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Post Info TOPIC: Sole Trader - when should he do his tax return?
Tracey2711


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Sole Trader - when should he do his tax return?
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Hi Been asked to look into tax returns for a sole trader.  What forms will he need and what will they be for?  I know he has already done a vat return and ok with this, but mentioned what will I owe tax? how is it calculated?  Many thanks

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BudgetB


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When did he start trading?

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Jenny

 

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gbm


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Hi Tracey,

Sounds like a job for an accountant, many will do a free initial meeting that will tackle most of your question, and probably other areas such as tax planning.

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Tracey2711


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may 2010.

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Tracey2711


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thanks Nick.

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BudgetB


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His first tax return is likely cover May 10- 6 Apr 11 and will be due to be filed before 31st Jan 2012.

As Nick said, someone experienced in tax returns will need to have a look at the whole situation really and advise him as to the best way forward.


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Jenny

 

Responses are my opinion based on the information provided.  All information should be thoroughly checked before being relied on.

 
MarkS


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Hi Tracey

Agree with Nick and Budget on this.

Appears you dont have much knowledge on tax returns and it isnt just about when the forms need to be submitted but advising on what the person can do to minimise their tax liabilty (as in 95% of the cases this is what people want to do).

They should really speak to someone properly qualifed/experienced do this.

MarkS

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Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Tracey2711


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thanks for your advice on this. Definately a job for an qualified accountant.

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Tracey2711


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Thankyou for all your help.  Will seek advice from an qualified accountant. wink

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