Self-employment tax payments - London

Tuesday, 20 December 2016

Item details

City: London, England
Offer type: Offer
Price: £200


Contact name Rajesh Vekaria
Phone 020 8200 0016

Item description

FinSol Tax Advisors is a leading firm of Accountants in Uxbridge and we provided affordable accounting services throughout London.
Self-employment tax payments: In your first year, you are taxed on profits from the date you started to the end of the tax year. This may not be a full 12 months.
In the second year, you are normally taxed on profits for 12 months to the accounting date in that tax year.
After that, your accounting year will normally cover a period of 12 months, and your tax bill will be based on the profits you made during the accounting year that ended during the tax year.
• Each tax year runs from 6 April to 5 April- so the 2015-2016 tax year covers profits made in your accounting year that ended between 6 April 2015 and 5 April 2016.
• The profits you made in this period must be declared in your 2015-16 tax return. Deadlines for submission are 31 October 2016 for a paper return and 31 January 2017 for an online return.
• Tax due must be paid by 31 January 2017. If you sent in your return by 31 October, HMRC will work out your tax for you. If you send in your return later, you must file it online, and the HMRC software will tell you how much tax is due (although it doesn't always take account of your most recent payment on account).
• If you owe no more than £3,000 tax, are paid a salary or pension, and get your return in by 30 December, the tax can be collected in installments during the coming year through PAYE.
We can help you for your any accountancy need of your business. If you want to know any kind of information about our services contact us any time!