{"id":18,"date":"2018-05-28T15:27:34","date_gmt":"2018-05-28T15:27:34","guid":{"rendered":"http:\/\/fairbooks.co.uk\/?page_id=18"},"modified":"2018-05-28T15:27:34","modified_gmt":"2018-05-28T15:27:34","slug":"personal-tax-return","status":"publish","type":"page","link":"https:\/\/fairbooks.co.uk\/?page_id=18","title":{"rendered":"Personal Tax Return"},"content":{"rendered":"

When Self-Assessment\/the Tax Return was introduced by Her Majesty\u2019s Revenue and Customs, its aim was to simplify taxation for individuals, making it easier to produce and submit a tax return. For the current tax year 2018-2019, the deadline for online filling is 31st January 2020.<\/p>\n

Many people find the personal tax return difficult to understand and they are at risk of incurring penalties if it\u2019s not correct. This is where Fair Books steps in and can take this administrative burden off your shoulders. For further details please contact our tax return team.<\/strong><\/span><\/a><\/p>\n

\"Tax<\/p>\n

Self-employed – <\/strong>Sole trader<\/strong><\/p>\n

A Sole trader\u00a0is the simplest form of\u00a0business\u00a0structure and it is relatively easy to set up. As a\u00a0sole trader\u00a0you will be legally responsible for all aspects of your\u00a0business, making all the decisions about starting and running your\u00a0business. If you’re operating as a\u00a0sole trader, there is no legal requirement for you to open a business\u00a0bank account. You\u00a0can use\u00a0a bank account\u00a0in your\u00a0personal name.<\/p>\n

Sole Trader advantages:<\/strong><\/em><\/p>\n

\"\" \u00a0 Simple to set up and manage.<\/p>\n

\"\" \u00a0 Possession and complete control of your assets and business decisions<\/p>\n

\"\" \u00a0 Any losses incurred by your business activities may be offset against other income, such as investment income or wages (subject to certain conditions).<\/p>\n

\"\" \u00a0 Allows you to use your unique taxpayer reference number (UTR) to submit your tax return.<\/p>\n

\"\" \u00a0 You are not considered an employee of your own business and therefore you don\u2019t pay associated payroll taxes<\/p>\n

\"\" \u00a0 Relatively easy to change business structure if your business \u00a0grows or if you wish to wind things up<\/p>\n

Sole Trader disadvantages:<\/strong><\/em><\/p>\n

\"\" \u00a0 Unlimited liability which means all your personal assets are\u00a0at risk if things go wrong.<\/p>\n

\"\" \u00a0 You cannot split business profits or losses with family members and you are personally liable to pay tax on all the income from the business<\/p>\n

Contact us<\/strong><\/a><\/span> to find out more<\/span><\/p>\n

\"Tax<\/b><\/i><\/u>Partnership<\/b><\/p>\n

A\u00a0partnership\u00a0is an agreement where two or more parties, known as partners, decide to act together to aid their mutual interests. The partners in a\u00a0partnership\u00a0may be individuals, businesses, interest-based organisations, schools, governments or combinations of these. Partners share the business profits, and each partner pays tax on their share.<\/p>\n

To set up a business partnership, you need to choose a name and a \u2018nominated partner\u2019 of the Partnership. The \u2018nominated partner\u2019 is responsible for managing the partnership\u2019s tax returns and keeping business records. For the current tax year 2018-2019 the deadline for online filling is 31st January 2020. If your business operates as a partnership, then it must have a separate\u00a0bank account\u00a0for tax purposes.<\/p>\n

Contact us<\/strong><\/a><\/span> to find out more<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

When Self-Assessment\/the Tax Return was introduced by Her Majesty\u2019s Revenue and Customs, its aim was to simplify taxation for individuals, making it easier to produce and submit a tax return. For the current tax year 2018-2019, the deadline for online filling is 31st January 2020. Many people find the personal tax return difficult to understand and they are at risk of incurring penalties if it\u2019s not correct. This is where Fair Books steps in and can take this administrative burden off your shoulders. For further details please contact our tax return team. Self-employed – Sole trader A Sole trader\u00a0is the simplest form of\u00a0business\u00a0structure and it is relatively easy to set… Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":14,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-18","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/18","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18"}],"version-history":[{"count":0,"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/18\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/14"}],"wp:attachment":[{"href":"https:\/\/fairbooks.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}