For many small business owners, filing a self-assessment tax return can feel like a daunting task. Accurate and timely submissions are essential to avoid penalties and make the most of available tax reliefs. By planning ahead and keeping organized records, you can simplify the process and ensure you aren’t missing any deductions that could lower your tax liability.
The self-assessment process requires that all sources of income be reported, including earnings from employment, rental income, and dividends. Keeping track of these income streams throughout the year can prevent last-minute scrambling. At Mershaw Accounting, we offer self-assessment support that streamlines this process and helps you avoid mistakes that could lead to penalties.
For sole traders, allowable expenses can significantly reduce the amount of tax owed. Common deductible expenses include office supplies, vehicle expenses, and travel costs related to business. Keeping organized receipts and records is essential to substantiate these deductions, and our team can provide guidance on how to best document these expenses.
Mershaw Accounting is experienced in self-assessment and is here to help small business owners meet their tax obligations efficiently. Reach out to us for assistance with your return to ensure you’re maximizing reliefs and meeting HMRC’s requirements.
Disclaimer: The above information is intended for general use only. Please consult Mershaw Accounting for formal self-assessment services.