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Tips and Tricks for Tax Returns with Rosy James

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As the tax returns loomed last month we hosted Tax Returns and Book Keeping Systems with our very own Rosy James who advised attendees about the best ways to get on board and ahead of schedule. She has kindly taken the time to offer some top tips to those who may have just started working for themselves or who would like to become a little more organised in preparation for 2019.

1. If you start out working for yourself, you will need to register with HMRC and submit a tax return to account for your business profit which has to be submitted by 31st January of the year following the end of the financial year.

2. Keep records of all business income and expenses as you go along – you will need to produce an Income and Expenditure Account for your tax return – you will need to know details of all the money you spend on your business and all the money you made.

3. Credit Control is very important – make sure you know what your payment terms will be in advance – that is – you have decided when and how your customers will have to pay you – will you ask for full or part payment upfront? Will you allow people 30 days to pay? Your payment terms will depend on the nature of your business and the industry you work in. Managing your sales invoices is very important for your company cash flow – keep records of amounts owed and paid and be prepared to follow up with your customers for payment – this can be difficult but has to be done!

4. What you can claim as business expenses will depend on what your business is, the HMRC website has lots of resources of what is allowable including allowances for working from home and mileage allowances. You can see this here https://www.gov.uk/expenses-if-youre-self-employed

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