If you have recently started to receive income from the following:
– Self employment
– Rental property
– Other untaxed sources
You will need to complete a self assessment tax return. Generally speaking your first tax return period ends on 5 April after you commence any of the above.
The deadlines for submission of the return are:
– Paper – 31 October
– Electronic – 31 January
There is a lot more information and guidance available at http://www.hmrc.gov.uk/sa/index.htm
Or alternatively call us on 0116 242 3400 to discuss your specific circumstances or visit our web site
Consider if your business structure is the most appropriate for you – as you get larger it may be more efficient to trade through a limited company rather than as a sole trader.
Invest in equipment – the cost of the first £25k per year of equipment (excluding cars) is deductible in full as an expense against your profits.
If you are a higher rate taxpayer, make pension contributions and gift aid donations – you will get 25% back from the government as a reduction in your tax liability.
If you have any queries on this or need some advice that is specific to your circumstances we have experts here to help you! Do not hesitate to call us on 0116 2423400 or email firstname.lastname@example.org