Do I need an Accountant?
In brief, NO! However by engaging BookBusters correct treatment of income and tax paid. Some expenses are allowable while others are not. e.g. Assets purchased qualify for certain levels of Capital Allowances, not as expenses.
Clients discussing their own tax returns often find that as we deal regularly such returns for various forms for investments, that we are already aware of net income payments that they had previously treated as taxable income.
How regularly should information be completed?
Accounts are usually for 12 months, but may vary due to startup or cessation of business. Whether clients like their paperwork to be completely recorded by BookBusters or predominantly by themselves, it still needs to be done regularly, not just once a year, if their business is to be properly managed and monitored for profitability.
How long should I keep my accounts information?
Generally Wages information should be for three years plus the current part year. Accounts information should be for previous seven tax years plus the current part year.
Must I complete Accounts?
Yes. For anyone who sells either goods or services for profit, they are required to declare this to the Inland Revenue. There are instances where losses can be offset against other income sources.
Does the Inland Revenue need to know if I started a business?
Yes. Providing this fact has been advised within first three months you will avoid a penalty being levied, whether or not you have yet to make a profit!
If I let out part of my home do I have to pay tax?
Maybe, but will be dependent on the amount received. Within certain limits none will be payable, but above the limit, at your highest appropriate tax level.
