Reducing Payments on Account
The first instalment of your self-assessment tax bill for the 18/19 tax year is due on 31 January 2020.
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Class 2 National Insurance Contributions
Plans to abolish Class 2 national insurances contributions have been cancelled as the government announces that it will remain in place.
Tax Relief on Clothing
A very common question for most business owners is whether or not they can claim tax relief on clothing. The basic principle for an expense to be allowed is that it must be incurred wholly and exclusively for business, i.e. for work purposes. HMRC’s Stand Point HMRC’s view follows on from a basic principle established…
Paying your January tax bill
As a contractor or freelancer, you may have used the festive break to think about the next steps you will take to improve your business. We hope you also used the holiday to think about your self-assessment tax return as the deadline is looming.
If you don’t know your tax figure yet, why not?
If you are self-employed, it is your responsibility to calculate your tax figure and report this to HMRC by the given deadline. Some reasons why people delay finalising their taxes include: perceived lack of time lack of knowledge not sure where to start weren’t aware there was a deadline lost their log-in details for the…
Is self-assessment ending?
As you may have heard, the assessment known as ‘simple assessment’ has arrived and with it HMRC’s plan to cut the number of tax returns it issues. Some people are asking if this is the end of self-assessment…in short, no it isn’t. So, what is changing?
What you need to know for tax when you start self-employment
Starting self-employment is a big step. No longer will you have the luxury of a regular salary and you will also have new responsibilities when it comes to reporting your tax affairs to HMRC. It need not be daunting though as help is available. Here in a checklist of the most important things to know…
SELF ASSESSMENT: How to Pay Your July Payment on Account
The self-assessment tax system requires you to pay a tax payment on account in July. It is an estimate based on last year’s tax and the payment goes towards your next tax bill in January 2018. Unless your tax is minimal then a payment on account will be required and if it is, it is…