The Importance of Filing Your Tax Return in Leicester Whether we are self-employed, or run our own business in Leicester, keeping our financial records in tact can be something of a challenge. When we work for ourselves, there is normally more work involved overall, especially from a financial viewpoint. As well as seeking out new opportunities, we also have an obligation to ensure that our tax deadlines are met, or risk being subjected to a series of fines. One of the tax obligations we must meet each year is the filing of our tax return, which will assess how much personal tax is owed for that particular tax year. Self-employed workers can either choose to file the return online, or submit a paper return. Depending on which method you use, you will have a deadline in which to submit the tax return in that particular format. For example, paper tax returns are generally due towards the end of October, whereas online returns allow you up to January of the following year to make a submittal, with payment being due not long after. Preparing The Tax Return The preparation of a tax return can differ among many different people, one person may just have the one income to record for the tax year, whereas others may have different funnels of income. It is important that all these revenues are income are recorded correctly, so the HRMC can ensure that you are paying the right amount of personal tax. How much we have to pay in relation to our tax return can vary depending on a number of factors. For example, any equipment or goods you have had to purchase in order to run your business can often be offset against the tax you pay, meaning you’re not paying too much tax. Tax Planning It is important that records are kept in relation to the cash flow of the business, and that any funds due to the HMRC have been set aside. Those who fail to submit their tax return by the required deadline will often find themselves with a fine unless a permissible reason is given to the HRMC. If you feel you could do with some assistance in relation to your tax return requirements, then why not consider employing the services of The Zak Partnership. Based in Leicester, The Zak Partnership is an accountancy firm that holds a number of years’ experience in the preparation of self-assessments, and can ensure that the figures listed correspond to your financial records. It’s not only the underpayment of tax that can be detrimental, but also the overpaying. Not being able to ascertain how much tax is due could mean that you end up being out of pocket until you request a refund from the HMRC. Taking advantage of the services on offer from The Zak Partnership ensures that all your tax date deadlines are met with ease, and that you’re not left out of pocket due to paying too much tax. Completing a tax return is very rarely deemed exciting, so why not unburden yourself of the task and allow The Zak Partnership to take control of your tax return needs with a completely bespoke service tailored to your specifications.