Self Employed Accounting tasks – There are many hurdles you will face as a Self Employed business, and being aware of the self emloyed acccounting tasks will enable you to concentrate on your business and be able to generate sales and contain costs.
Key Dates to consider:-
Self Employed Accounting Tax year runs from 6th April to 5th April.
Also
Self Assessment Tax Returns are required to be submitted online by 31st January and any Taxes owing paid by 31st January.
Questions to ask:-
- Consider registration for VAT – Threshold is £90,000 turnover in any twelve month period see https://www.gov.uk/register-for-vat
- Do I need an agent to file my SA Tax return – This is authorised by HMRC and can take a few months to set up, so give yourself enough time.
- Are you Selling abroad (exporting goods) – Registration is required to export goods see https://www.gov.uk/export-goods
- Similarly, Do I buy from abroad (importing goods) – Registration is required to import goods see https://www.gov.uk/import-goods-into-uk
Once you have answered the questions above you can start to pull your actions together, taking into account the following:
Actions to take:-
- Check your anticipated turnover for the next 12 months
- Register with an Agent to obtain smooth SA Tax filing
- Share your Name, UTR (Unique Tax Reference), National Insurance Number & Address with your chosen Agent
- Collect all your information to be able to complete the SA return (preferable electronically)
- Take action as necessary with reference to importing and exporting goods
There are many more tasks to complete during a trading year, but this gives you a flavour of some of the minimum requirements.
We at Servsol http://www.servsol.co.uk are here to help every step of the way, email jill@servsol.co.uk, Txt, phone or whatsapp: 07738634382