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How does self assessment tax for the self employed therapist work ?

Sasha Owen
Accounting, Tax

The tax system is self assessment and this is how  works :

Self Assessment means that each year accounts are produced, these are then  entered on your tax return to 5 April  and the amount of  tax and national insurance  is worked out.This tax return then has to be filed with HMRC, if you complete it electronically the deadline for this is 31st of January in the following year.

You do have to remember that at no stage has HMRC checked any of the information on your tax return or accounts.

HMRC can conduct tax enquiries and these can be at random at this stage they will ask to see all the books and records, receipts and bank statements used in the business. It’s only then you would find out is nay expenses and not tax deductible. This would mean paying tax back along with interest and penalties.

We work with our clients to ensure we claim the maximum amount of eligible  tax deductible expenses whilst still legitimately minimising your tax bill

HMRC, income tax, self assessment, tax return, therapist

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Disclaimer

All content and information on this website is for information purposes only, and it does not constitute accounting advice and does not establish any kind of accounting-client relationship by your use of this website. An accounting-client relationship with you is only formed after we have expressly entered into a written agreement with you that you have signed including our fee structure and other terms to represent you in a specific matter. Although we strive to provide accurate general information, the information presented here is not a substitute for any kind of professional advice, and you should not rely solely on this information. Always consult a professional in the area for your particular needs and circumstances prior to making any professional, legal, accounting and financial or tax related decisions.

Red Tulips Chartered Accountants do not take any responsibility for links used within this website for external internet sites. We will not accept any responsibility for any information contained on those external sites or viruses arising from any link to a third party website. 

Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

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