Tax planning news
Don't worry about tax, self-employed told
26 September, 2007
People who have just set up their own companies often worry unnecessarily about self-assessment, a self-employment support company has stated
A spokesman for Startup Co, which gives advice to entrepreneurs looking to start their own businesses, said: "The anticipation is worse than the reality."
He added that there was plenty of help available for the self-employed, including from his own company, HM Revenue and Customs and training courses, which show people how to fill in self-assessment forms and ensure they are being taxed correctly.
"Once they know how to do it, the mystery disappears and the worry disappears," the spokesman said, noting in addition to this that the tax system was "geared very well" to avoiding problems.
The next self-assessment deadline, which applies to paper forms, is September 30th 2007.
Research by consumer website unbiased.co.uk has concluded that self-employed people failing to file their self-assessment returns this year will face fines totalling over £463 million as a result, reports themoneypages.com.
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