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Self Employed

Set of Tax Return Services for Self Employed, Freelancers & C.I.S Contractors

Many people find it complicated and time-consuming so it's no wonder that almost 1 million people a year are fined for failing to return it to H M Revenue & Customs.

We are here to help you by analyzing your self-assessment tax return to see if any tax savings or any anomalies can be made and reviewed that need to be addressed before the return is submitted.

By giving our 100% with our top-notch services, we help to minimize your risk of a HM Revenue & Customs enquiry into your tax affairs. We also explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue & Customs so that you never face problems of cash flows.

If you need any help with self employed registration, Please let us have information on this link.

CIS tax assessment is a convoluted process and requires handling by experts, in order to ensure that you are not burdened with exceptionally heavy taxation. We, at SK Accountancy, offer countless taxation related services of which, CIS taxation constitutes one of the important elements. Our highly knowledgeable troupe of taxation experts will handle all occurrences with ease and comfort.

We efficiently maintain your records updated with the latest regulations for your sector and do revision for your interest. We also focus on the strategies on how you will save money by minimizing your tax liabilities by developing a custom-made tax plan.

Once we create the tax planning process, we guide our clients step by step in getting the highest possible taxation discounts, easing the financial burden of their business. We also concentrate increase on smooth functioning in rebates to ensure that our client gets available rebates effectively.

If you still owe tax after this, you’ll need to pay it by 31 January following the end of the tax year. If you’re due a tax refund, we will help you to get the refund from HM Revenue & Customs.

Within 3 months register with HM Revenue & Customs.

Pay Class 2 National Insurance contributions on yearly basis with your tax bill (£2.95/week for 2018/2019). HMRC may terminate this from 6th April 2019 onwards.

Set up a separate business account If possible – Ask us if you need to open a business bank account.

Frame up as a separate business account if it can be done– Feel free to ask us if you need to open a business bank account.

On strict basis - File Self-Assessment tax return every year, the tax year in UK runs from 6th April to 5th April every year.

According to the tax band, pay tax on yourself employment profits.

If the profit is above £8,424 pay Class 4 National insurance contribution (2018/2019)

If turnover is above the VAT threshold ( Currently £85K a year, register your Business for VAT (2018/2019)

In case you have employees, you should set up a PAYE system to collect income tax and National Insurance contributions.

Keep records of :

Purchase invoices/ Expenses – if you are our client, you can request us a list of possible allowable expenses. This will give you an idea what you can and can’t claim for.

VAT – if registered

Sale invoices

Employees & casual labor

Relevant information.

Business bank statement

Business credit card statements if any

HM Revenue & Customs