Did you know you could possibly be due a tax rebate?
Did you know you could possibly be due a tax rebate? If a PAYE employee has self employment losses for last year you could be in for a tax rebate.
What does this mean? OK! Let’s use James from County Tyrone as an example. For the purposes of this blog James is not a real person.
Let’s say James, a dad and husband, has his own business and he made a loss on his self employment of £8,000 for the tax year 2015/16. During that year though James was also employed by a company and earned £30,000. James may claim to have the loss set against his income which would lead to a refund of some of the tax he paid via PAYE.
Does this sound like your scenario? If so, give us a call because we will look into this for you.
A claim like this is usually made through your self assessment tax return so you must complete your tax return before you can make the claim. We can do this for you.
If you are self employed you have until October 5 to register for self assessment. Our team at Gildernew & Co can do this for you so you don’t have to.
As a Mid Ulster based accountancy practice, we register a lot of businesses in the Mid-Ulster area and businesses across Northern Ireland for self-assessment. How a business registers depends on whether you are operating as a sole trader or as a partnership.
If 2015/2016 is the first year which you have to complete a tax return then contact us on 028 8772 4697 and we will register you with HMRC before or on October 5.
Our team of accountants will take the pressure off you by completing the registration process as well as completing your tax return.
Your tax return must be led and any tax paid by January 31, 2017 otherwise you will face an automatic late filing penalty and we don’t want you to experience that.
You may not find it straight forward but we do so let us assist you. Phone us today on 028 8772 4697 or email our team of accountants on firstname.lastname@example.org and we will help you get everything sorted.
Posted on October 3, 2016