A Quick Guide to Tax Returns for the Self-Employed
A Quick Guide to Tax
Returns for the Self-Employed
Online GST Return Tax returns have to be filled in my thousands of people every year.
However, if you are new to tax returns either because you have just become self-employed
or you have started earning an additional income, you may be slightly mystified
by them. Here is a quick guide to clear a few things up.
What are Tax Returns?
A tax return is a report in which you enter details of your
taxable income for the entire fiscal year, which runs from April 6th to April
5th. Using the information that you provide in the report, HMRC will then work
out how much you own in taxes.
Tax returns can be either paper documents that you fill in by
hand or electrical documents that you fill in online.
Do You Need to Complete
a Tax Return?
If you are self-employed you will be issued a return by HMRC
in order to fill out details of your income. Additionally, if you have another
source of income on top of your job, such as rental income, you will need to
file returns each year.
Keep Track of All
Activity
Tax returns will ask for details of all of your earnings and
your expenditure, so it is very important that you keep detailed records of all
of your financial activity throughout the year.
This includes invoices for any work that you are contracted
to perform, receipts for any expenses and details of interest earned on your savings.
Online or Paper Tax
Returns
You can choose to complete your documents online or in a
physical document, so you can choose the most convenient option for you.
However, it is important to remember that the filing dates are different for
each type of return.
Paper returns have to be returned by the end of October
following the end of the taxable year in April, whereas online returns must be
filed by the end of January. If you send in your return late you may be fined,
so it is important to remember to get it completed early.
Get Help with Your Tax
Return
Tax returns can be complicated sometimes, especially if your
financial affairs are complex. In this case, you may want to get help filing
your returns each year. If so, make sure that you hire an accountant who is
experienced in filing tax returns. They will then simply ask you for all of
your financial information and will be able to take care of your tax returns
for you each year.
If you are looking to pay Online GST Return then I will
suggest to you that Advise24 will the best option for you. Because Advise24 is
providing the best GST Return services in India.
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