Tax returns are not as scary as you may be thinking. To put things as simple as possible, it’s a way for HM Revenue and Customs to look at what your business has done over the past 12 months, and tax appropriately. They are looking for one very simple item – how much your taxable profits are, and to tax this as normal.
If you’ve left it to the last minute, don’t worry. Take solace that you’re not alone.
On deadline day (31 January) 2019, a record 700,00 returns were submitted to HMRC, with the peak taking place between 4pm and 5pm when 60,000 were sent. In total, HMRC received 10 million submissions online.
About this course
As a self employed individual, it is essential that you keep on top of your paperwork. When running a business, it is important to know about all your incomings and outgoings to ensure that you comply with your tax responsibilities. This courses covers a number of key areas, however should take less than 20 minutes to complete. We’re going to discuss a few key areas:
- What income is
- What expenses are
- How to you need to report or log these
- What your responsibilities are with the tax man
Don’t worry, you can always return back – and print any pages or access any downloads given if you need them later. There’s a menu at the side of the page so you can see which section you’re on and to navigate between the relevant pages.