If you are self-employed you will have to fill out a Self Assessment every year to help Revenue and Customs work out how much tax to bill you. You will need to provide details about profits from your business and other income that you’ll have to pay tax on. You must provide the correct information and get it to Revenue and Customs on time or face a penalty.

To make the Self Assessment easier, it is advisable to have a system in place to store and record your financial details for the tax year. The records must also be kept for 6 years by law, and you may be fined £3000 for failure to keep these documents.

SLH & Co. | Bookkeeper Surrey recommend that, at a minimum, anyone required to complete a Self Assessment should store and record the following information:

• Details of all your sales including copies of any invoices you’ve issued
• Records of all your business purchases and expenses
• Invoices for all your business purchases and expenses, unless they’re for very small amounts
• Details of any amounts you personally pay into or take from the business
• Copies of business bank statements

SLH & Co. | Bookkeeper Surrey can help to implement a simple accounting system that will assist self-employed trades people in keeping their finances in order throughout the year. Regular visits from us will ensure that when it comes to Self Assessment time of year, the process can be quick, easy and without errors.

Contact us if you are self-employed and worried about filing your Self Assessment, our initial consultation will be free and we can advise you on the best route to get it back in on time.

We are also able to offer completion of Self Assessments from as little as £65. If you have your paperwork in order but simply don’t have the time or the experience to complete the form, then speak to us and we can help.

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