For those of you who complete your own Self Assessment Tax Returns, there has, for a number of years, been a concession in place for smaller businesses, below the qualifying threshold.Under this concession, full accounting information was not required to be shown on the Return. Instead, the financial position could be summarised in just 3 lines; Turnover, Total Expenses and Profit or Loss, thereby keeping the whole process much simpler.
For the tax year to 5 April 2010 onwards, the limit for providing details of just these three items has been increased from £30,000 for self employed, and £15,000 for those with property income, to permanently bring them in line with the VAT registration threshold (currently £68,000).
This means that, if your turnover is less than the limit, you no longer need to provide a detailed breakdown of your business or property expenses. Instead, all you need to provide is;
- Business Details
- Turnover
- Total Allowable Business Expenses
- Net Profit or Loss
- Details of Any Adjustments, Allowances And Losses
The TLA facility is optional. You are, however, still required to maintain adequate business records. Details of how to do this can be found on one of our earlier posts, at; http://1staddition.blogspot.com/2010/03/hmrc-issues-keeping-records-factsheet.html
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Self Assessment Tax Returns expertise – Every tax payer, be it a sole trader, partnership, company director, high net worth individual, higher rate tax payer, rental property landlords, retired pensioners, CIS tax payers, is likely to be required by Her Majesty’s Revenue and Custom (HMRC) for the filing a return under Self Assessment tax returns system.
Late payment of Self Assessment tax or the late filing of Self Assessment tax returns attracts fines and penalties from the HMRC.
Self Assessment Tax Returns expertise – Every tax payer, be it individual sole trader, partnership, company director, high net worth individual, higher rate tax payer, rental property landlords, retired pensioners, CIS tax payers, is likely to be on the Her Majesty Revenue and Custom (HMRC) Self Assessment tax returns system.
Late filing and payment of Self Assessment tax and Self Assessment tax returns attracts fines and penalties from the HMRC.
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