My first tax return....

Sarahe85

I'm just looking into whether I can do my first tax return myself. I have good book keeping and have records of everything. Unsure whether it is worth paying an accountant. My husband has done his AAT with work so knows the basics. It is only a small business.

I started my business in August and have made a decent profit.
I also work full time.

On the employment section of to tax return. Would I need details of the fiscal year, my P60 as obviously this is April-April, or do I just need details for August- End of March? As I get paid monthly.

Atidi

Sarahe85 wrote: »

I'm just looking into whether I can do my first tax return myself. I have good book keeping and have records of everything. Unsure whether it is worth paying an accountant. My husband has done his AAT with work so knows the basics. It is only a small business.

I started my business in August and have made a decent profit.
I also work full time.

On the employment section of to tax return. Would I need details of the fiscal year, my P60 as obviously this is April-April, or do I just need details for August- End of March? As I get paid monthly.

This is presumably your self assessment form?
Yes you can complete that yourself if you wish.
An accountant will, except for the smallest of businesses, usually pay for themself in advice given ... and their fees are tax deductable too

Your self assessment form covers the entire tax year.

Sarahe85

So the employment section is for a year 13-14
And the self employment section is for the 8 months I have been trading.

Okie Dokie.

I may get an account, I'm just seeing if it is possible to complete it myself as a lot of it seems quite self explanatory for my business. I'm a bit confused about next year, with the overlap.

And Thank You

PlutoinCapricorn

The figures for 2013/2014 can be submitted online up to Jan 31st 2015. It is not a good idea to wait until the last moment, but it does give you time to work out the requirements.

People on here will help with individual points and questions if you have any.

I keep my figures on a spreadsheet that is updated monthly, so completing the return just involves transferring figures.

If you are short of time and have thousands of invoices/payments, getting paid help seems like a good option but it is best if you can do it for yourself.