There is advice you can take regarding your tax returns on how best to minimise the impact it can have on your business, but from the very start of your venture to creating a start-up business, approach your self-assessment tax returns in a professional, thorough and timely manner.
Stay on Top of Income Tax
Keeping an accurate tax record is not only legally obliged, it is advised by business start-up advice agencies. Keep a record of a number of things:
- Business Expenses
- Assets – which you have both purchased and sold
Company directors will have to keep an accurate record of their personal income and any business expenses they pay. In both instances records must show any non-business but potentially taxable income such as savings or income made from renting out a property.
You will find it easier to fill out your self-assessment if you have created a culture of accurate record keeping within your company. It will also help you work out which financial benefits you may be entitled to in the form of tax relief, as you will have all of the figures in front of you at a glance.
Filling out the Return
The self-assessment tax return covers the tax year. This runs to 5 April and you have to file a return by 31 October, if you are filing a physical paper, or the 31 January for an online self-assessment form.
The form itself can be filled out either by you or an accountant representing you. Many start-up businesses find that the costs associated with hiring an accountant will be offset by the tax relief and exemptions they will have the knowledge of and save you money in the process. Aside from that, there is the amount of time it takes to physically fill out a self-assessment return if you are not used to dealing with figures on a daily basis.
Self-Assessment and Self-Control for Start-Up Businesses
This way, when it comes time to fill out your annual self-assessment records, you will have the facts and figures readily available at your fingertips and at a glance have the ability to have a clear picture of your finances.
Business start-up companies can advise you on the different ways in which you can minimise costs at this crucial growth stage of your company. You can hire personal assistants and telephone answering services that keep your overheads down and allow you the time to be creative and to sell your product or service. Our services for start-up businesses are tax deductable, so you not only gain the benefit of a service that helps you build your business, you can also keep more of your profits in the process. Take the time to look through our business-start up resources to pick up some handy tips.
Our Free Download section is also full of templates which will help you get started.
You can also join our Google+ Community “Startup in Britain” which is packed with help, resources and articles to get you started. Use it to get tips, advice and start building your network!