Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

Advice from accountants and tax advisers to the self employed is to keep all records relating to tax matters up to date for at least six years. With the tax gap of £42 billion as well as huge cuts to be made in spending, HM Revenue & Customs will be looking to collect any tax which is owing from companies and the self employed to reduce this deficit. HMRC have been particularly vocal regarding their view on tax evasion and avoidance, which will prompt numerous investigations into finances.

HMRC can investigate records going back as far as six years and can also look at the current year, which makes it more important than ever that your records are kept up to date, with all records being retained for the requisite six years.

There are many areas which are commonly known to catch self employed people out. If you claim mileage expenses, you should be keeping all receipts for fuel, as well as essential car maintenance. Keep a business mileage log as proof of travel. For anyone using their home as business premises, energy bills including gas, electric and water should be retained if you claim for part of your home as business use.

Self employed people may find it easier and save time by employing the services of a small business accountancy who will prepare accounts for you. Outsourcing to cheap accountants will also keep you informed of changes to legislation and taxation which may affect you.

guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More

June 2022 Client of the Month: Manea Kella

This month we spoke to Adrian Manea, architect and director at Manea Kella, a London based RIBA Chartered architecture and interior design…

Read More

Succession Planning for Business Owners: What Comes Next?

When you own a business, it’s extremely normal to feel like you’re surviving one day to the next – ‘winging it’, as…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.