As a self-employed person, you’re expected to register and file your self-assessment tax returns with HMRC. You’ll have until midnight on 31 January each year to submit your return and pay any outstanding tax you may owe.
Failure to do so will result in fines and potential investigations from HMRC. Obviously, you want to avoid this as much as possible, so Alexanders will help you do all of this.
Instead of rushing through the paperwork at the last minute to meet your deadlines, we will get an early start on your self-assessment. This means you should receive any tax refunds much sooner, and you’ll be compliant with HMRC.
As a self-employed worker, you’re in a great position to become tax-efficient. If you’re the director of a company, you’ll be able to pay yourself with a mix of salary and dividends to bring down your income tax liabilities.
Not only that, but you’ll have a host of other personal tax reliefs available to you, which are too good to miss.
Running your own business as a sole trader will also allow you to claim relief on business expenses. If you don’t, you’re short-changing yourself.
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