For companies in the construction business or organizations that spend mostly on construction materials, you are eligible for tax refunds or tax return under the Construction Industry Scheme set by the HM Revenue & Customs in UK. The scheme, commonly known as CIS, sets the rules for contractors and subcontractors in the construction industry and eligibility for any tax refund.
We often focus at the end of the year on our review of the year that has gone, and consider plans for the New Year and then set goals based on what has been identified. The end of the financial year is also a good time to stop and review. It is worth investing some time reviewing whether you are meeting your planned objectives and goals to date. You don't want to waste the next 6 months just because you could not spare a couple of hours mid year. Therefore take some time to check year-to-date highs, lows, the planned, the unexpected, the wins and the losses.
When the time comes to complete your Self Assessment Tax Return, you have 2 options.
1 - Do it yourself
2 - Outsource it
But which do you choose?
Well, it all boils down to time. What you need to do is to take an estimate of how long it will take you. Say your Sole Trader Accounts are particularly complicated, with a lot of money coming in, and a lot of expenses going out of your business.