tax return accountant east sussex

Tax Return Accountant

Unsure where to start with your tax return? Let us streamline the process for you. If you need help filing your personal or business tax, please contact us at Elite Business Accounting Limited. We will get back to you quickly.

How do I know if I have to submit a Self-Assessment Tax Return?

Unless you’re in employment, receiving a salary via your employer through PAYE (Pay As You Earn), then you’ll need to complete a Self-Assessment tax return. This is because employees have their tax and National Insurance deducted from their wages, while the way you earn your living means it has to be taken from you later.

Does being a sole trader or business make any difference?

Whether you’re a limited business registered with Companies House, a partnership or a sole trader, you’ll need to file a tax return, which can be done online.


You are required to have notified HMRC of any change of circumstances and to have registered your company first so that you have a Self Assessment record and Unique Taxpayer Reference. For example, if you’ve recently made a recent transition from PAYE to setting up your own business, you’ll need to tell them.


In summary, you need to submit a Self-Assessment Tax Return if, in the last tax year (6 April to 5 April), you were:


  • self-employed as a sole trader and earned over £1,000 (before any tax relief deductions)
  • a partner in a business partnership

It’s therefore essential to keep accurate records of your business sales, income and expenses from your first day of trading. Plus VAT if your company is registered for it.

tax return accountant

Why do I need an Accountant to File My Self-Assessment Tax Return?

It’s the golden question! It’s not a requirement of the law, but employing an expert well-versed in the world of self-employed tax can be a great idea, leaving you free to focus on your business goals and the day-to-day running of your business. You probably didn’t choose to be a creative whizz so you could get stuck into mulling over tax after all!

 

You may be a small business with relatively low set-up costs or a growing concern, taking on new staff with all the new considerations that that brings. At Elite Business Accounting, our accountants have experience in helping creative businesses in particular thrive.

 

No matter how big or small your enterprise, engaging a professional accountant to complete your Self-Assessment records will ensure your financial affairs are in good shape.

Advantages of using Elite Business Accounting for your Tax Return

  1. We can simplify the process. Self-Assessment tax returns can be a minefield to the layman. Gone are the days of simply recording income and expenditure. As qualified professional accountants, we know every HM Revenue & Customs requirement and can ensure any issues are readily addressed.
  2. We can save you time as well as worry and undue stress. Time spent muddling through your tax returns is time you could be earning money for your business. Why not let us do all the hard work for you? By analysing your accounts, we can also help you to understand what you could improve on for the future.
  3. We can offer you advice and support. For example, if you have cashflow issues, it is sometimes possible to negotiate a payment plan with HMRC or defer your tax payment. We can even enquire on your behalf.
  4. We can minimise the chance of an enquiry. As your accounts will have been scrutinised by an experienced accountant and any issues resolved, there’s far less chance of a more in-depth enquiry into your tax affairs or incurring any penalties. Happy taxman, happy days!

In short, you could save yourself more money than you spend on the services of an accountant in the first place. Plus your accountant will analyse your accounts to check if any further savings can be made.

Dangers of tackling tax returns yourself, and the complexities you might encounter

There are many details to consider when looking at your tax return. For example, expenses can have a duality of purpose, meaning what could be construed as a business expense may also have the purpose of being a personal expense.

 

For instance, should you be unfortunate enough to suffer an injury through work, visiting a Physiotherapist, Osteopath or Chiropractor to get it fixed will not be seen as ‘wholly and exclusively’ for business as you need the same muscles for everyday life as well for undertaking business.

 

Purchasing glasses also have a duality of purpose as they will be needed for your work and personal life.

 

These are just two examples of expenses which will not be accepted by HMRC but can be argued as necessary for work. It is complicated to identify what can be accepted by HMRC and what can’t – this is where having a professional tax return accountant can add value, helping you avoid common pitfalls.

 

To find out more contact Elite Business Accounting today!

How we can help you submit a tax return

You can submit your tax return online. Generally, it can be relatively simple provided the right software is in use.

 

It’s worth noting that if you miss the deadline for tax return submission or the due date for paying the resulting tax bill, you’ll incur a penalty.

 

Savings can even be made by completing tax returns well in advance of the deadlines. This gives you ample opportunity to budget for tax liability without compromising savings set aside for special occasions, such as Christmas and holidays.

 

Rest assured that your Elite accountant will ensure that your accounts are completed and submitted well in advance of such events on your calendar.

Contact us at Elite Business Accounting today

Tax is rarely anyone’s favourite subject (and if it were, not even we would want to sit next to them at a dinner party), so why not focus on your business goals instead? Get in touch, and our experienced tax accountants can give you the benefit of their expertise and talk you through the costs. 

 

Go ahead and we will look at the detail, calculate your tax liability accurately, plus take the time to chat everything through with you on a call. Request a callback or phone us on 01323 405798.

Free Accounting Advice
Enter your contact details and we’ll get back to you quickly to offer our advice.

Download our FREE eBook!

5 Big Profit Draining Mistakes Small Businesses Make
Consent*
This field is for validation purposes and should be left unchanged.