The information to be included when preparing for the tax return

Description

Understanding Tax Obligations
As a Tax Return Sole Trader, it is your responsibility to include your income and expenditures when filing your tax return.
Other taxes are mandatory, for example, income tax, National Insurance, and if you are self-employed, VAT as well. The year-end tax return is also made easy when all business transactions have been recorded accurately all year.
Keeping Detailed Records
It is also important to keep records of all your financial transactions to be able to prepare your taxes. Make a record of all the income and all the expenses, receipts and invoices, and all bank statements.
These records back up the figures on your tax return and are essential if the tax authorities decide to audit your returns.
This can be achieved by applying specific principles in accounting software which will make the process more efficient and accurate.
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