Course description
Personal Tax Return and Self Assessment training Course
Most self-employed people and directors of companies have to do submit a Tax Return every year. If you are a self-employed person you may learn how to do tax return yourself. As a result, you can save money by not having to pay an external agent. Don’t forget You can also save more money as you will know more about how to apply for a tax rebate.
According to statistics, more than 60% of taxpayers not sure how to do tax return correctly and lose money for not knowing how to apply for a tax rebate correctly.
If you want to offer tax services to the general public, then skills in this sector can dramatically improve your job prospect or business prospect.
How to do a tax return
Firstly, you need to be registered with HMRC to process your tax return. You should get a UTR (Unique Tax Reference) no, which is your personal identification no for tax purpose. Once you have details for all incomes and expenditure, you can submit them electronically to HMRC. The deadline for submitting a personal tax return is 31 January for the previous tax year.
Apply for a Tax Rebate
It is possible that you could be eligible for a tax rebate.
The most possible scenarios are
- When you pay more tax than required
- Submitting an incorrect tax return
- Claiming special Tax relief
There could be many more reasons why should you get a tax refund. It is vital to know the scenarios under which you should apply for a tax rebate.
Upcoming start dates
Training Course Content
- Identify the type(s) of returns that may be completed
- Understand the duties and responsibilities of a bookkeeper / tax agent when completing self-assessment tax returns
- Calculating the taxes on profits for Self Employed & on income for Employed individuals
- Understanding differences between Drawings & Dividends
- Introduction to UTR and NI Classes
- Understanding Tax Return submission procedures to HMRC (using 2 individual Scenarios)
- Analysing Class 2 & Class 4 NIC
- Analysing Personal Allowance
- Analysing Income from Self Employments
- Employment benefits Analysis
- Analysis of Car & Fuel benefits
- Analysis on savings and investment income and tax implications on them.
- Introduction to Capital Gains Tax analysis
- Introduction to Inheritance Tax Analysis
- Understanding the procedure for payment and administration of both tax and National Insurance Contributions
Course delivery details
- Classroom Based from our London Campus in the UK.
- Or Join Online Live through our Virtual Learning Campus.
You can also join this course when you book as part of the Total Taxation Training or Total Accounting Training Package.
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