontractor under the Construction Industry Scheme (CIS) you must register with HMRC before you start working. If you don’t register yourself with HMRC, you will be considered under the higher tax bracket.
We at Online Tax and Accounts are experienced professionals in helping sub contractors attached to the CIS scheme. Call us now on 020 3318 5714 to discuss your requirements.

Self Assesment Guide

Not everyone needs to complete a self assessment tax return. If your tax affairs are straightforward you may already pay all of the tax due on your earnings. But if you have complicated tax affairs a tax return need to be filed. This applies even if you already pay tax through your tax code.

01 So who should file self assessment tax returns?
  • Self-employed persons
  • A company director
  • Partner in a partnership business
  • A trustee
  • Receiving foreign income
  • Ministers of religion
  • Those whop receive untaxed income that cannot be collected through a PAYE tax code.
  • Those who claim annual business expenses of over £2,500
  • If you earn more than £10,000 or more from savings and investments
  • If your income is more than £2,500 from untaxed savings or investments
  • If your income from property is more than £10,000 before allowable expenses or £2,500 after allowable expenses
  • If your income from selling assets and you need to pay capital gains tax on the profit
  • If your income is more than £100,000 a year
  • If your income is taxable but HMRC can’t collect the tax through your tax code.
02. When to submit your tax return?

If you send in a paper based tax return, it must reach HMRC by midnight on 31 October. If you miss this deadline you should send your return online. For online tax returns the deadline is midnight on 31 January. You'll have to pay a £100 penalty if HMRC doesn't receive your tax return on time. The later you send your return, the more penalties you will have to pay.
03. When do you need to register for self assessment?

You have to register for self assessment before you complete your first tax return. When you register you have to give HMRC the information they need to set up the right records for you. The best thing to do is to register with HMRC as soon as your circumstances change. The latest you should register is by 5 October after the end of the tax year for which you need a tax return. The tax year runs from 6 April one year to 5 April the next.
04. What information do I need before registering for self assessment?

  • Your National Insurance number
  • Your contact details and the contact details of your business.
  • Your ten-digit unique taxpayer reference number
  • The date your circumstances changed
05. Do you need to file a tax return?

HMRC will contact you, usually in April, if they think you need to fill in a tax return. You'll receive a letter which explains when you'll need to send your tax return back. If HMRC hasn't contacted you, but you think you may need to complete a tax return contact an accountant for advice.
06. Deadlines for filing the tax returns

All paper tax returns should be filed by 31 October each year. All online tax returns should be filed by 31 January each year.
07. Penalties for late filing of tax returns

Length of delay

Penalty you will have to pay

1 day late

A penalty of £100. This applies even if you have no tax to pay or have paid the tax you owe.

3 months late

£10 for each following day up to a 90 day maximum of £900. This is as well as the fixed penalty above.

6 months late

£300 or 5% of the tax due, whichever is the higher. This is as well as the penalties above.

12 months late

£300 or 5% of the tax due, whichever is the higher.
In serious cases you may be asked to pay up to 100% of the tax due instead.
These are as well as the penalties above.

What to do next

Process

give us all you details. We will complete your tax return. One that is done, you need to sign it. Once you sign we will send the tax return to HMRC.

Contact us now on info@onlinetaxandaccounts.co.uk. We will make it easier to file your tax return