How To Do Your Own Tax Return For Electricians
In this guide we will teach you how to do your tax return even if you have never tried it before and know absolutely nothing about accounting or book keeping. The guide is aimed at self employed/sole trader electricians doing self assessment tax return by themselves, but any other tradesmen can make use of it.
Introduction
As a self employed/sole trader electrician with a small business you have an obligation to submit your tax return to HMRC for every year that you have worked in that capacity. This can be done either by an accountant who you appoint or by yourself.
The accountant is the easier option but it can be costly and the chosen accountant may not be the best person for that particular task. As with any other skill it is hard to tell whether your accountant is doing all that should be done to achieve the best results when it comes to your tax return.
The other option is to do your self assessment tax return by yourself. As daunting as it may sound, it is not as hard as it seems, provided that you are only doing it for yourself (self employed or sole trader). This option not only saves you the accountant's fee but allows you to take full control of maximising your savings on tax payable.
Once you have made preparation steps you can do your own tax return in an afternoon with the help of the Tax Return spreadsheet provided by us for free.
Even though you can do the self assessment on paper and by post we strongly recommend that you do it online. It is easier and gives you the benefit of knowing instantly about the taxes you are owed or you owe to HMRC.
To make the process easier, we have broken it down to these steps:
