Thursday January 19, 2012

Dear Reader

Welcome to tax season

Along comes another January and the preparation and filing of self assessment tax returns.

Self assessment tax returns are prepared by the self-employed, but did you know if you are a director of a limited company you need to complete a self-assessment tax return, even if you didn't take a penny out of the business in income, expenses or dividends?

If you became a director of a limited company at anytime between April 2010 and March 2011 then you have less than a month to register for self assessment and file your tax return.

If you're unsure how to go about all this, then give us a call on 01235 868888.

We've also uploaded the latest video, specifically for sole traders to understand when their taxes are paid. Click here to view.

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Can you claim tax relief on interest expenses for your company?

A little bit of a tricky area. Whilst you can claim interest incurred back from your company, you may end up being taxed on the income without receiving tax relief on the expense. Click here to learn more.

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Thank you for your kindness

As many of you know, I am currently hobbling around on crutches having fallen from my horse Oliver at the end of November. I managed to fracture my tibia, partially tear my medial ligament (that's the one down the inside of the knee) and damage some cartilage. Bit of a mess really and exacerabated by a clot in the thigh of the same leg which meant daily trips to the Churchill Hospital during the Christmas period. I am very much on the mend, a pain in the backside as a patient causing hassle to Lesley and the rest of the team here but extremely grateful for their support and that of the medical staff. I should be crutch-free at the beginning of February 2012 and back on my horse by early April. Thank you to all of you who sent messages of support.

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