Overview
Self-Assessment is an obligatory requirement on all Self Employed Individuals/Sole traders, the complexity in this area of taxation warrants an advanced skill set, as well as specialised knowledge and experience so as to avoid an expensive mistake.
Self-Assessment course at Centre of Accountancy Careers and Training comprehensively covers the rules and regulations surrounding the topic and how to practically apply it during the submission of Self-Assessment returns.
This course demonstrates the most efficient and effective ways to ensure the individuals is not over paying the tax and ensures that all relevant allowances and reliefs available are fully applied.
The course uses HMRC approved software (Taxfiler by IRIS) to ensure the most efficient way to calculate and manage the taxation of your self-employed clients. The course will describe the procedural requirements that need to be in place to ensure that filing deadlines are met and payments are made on time so that the risk is reduced of HMRC levying unwanted penalties and charging interest.
CONTENT
- Rules and Principles governing Personal Income and Self-Assessments (SA)
- Basis of Assessment/ Basis Periods governing Self-Assessments (SA)
- Reliefs available to individuals under Self-Assessments (SA)
- Computation of Capital Gains Tax
- Concept of Allowable and Disallowable Expenses.
- Concept of Capital Allowances for Individuals.
- Self-Assessment Payments On Account.
- Understanding the use of MS Excel in formulating Self-Assessments.
- Understanding the use of Commercial Software to compute the Self-Assessment (SA) Liability and formulate Self-Assessment Return.
- Navigation of Commercial Self-Assessment (SA) Software
- National Insurance computations under Self-Assessments (SA)
- Calculation of Tax Liability and Tax Due
- Drafting and Finalisation of Self-Assessment Tax Returns (SA100)
- Drafting Supplementary Returns as per individual’s circumstances.
- Employment Income (SA102)
- Self-Employment (SA103)
- Property Income (SA105)