Self employed tax return – what is required?

Self employed tax return

When considering how to submit a self employed tax return there are factors you should consider:

  • Always keep records and evidence of your tax matters, HMRC may ask to see proof. You should keep your records for a minimum of 6 years including all sales and receipts
  • Keep back-ups of your records to ensure you don’t lose your information, especially when storing electronically
  • Record all purchases and other expenses as they arise and keep the receipts or invoices
  • Log a record of all assets purchased for use in your business
  • Record any money removed from the business and used for personal use
  • Remember to account for any expenses relating to running your business

and finally don’t forget…

  • Submit your tax return correctly and on-time as there may be penalties to pay if you don’t!

Use the Power Accountax contractor accountants online calculator if needed and get in touch if you have any problems or questions, we’re here to help.