Top Tips: Accounting For Small Businesses – October

Top Tip 03         Gather your information – Self employed / Rental Income

The information you will need is details of all your income and expenses, copies of your purchase bills and sales receipts and bank statements for the tax year you are completing.

This applies to self employment businesses and rental income.

Top Tip 04         Gather your information – Other Taxable income

P60 – for all employments held at 5^th April 2024

P45 – for all employments that ended between 6^th April 2023 – 5^th April 2024

Please do check your self-assessment form to ensure all income is included

Please do remember to tell your accountant if marriage allowance transfer applies

Interest income your bank / building society will provide the necessary paperwork

Investment income your  financial advisor will provide the annual statement

This is not an exhaustive list – if in doubt tell us and we can advise.

Top Tip 05         What do we do?

We pull the information together on your self assessment form as received & send you the completed form for review and approval.

Once the self assessment is approved by you we submit this on your behalf.

You then pay our invoice and pay HMRC any tax due (directly or via PAYE) or HMRC repay you directly.