In case you are self-employed and want to fill in your tax return then first thing which you have to do is that get yourself registered with HMRC. Getting registered with HMRC is necessary because after registration you will get UTR which is a Unique Tax Reference. This UTR enables you to file a tax return easily. Now if you want to file a tax return then it is important to prepare all the necessary records and information to make the whole process easy and quick. Try to sort out all the relevant information in this regard. Update your all books and records for income and expenses. Also take into consideration all the income which you have received during a year. Most commonly prepare the following:
1) Up to date your records and books for tax return
2) Keep the details of any interest which you have received on savings in bank or building society.
3) Also keep the details of other incomes such as dividends, pensions, benefits etc. which you have received.visit their official website at www.taxreturnco.com.au for more detailed information.
4) Now notice that whether you have sold any shares, property during the tax year or not. If so then calculate the capital gain on it.
What’s your choice for tax return: Paper or file online?
Be clear of your choice about medium that you choose for filing tax return. If you are tilted towards the paper tax filing then for sure it would be a quite long procedure as compared to the online tax filing. For tax refund/ return choose the online filing because its fast, 24 hours access is provided and you get instant tax calculations. Now many commercial tax return software are also available which you can use for tax filing.
Complete the right pages:
The next step is to make sure that you have got the right pages for filing tax return. Most commonly there are two choices for self-employed:
a) (FULL) Self-Employment
b) (Short) Self-Employment
Self-employment full page is used in the following cases:
If your turnover is £ 67,000 or somewhat more than this amount.
If you have currently changed your accounting date.
If you are no more preparing your books of accounts on Cash basis rather you started following GAAP.
If you are providing some services under contracts for professional and such contracts span your accounting date.
If you are a practising barrister in Scotland.
If it’s the case that your business is carried on abroad.
If you want to claim some allowances such as Industrial building or agriculture allowance.
If the above conditions are not fulfilled under your self-employment then you can use self-employment short pages for filing tax return.
Complete your Return:
Now complete the pages as per your requirement and remember HMRC also provides you some guidance notes for help. For further information you can also contact HMRC helpline to solve the queries.
Finally it’s the stage where you are able enough now to calculate the tax amount which you owe. If you choose to calculate online then all the calculations will be done automatically for tax return.