Category: tax services

Before you do anything, have you registered as self-employed with HMRC? This is important because you will need to have a UTR (unique tax reference) to be able to file your tax return.

Having said that if you are self-employed it will be quicker and easier if you gather together and sort out all the relevant information before you start. Therefore it is important to get your books and records up to date so that you have a clear schedule of your income and expenses and any other income received in the year. Typically you should ask yourself the following:- -Are my books and records up to date.

2. Have I got details of any interest I have received on savings in a UK bank or building society? (except ISA's)
3. Have I got details of any other income received in the tax year such as benefits, dividends, pensions?
4. Did I sell any shares or property in the tax year? If so you must calculate whether there is any capital gains tax due. In 2010/11 the first 10,100 of any capital gain is exempt.

OK. Now you are ready to begin.

Step one -Are you going to complete a paper return or file online?

Decide if you want to fill in a paper return or complete and file your return online. Filing online has many advantages, including longer deadlines, 24-hour access and instant tax calculations.

As well as using the FREE HMRC filing service you can now also purchase a number of commercial tax return software, at various costs.

Step two -Make sure you complete the right pages

Make sure you have got the right pages. For the self-employed you have a choice of two options. -Self-employment (full)

2. Self-employment (short)

Use the Self-employment (full) pages if:

• Your turnover was 67,000 or more (or would have been if you had traded for a full year)
• You have changed your accounting date
• The results of your accounts, made up to a date in the year to

5 April 2009, have been declared on a previous Tax Return

• You no longer prepare your accounts on the 'cash basis', but have changed to generally accepted accounting practice (GAAP) (also known as the 'true and fair basis')
• You provide services under contracts for professional or other services and these contracts span your accounting date
• You are a practising barrister (advocate in Scotland)
• Your business is carried on abroad
• You wish to claim Agricultural or Industrial Buildings Allowance, or other capital allowances for items apart from equipment and machinery
• Your basis period - that is the self-employed period for which you are taxable - is not the same as your accounting period
• You wish to claim 'overlap relief'
• You are a farmer, market gardener or a creator of literary or artistic works and you wish to claim averaging
• You want to make an adjustment to your profits chargeable to Class 4

NICs (for example, because your profits include earnings as an employee).

Otherwise you can use the self employment (short) pages.

Step three -You are now ready to complete your return

Complete all the pages that you have to for your return. HMRC provide guidance notes to help you, including notes on the self-employment pages.

If you need more help completing your tax return, or need more general advice about Self Assessment, you can contact the HM Revenue & Customs (HMRC) Self Assessment Helpline on 0845 9000 444.

Step four - calculate your tax

Finally, calculate how much tax you owe. If you file your return online, this will be done for you automatically. If the total of your business profits and any other taxable income is more than your tax free allowances, you'll pay tax on the difference. The tax due will be included on your Self Assessment Statement.

Drake hosted software application for tax submission

Drake Hosted on cloud and desktop are two main sources to get the benefits of tax application hosting. Customers can select any process to get benefit of tax filing.

Drake is tax software solution. Since this application has become viable in the industry, the tax submission and file return process has become simpler. Organizations having numerous tasks to manage accounts and business so find it hard to file when there is no usage of softwares. The tax return is simpler and faster when the businesses have embraced software solution.
Drake is one such software that has various features and numerous functionality to make the process of taxation execute faster. Tax filing is complex task because it requires a lot of data and file to incorporate and make the filing system successful. Businesses that have not considered solution for their company may find it hard as tax management is successful when managed by softwares. Accountants and bookkeepers have less hassle in preparing tax return for their customers or clients. The pre-defined tax filing functionalities make the submission successfully done online or on premise.

Drake tax software features:

Drake software can be used for tax return for any kind of filing. It can be federal tax return, local or stare returns. Drake software is perfect for small and medium firms, startups and self-employed individuals. For any tax submission, drake software is the best answer to all purposes. That application has all forms that can make the tax return filing perfectly successful. Users or professionals can select the required form and make the tax process done.
The application has many features to autocorrect the data entry or calculate the right taxes for the financial year. Apart from these, the notes option alerts users to modify the changes and make the submission correct. For professional accountants and bookkeepers, drake software can be learned easily but it can be bit difficult for new or less knowledged users to work on drake without getting the system knowledge.
For all users, drake software can be learned free for 30 days. Apart from the 30 day trial, some other processes such as webinars, portal video, tutorials are significantly other methods to gain knowledge. The simple method of this software allows users to easily understand the functionality. Drake hosted is the process to select the method of hosting the tax return processing.

Company owners, accountant, professionals, CPAs and Bookkeepers can decide on the hosting method to get the best solution for the enterprise or personal tax return preparation. Drake hosted on desktop method is on premise solution while cloud hosting is online method. Desktop hosting is a legacy method to file the tax returns while it has more operating cost due to infrastructure, maintenance and other IT costs. Drake hosted on cloud is web based hosting of this software that offers freedom of access on any device and flexibility to work anytime anywhere. Many businesses have migrated from desktop to cloud hosting to get easy tax filing system online. Data hosted on cloud is secure and encrypted. Hosting providers manage client business online via backups and customer support. Drake app updates end users on the tax return.

