|First things first!
If you need to complete a self-assessment by the 31st January this year and haven’t already registered you should do this straight away.
Watch a video from HMRC entitled ‘Registering for Self-Assessment’ by joining the 'HMRC News' group on our website.
What records should I have to hand to make completing my self-assessment tax return easier?
You will need to give details of all income that you have earned during the
tax year 6 April 14 – 5 April 15 which might include income from your self-employment, employment, property or interest on savings and investments.
You should ensure that you have access to the following documents:
- Bank Statements
- Household bills
- P60 (if you were also employed for all or part of the tax year)
Click here to download a useful checklist of income records to keep, specific to your type of business, from HMRC.
Claiming all your allowable expenses means that you will have less income tax to pay.
Allowable expenses might include things such as office costs, travel costs, stock.
It could also include some of the costs of running a business from your home.
You can read more about allowable expenses in the ’HMRC News' group on our website and watch a video from HMRC entitled ‘Expenses if you are self-employed’.
The standard tax-free personal allowance rate for 2014-15 was £10,000.
This is the amount of income that you don’t have to pay tax on.
To view future rates click here.
How long should I keep these records?
Your business records should be kept for a minimum of five years following
the 31st of January submission deadline for your self-assessment.
This is because HMRC may request to check your records during this period.
Visit our website to join the 'HMRC News' group and access useful fact sheets and HMRC videos.
HMRC webinars running this week:
(Registration in advance is required - click on the title link below)
Next week we will look at completing your self-assessment for the first time,
paying your tax bill and how to budget for future tax bills.
Need some further guidance?
Remember, if you are a registered user with premium access you can get live, instant one-to-one business advice Monday - Friday, 9am - 5pm.
Click on the Live Chat button in the bottom right hand corner to get chatting.