How to capture your self employed income on Taxdash

by | May 13, 2024

Hello, I’m Jacques Steenkamp, CEO of EOACC, where we offer accounting and business advisory services. We’re also the minds behind Taxdash, an innovative tool for managing personal taxes. Today, I’ll guide you through the process of recording your self-employed income on Taxdash to streamline your tax return with our assistance.

Accessing the Self-Employed Income Section:

To begin, log in to Taxdash and navigate to the top menu bar. You can directly access different income sections or start from the “Services” section. Under “Tax Returns,” proceed to “UK Income,” and scroll down to locate “Self-Employed Income.”

Entering Basic Business Information:

Once in the self-employed income module, you’ll be prompted to choose between two options based on the scale of your business. Whether it’s a smaller business or a larger one exceeding £45,000, select the appropriate option.

After making your selection, provide basic information about your business, such as its start and cessation dates. Accurate details are crucial for your tax returns, so ensure you keep income and expenses separate for each business.

Adding Income and Expenses:

Next, you’ll add transactions, starting with whether your expenses exceed £1,000. If not, you can claim a £1,000 trading allowance. Then, you can add individual transactions or opt for summarised totals for the year, depending on your circumstances.

Taxdash provides resources to help you understand allowable expenses, ensuring compliance with tax regulations. Additionally, you can input transactions related to specific dates within the tax year.

Managing Expenses and Adjustments:

Taxdash allows for detailed expense tracking, including partial claims for expenses like internet costs used for both business and personal purposes. You can specify the portion of an expense attributable to business use, ensuring accurate tax deductions.

Reviewing and Summarising Transactions:

Once transactions are entered, Taxdash provides a comprehensive overview, allowing for easy editing or deletion if needed. You can summarise income and expenses into categories required for personal tax returns, simplifying the filing process.

Support and Assistance:

Throughout the process, you have access to our support team for any queries or clarifications. Whether it’s understanding expenses or navigating the platform, our experts are here to help. Once all information is entered, our team will review the financials and provide guidance where needed.

Completing and Submitting Tax Returns:

After finalising income details, you can complete the self-employed income section and move on to other income categories. Taxdash ensures a smooth transition through the entire tax return process, offering support until submission.

Conclusion:

Thank you for considering Taxdash for managing your self-employed income. Whether you choose to input data yourself or seek assistance from our team, Taxdash is designed to simplify tax filing while ensuring compliance and maximising deductions.

If you have any questions or require further assistance, don’t hesitate to reach out. We’re here to support you every step of the way.

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