May 7, 2019

Posted by in Accounting Service

Electricians Guide To Doing Tax Returns

Electricians Guide To Doing Tax Returns

Most electricians do not know how to do a self-assessment on their tax returns. But with the help of this Guide, you will be able to fulfill this legal obligation as a certified electrician. Tax returns can be done on a hard copy or online. However, you need to be aware of the fact that registration with HMRC can take weeks that is why it is advisable that you register before the due date which is usually the end of January.

Getting Started.

The first thing that you are required to do is take note of the unique taxpayer reference number as well as the NI (National Insurance) number. After that, you need to organize all the relevant paper such as last year tax receipts and invoices. Make sure that they are filled and well organized. Your electrician Gold Coast has given us their examples of tax prep.

1.) The second step is to organize all your receipts for business payments. Do this by dividing the receipt payments into various categories such as advertising, agency cost, office equipment, insurance, and materials used.

Filling In An Excel Spreadsheet.

An excel spreadsheet for tax returns usually has different sections and fields that you are required to fill. The first section is for CIS deductions, business income, capital allowances, and business expenses. Below are different fields that are you are required to fill in the tax return excel spreadsheet.

Fields B5 – B8

In these fields, you are required to provide basic information about your business and yourself. As a self-employed technician, you must have a business name or use your name instead if you do not have one.

Field B11 – B 13

In this section, state the income of your business and add all the figures of your gross earnings. This is considered to be the first income of your business and you can fill this information on B11 field. If you have more than one income for your business, then make sure that you fill the second income on the B12 filed.

Field B14.

Use this section, to sum up, all your total income as a self-employed electrician. Make sure that your calculation is correct before filling in this section.

Field B20 – B28.

This field is meant for claimable expenses. All you have to do is state the amount of money you want to claim after calculating your claimable expenses.

Field B29

Field B29 is where you fill in the total amount of your business expenses.

Field B32, B33 And B34

You can use this field to claim your capital allowances. By doing this, you automatically reduce the tax bill of your business. Capital allowances are for big business investments such as business premises, tools, and even transport.

Field B35

Field B35 sums up all your business capital allowances.

Field B38.

This particular field is where you fill in your gross income. The amount is to be filled under the turnover section which covers the fees, sales, and takings generated by your electric business.

Field B40

Here you are required to fill in your capital allowances.

Field B41

Field B41 is for tax deducted. This shows how much tax was deducted from the total earnings that get from your business.

Field B41

This field shows how much money is generated from your business activity. Moreover, make sure the details you provide are similar to those on the summary section.

This field shows how much money is generated from your business activity. Moreover, make sure the details you provide are similar to those on the summary section.

Conclusion
It is never easy for electricians to do tax returns, but with the help of this guide, you will be able to fulfill this legal obligation without any problems.