Filing a tax return is basically a written conversation between you and HMRC regarding your circumstances that were relevant to the financial year in question. In this blog we walk you through how to fill out the form if you are a Sole Trader.
Here is an overview of the online tax return form so you know what to expect.
For detailed instructions on how to fill out each section of the form, click on these links:
The Financial Year
The questions on each return need to be answered based on only the relevant financial year (6 April to 5 April the following year).
The later you leave filling out your tax return the greater the chances of confusion between events that happened in, say, July 2016 and July 2015: another reason to get it done as soon as you can.
Remember to prepare your books between these dates, regardless of whether or not you have been carrying out your self-employed activity for the full 12 months between these dates or not.
More Help Available from Wise Bookkeeping
I hope you’ve found this helpful. For information on how to complete the rest of the form please email us at [email protected] and we’ll get straight back to you.