With ProSeries, users have convenience of filing the tax returns with the automated software solution. This application software ProSeries designed by Intuit has tools and features to operate the tax needs. Intuit created this software for small and medium organizations to help them with all kinds of issues and makes tax returns proficient. Previously there was no software in the industry, the process of taxation was managed by accountants, bookkeepers and accountants as paper based while now it is managed by the automated softwares. The application is time saving to perform other important tasks of taxation. Without much effort required from the user, the automated software creates the simple tax returns. ProSeries solution has loads of features that incorporate easy management of the business modules with proper filing of the taxes. One of the best features of the application is integration with any application. It can easily integrate with required destination of data and retrieves the required data. Microsoft office, MAC, UNIX and Linux all other applications which are compatible to ProSeries and seamlessly integrate to make data processing.

ProSeries tax software solution:

ProSeries is perfect for all kinds of tax return which may be federal, state or local tax solutions. Customers can file tax returns for any number of times over a financial year. Once the learning process is done, users can purchase the license copy of the application. To purchase a license, customers should contact Intuit to get the valid license of this application. All new customers get free expert advice to make the tax return faster. The free tip helps customers to enhance application and make tax return process faster, quicker, simple and productive. ProSeries software learning is easier for users who have no experience on accounting. This application is simplified process and is easy to understand for end users. Intuit offers many ways to enhance application knowledge and free trial software is one such method that can be installed on any device as it is compatible to devices like mobile, laptop or tablet. ProSeries software can also be learned through webinars and tutorials. Thousands of videos explain the tax process functionality of the application thus simplifying the method of tax software. Business or self-employed firms should select ProSeries hosting method to process the tax returns for their firm.

Desktop hosting has been the traditional approach while ProSeries tax software hosting on cloud is the new technology where the application software is hosted on remote servers online. The ProSeries tax software hosting on cloud is easier as users or professionals have freedom to access, freedom of device and work anytime anywhere on any system. ProSeries hosting on cloud system is same as accessing Google and Hotmail services. Intuit offers new updates of ProSeries application while add-ons, plug-ins are on demand features. ProSeries on cloud servers are secure and reliable to businesses managed and operated by hosting providers. Online hosted data is encrypted and hosting providers manage backups, data processing, security and 24*7 support services.

Alaina Smith is working with SageNext Infotech as an Accountant. She specially provides consultation to small and medium business regarding efficient Book keeping platforms and Online Tax preparation with ProSeries tax software hosting , Lacerte Online and other application hosting solutions.

There are so many tax lessons to be learned because of the viral pandemic that it is rather difficult to narrow this list into the top three. However, we'll give good attempt in this post. Before getting to their list though let's send out an enormous thanks to all or any the tax professionals that have and continue to surpass to help you their potential customers navigate these challenging times. Let's get with it, shall we?

1. Don't Believe Everything You Hear and See On the News
   I can't let you know the number of times during the course of this pandemic that FAKE NEWS may be overbearing. When it comes to what the IRS has been doing, does, or will do later on, everyone has an impression. From the delivery times for the stimulus checks, certain requirements to be able to be given a stimulus check, the extension of time to launch and pay federal taxes, and also if IRS tax payments are deferred until a later time. In order to protect yourself from unnecessary anxiety and fear, try and limit your screen time. We often get used to it that people monitor the screen time for our kids, but the truth is we need to monitor our personal screen time as adults too. Also, remember, news is meant to inform in lieu of to entertain. It's really difficult to tell these days what is the real focus of news.
2. Get the Facts
   These days, you need a healthy degree of suspicion to have past all of the FAKE NEWS regarding the IRS and how they will bankrupt us. I've been rather encouraged in the work the IRS did during this pandemic. The way the IRS was capable of efficiently deliver numerous stimulus checks to assist countless Americans that needed this help was simply amazing. Or, how concerning the way the IRS without much political stonewalling extended both the filing and payment deadline from April 15th to July 15th. Pretty awesome, right? What's the single source that has shaped my estimation of the IRS? It's the IRS, obviously. Do you know how you can quickly get rid of hearsay and FAKE NEWS? Make the effort, go on the source, and obtain the important points!!!
3. Find Help When Needed
   Yeah, this place in this article is the main point on this list. Over the last a decade, there is a push for folks to get ready and file their particular taxation assessments. I'll admit that a majority of from the well-known tax prep software has improved greatly. The add-on service of getting available tax pros to assist show you through the preparation and filing of the tax return makes it even better. In my estimation, though, this works for individuals having simple returns such as those individuals that work well one job, don't save for retirement, rent or own your house, and are single or married with no children and other dependents. However, for those that actually work several job, possess a side hustle or part-time business, save for retirement on both their jobs and outside of work (i.e. IRAs), and they are single or married with dependents (adult or children), the tax code gets a tiny bit more interesting. Let's also mention that during this pandemic, the IRS actually power down operations temporarily. What do you do when the source isn't available? That's when you need assistance from the best tax professional such as a tax advisor or tax consultant. These professionals been employed by with all the IRS for many years and so are familiar with the tax prep side as well as how and why the IRS operates the actual way it does. When you're stuck and wish help solving a problem you've got while using IRS, find a dependable tax advisor or tax consultant and saving time, effort, and funds.