Taxes (Tax Refund, Tax Return)
England financial year starts on 6 April and ending on April 5th. 2019/2020 year has started on April 6, 2019 and will end on April 5th. 2020.
This means that most people who worked as a freelance (Self-employed) or working under a contract of employment (employed) will be entitled to recover the overpaid state taxes this year after 5th April.
Employed (Employed) – to check whether you overpaid tax, it should have P60 or P45 forms. If you worked during the financial year on the job without a break, you need to have the last 52 weekly pay slips.
The most common form P60 issued by the employer at the end of each financial year, it is every year at the end of April. Form P45 is issued by the employer when you leave your job or if the company changes its name.
Working as a self – employed – all self-employed must declare their income each year in April. Tax Inspectorate (HRMC) will send you a declaration form (Tax Return) or just a reminder letter. If you are not registered as a self-employed yet, but you want to become one to be able to declare your income, please contact us and we will help you and will give you all the advice you need to become one.
– Tax advice
– calculate your business income and expenses;
– to declare your income;
– return of overpaid taxes.
All self employed individuals should know:
– All documents related to your business must be kept for 5 years and 10 months after the tax year (bank statement, receipts and expenses, etc.)
– It is advisable to have a separate business account (business bank account). All business banking transactions, orders, payments should be carried out in this bank account.
– The total revenue is treated as your income, so it is not advisable to make cash transfer into your account. Please contact us and we will help you and will give you all the advice you might have.