You have made the decision to be your own boss and are an expert in your field of business but this also means you have to have business books and records to prepare your self-assessment tax return each January.
If you are unsure what books and records to keep or are having difficulties in completing and understanding your tax return then J Clarke & Co can help you with this.
As a self-employed person you will have to inform HMRC that you have become self-employed and you will have to pay different classes of national insurance contributions.
If you earn income from providing goods or services directly to other individuals or businesses then you are likely to be self-employed.
J Clarke & Co can guide your through the registration processes and ensure you only pay national insurance when your profits exceed the thresholds.
As a self-employed person you can claim certain expenditure as a deduction from your income to reduce your overall tax bill. For example you have a vehicle that you use for business travel but should you claim the total cost of the fuel you put in the vehicle or an allowance?
Do you use your home as an office and if so how do you claim expenses for running that office?
There is often more than one calculation method for allowable expenses but which one is right for you?
We will work with you to ensure you can claim the maximum expense deductions thus ensuring your tax bill is small as possible.
Do you wish you know what your tax bill is going to be well in advance of the January deadline so you can save the money to pay it?
At J Clarke & Co we are proactive in working with you to develop a timetable for preparing your accounts and therefore your self-assessment tax calculation so you do not have any last minute surprises.