When someone requires help with their finances, it is a wise idea to come to us. The reason why is that we are the top establishment excelling in accounting and tax returns London has. As advisors with a wealth of experience and top qualifications, we can work with you to make sure you understand every area of this process.
Eventually, the deadline for sorting out your online self-assessment tax return will arrive. You may be self-employed or have an alternative untaxed income. If so, you could find yourself racing to get everything in order. We have some tips you can use to organise your tax returns in the most efficient way.
Allowance expenses
One of the most important things you must get your head around is the allowable expenses. You are able to deduct specific business expenses from your earnings to determine your taxable profit. We call these allowable expenses. It is essential for you to comprehend them so you pay the correct amount of tax.
Expenses you can remove from your income include the costs of stock, office costs, and travel. If you work at home you can subtract an explicit amount of your home’s utility bills.
Does everything match up?
You must make sure that things match up as well. Cross-reference the numbers. Do so whilst calculating the amount made by your company and the expenses you incur. Examine your bank statement to ensure that the payments you receive match your invoices. Ensure that outgoing payments from your account match your saved receipts too.
You shall find checking these things significantly easier if you have a different business bank account. If you are using a personal account, think about opening a business one.
At Brian G Lonis & Co, we have proven ourselves to be the best company working in tax returns London has. To guarantee results, we work closely with each client. We inform them of the consequences of their actions and then help them to come up with a solution.
If you would like us to aid you too, please get in touch.