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#1 24-02-11 22:05:26

mahoney
Member
From: North Ayrshire
Registered: 23-02-11
Posts: 54
Website

tax return

How easy/ difficult is it to complete a tax return, Iam thinking that a sole trader with only a car and associated costs must be fairly straight forward. I have been told that tax does not need to be taxing, but when you look at tax return it is. Spoke to local tax office, business gateway etc. no further forward. Are there any templates or tutorials out there that can be used as a guideline (dummies guide). Reluctant to pay an accountant for a task that I should be able to do myself.
                                     Mahoney.

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24-02-11 22:05:26

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Re: tax return




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#2 24-02-11 22:06:51

robcooling
Verified Member
From: Nottingham
Registered: 02-04-09
Posts: 1,451
Website

Re: tax return

Personally, I think its easy. Especially if you use the mileage allowance instead of capital gains. Once you've sussed out the first year, subsequent years are a doddle.


Rob

http://www.appledriving.co.uk - Driving Lessons in Nottingham

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#3 24-02-11 22:14:52

Newly_Ad1
Member
Registered: 23-02-11
Posts: 28

Re: tax return

Hey.
Im in the same boat let me know how you get on.

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#4 24-02-11 22:42:23

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: tax return

Hi
If you have kept the correct records the actual tax return for a sole trader with no other income is straightforward , it's knowing what records to keep that is more of a task , lots of info can be found online and direct from the tax helplines if you ask the right questions ie. Can l claim for xyz ? rather than , what can I claim for
Good luck
Sue


0800 298 8928
http://thebrightredl.com
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#5 25-02-11 16:38:20

Newly_Ad1
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Registered: 23-02-11
Posts: 28

Re: tax return

Thank you sue I have records Writen down abot everything ive spent with receipts. My takings are all written down too

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#6 25-02-11 16:44:42

smithwold
Verified Member
From: Berkshire
Registered: 18-08-07
Posts: 716
Website

Re: tax return

Contact your local tax office and see if they offer any workshops in your area.

I did two different ones and they were both free!

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#7 02-05-11 04:51:47

triplea35
Guest

Re: tax return

Just for info,

Before setting myself up as an independent ADI I went online with HMRC and booked a free half days 'Becoming Self Employed'  course which was ineteresting and useful.

I have left it for awhile but with a tax return to be submitted for last year now, have booked two further free courses, 'Completing Self Assessment Online' in later May  and 'Business Expenses and Capital Allowances'  in July. Both run for around 3 hours.

Advice from someone 'in the know' is that by attending these courses and submitting returns within the parameters  of normallity you are far less likely to be scrutinised than otherwise.

HMRC are moving away from seriously scrutinising current and past trading records of small sole traders, they have much bigger fish to fry, but are focussing on 'education' so that individuals can keep accurate records and submit correct assessments.

HTH       

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