Take the faff out of tax with help from an accountant
There’s lots to love about running your own business, but your annual tax return is unlikely to be one of the highlights. Yet, as any business owner or sub contractor will be all too aware, submitting annual tax returns is an essential fact of life. And, with tax rules liable to change at any time, the whole process can be as stressful as it is time-consuming. Happily, you can avoid becoming mired in paperwork, simply by reaching out to an accountant, or by using a dedicated app for subcontractors.
A Significant Task
If you have your own business, then there is a fair amount of work involved in getting your tax returns right, including calculating your profit or loss for Corporation Tax, and, if you fail to submit by the deadline, then you will find yourself facing some hefty fines. For subcontractors, the task will involve declaring your income over the year and listing any losses, interest earned on funds in bank accounts, and business expenses that have been incurred.
You will also need to declare any payment deductions from the contractors you have worked for during the period. Of course, keeping track of all of your business expenses alone can quickly prove a real challenge, with receipts and online records having to be kept so that you have all the information to hand when you come to fill in those tax returns. All too often, the result is a lot of stress for subcontractors, which can now, luckily, be avoided.
Avoid The Paperwork
Of course, hiring an accountant is a great way to avoid all the headaches and stress of sifting through receipts and other paperwork. For subcontractors, there is another simple option, which is an effective, cost-efficient way to access the expertise of accountants and stay on top of managing these essential aspects. Using the Subbie app makes light work of recording your income and business expenses: simply take a snap on your phone of the documents you need to save.
You can track your essential mileage on the app, too, thereby keeping track of the annual total as it grows. And if you receive any letters from HRMC, just take a photo, and we’ll let you know if any further action needs to be taken by you. Our expert team will do all of the leg work necessary for your return, calculating your income and expenditure, and managing your self-assessment form and tax refund for you.
Reduce The Stress
This all means that you can not only save yourself the considerable time that it takes to complete your tax returns, but you can also avoid all of the stress involved. Instead, you can relax, safe in the knowledge that all of your financial reporting obligations will be taken care of accurately and in a timely manner. This makes the Subbie app an excellent investment for busy subcontractors, leaving you free to get on with the day job.
For help and advice with your tax return, speak to one of our experienced accountants today or download the Subbie Tax App on iOS or Android.
