Tax

[PaddyPawsPetServices]

How do I go about doing my tax returns ( very small business )...cant get hold of my business mentor, bit worried il end up in the poop

[bwglaw]

If you have registered as Self Employed with the HMRC they should have sent you all the necessary information?

I think you should consider using a qualified Accountant

[CassioAcc]

Have you got all your records up to date ( Sales / Purchase invoices, Reconciled the bank accounts).

This will give you the starting postion. You then need to complete your self assessment return based on these records.

If you are not familiar with this may be best to use an Accountant. They will make sure you claim for all the correct allowances.

[MyAccountantOnline]

How do I go about doing my tax returns ( very small business )...

Thats what accountants are for:)

Best advice is to speak with a good accountant asap!

[Eagle]

Acountants are worth their weight in gold. Alledgedly. ;)

[KidsBeeHappy]

Don't worry, don't panic! If it's a simple business it need not be scary (no poop!)

How many transactions is a "very small business". If it's less than 100 for the year, and you've not spent a lot on equipment, or property, or vehicles, and you've not got stock, or a lot of money owing to you or by you, you can probably put together all of this with a couple of hours work, and a £20 tax return package.

[PaddyPawsPetServices]

ive made an appointment to go and speak to an accountant on Monday. He assures me that as I only started in May of this year, and havent recieved anything from the Tax Office, I probs wont have to worry till next year

thanks all

[Jenni384]

ive made an appointment to go and speak to an accountant on Monday. He assures me that as I only started in May of this year, and havent recieved anything from the Tax Office, I probs wont have to worry till next year

thanks all
:D Yes, if you only started in May 2008, then your first tax return will be the 2008-09 one, which is due (and any tax due for that period) by 31st January 2010 :D

Great idea to go see an accountant soon though, hope it goes well :)

[HSLS]

I did this when I set up - panicked and went with any old accountant. Make sure you've chosen your accountant wisely, ie by recommendation, as it makes life a lot easier.

[Jenni384]

I did this when I set up - panicked and went with any old accountant. Make sure you've chosen your accountant wisely, ie by recommendation, as it makes life a lot easier.
Absolutely. There is such a wide range of choice and it's very important to choose someone you feel comfortable with. If you can, I'd always advise seeing at least 3 people to make an informed decision.
Also check the sticky at the top of the forum about choosing the right accountant :)