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What should I do about a tax return?
Submitting a tax return is not a straight forward affair, if you have more than one source of income.
Your Private Practice and an NHS salary would mean that you have more than one source.
Your Accountant will advise you when the tax year ends, when the tax return is to be submitted, and when they need the final information from you.
If you leave it too late and your tax return is submitted late, or you are unable to pay the tax bill, there are significant penalties.
My tax year has now ended, what do I do about paying tax?
Your Accountant will tell you how much tax you are liable for, provided that they have all the information in good time.
But I would recommend that you start putting a percentage of your income away immediately, to ensure that you have enough cash available at the point you need to pay the tax.
We would recommend 40%, but you should confirm this with your accountant.
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