7 RESOURCES OF INCOME THAT YOU MUST REPORT ON SELF-ASSESSMENT TAX RETURNS
If you work for yourself, you are eligible for a £1,000 tax-free trade income allowance per tax year. Above this point, you will need to register for the Self-assessment. On your Self-Assessment tax returns, you must summarize your entire earnings and subtract any permissible costs to report your self-employment income. Profits over the Personal Allowance are subject to taxation, highlighting the significance of accurate record-keeping and reporting to guarantee adherence to tax regulations. At EFJ Consulting, we don’t simply handle self-assessment tax forms; we also provide full financial services such as corporate tax returns and Annual Financial Accounts. Our devoted staff guarantees that all UK firms’ corporation tax returns meet legal criteria. We walk you through the complex process, making tax filing simple and stress-free, so you can focus on developing your business. Our experience also includes monitoring yearly financial accounts, which provide you with a comprehensive view of your company’s financial situation.
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