Have you completed your tax return?

28 Jan

The deadline for completing your online tax return is almost here, make sure you don’t miss it!  Your online tax return must reach HMRC by midnight on 31st January.

Tax Returns are probably the number one thing that people worry about when considering self employment.  Fortunately nowadays it is a simple online process to register as a sole trader, and completing your tax return can all be done online as well.  You just need to keep track of your income and outgoings and fill in the relevant boxes, the programme works out how much tax you owe.

The hardest thing about completing your tax return is simply setting aside an hour to do it!!  From 5th April every year, “Complete Tax Return” is at the top of my to-do list for many weeks, but once I actually do dedicate the time to do it it’s a relatively painless process.  Just make sure you keep your records up-to-date as you go (a simple spreadsheet is enough for most small businesses) and hang on to all those receipts!

HMRC run a free Newly Self Employed course with us at Opportunity Plus South West, get in touch to find out more and book your place!

For more information, see our earlier blog post about how and when to register your business.

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