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All self employed individuals (as well as anyone with other income not taxed at source) have to file an annual Income Tax Return with the Inland Revenue.
Many of us find these tax returns confusing and complicated. It is estimated that some 10% of all income tax assessments issued by the Inland Revenue are incorrect - invariably in favour of the Inland Revenue. Nevertheless, there are automatic penalties for submitting
tax returns late and for errors made by the taxpayer.
With the introduction of Self
Assessment, more and more taxpayers are turning to tax professionals for help in dealing with their tax affairs and with the Inland Revenue. For many people, their personal finances are inextricably linked to their business affairs.
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