If you are self-employed you basically have to pay self-employment taxes such as social security and medical taxes and also your income tax. Self-employment taxes vary in complexity from individual to individual. Failure to make estimated tax payments might lead you to being fined when the time comes for you to file your tax returns.
A self- employed person IS required by law to have full and accurate records and fill in a self -assessment tax return annually. This shows your businesses’ profit AND other additional incomes.
A tax accountant offers advice and guides his or her client on particular deductions, allowances and reliefs that you can take advantage of in your particular situation. Tax accountants Medway are important when starting a new business venture, they help set up and do registration for all insurance and tax purposes.
When you need your taxes filed yet you have no idea where to start at, you might be a poor record keeper or maybe your whole tax situation is a confusing mess, you can always count on a tax accountant to help you solve these problems and get you out of a potential trouble with the law.
For a self-employed individual use of a tax accountant Medway is not always overrated. A lot of good may come out of a tax accountant. But always be certain that the benefit out way the costs.