If you’re new to self-assessment or haven’t quite got your act together on the paperwork front, you may worrying about whether you’re going to “make it” before the deadline and anxious about the repercussions of a late tax return submission to HMRC. Here are the facts: Your tax return for 2015-16 is due […]
Can I still claim tax relief if I lose a receipt?
You sit down to tackle the mound of paperwork in your weekly, monthly or dare I mention annual bookkeeping ritual (click here for why this isn’t a good idea) only to discover you’re missing receipts for expenses you know you’ve incurred. You understand that “allowable” expenses are a good thing when it comes to working out […]
Payments on account – a guide for sole traders
Payments on account are one of the most commonly misunderstood aspects of the self-assessment process and although the intention is to help self-employed people spread out their tax bill, the advantages might not seem so apparent when you ‘re first asked to pay a whopping big tax bill up front. What are payments on account? […]
What is a tax enquiry and how can you avoid one?
Tax enquiry, Tax investigation, eek … all sounds a bit scary doesn’t it? And, when it comes to your small business accounts and taxes, haven’t you spent enough sleepless nights worrying about whether you are doing everything legally and above board? Facing up to a Tax Enquiry can seem like a daunting prospect. And I’ll […]
10 Reasons why it pays to submit your tax return early
Who has sat down at the last minute to do their tax return only to discover that there is something they don’t understand, paperwork that can’t be located or that their tax position is more complicated than first envisaged? And, then the problem you discover is that there’s not enough time to figure it out […]
I’m a sole trader – will I need to submit 4 tax returns a year?
You’re a sole trader running a small business. You’re feeling comfortable with the whole annual self-assessment tax process and you’ve mastered Excel spread-sheets. But, brace yourself. The government has planned a big digital overhaul of the tax system with a raft of new tax changes coming your way. The rationale behind the “Making Tax Digital” plan is HMRC’s […]
National Insurance Contributions – it’s all change for the self-employed
Many sole traders look at their tax position only in terms of the Income Tax payable and sometimes forget to take into account the tax they have to pay as National Insurance (NI). It’s easy to understand why NI is often regarded as the “forgotten tax” as the thresholds at which you pay NI and Income Tax differ. You […]
The 5 biggest myths about claiming expenses
You’re a sole trader. You’ve made it this far with your small business accounts preparation and you can feel the end in sight. But, come to working out what you can and cannot claim as an expense (for tax purposes) and that sense of achievement starts to diminish. You’re baffled by the rules and you’re not quite sure […]
A Tax Return Checklist (part 2)
If the thought of completing a tax return feels scary and overwhelming right now. If, just hearing the word “tax” sends your heart racing. Let me start by saying that you’re not alone. It’s entirely normal to feel like you should be coping with everything that running a small business entails. I know I do! […]
A Tax Return Checklist (part 1)
It’s that time of year again. Goodness only knows where you’ve put that receipt, what you could or should be claiming for, how you’ll get through your tax return with your sanity intact. Sound familiar? To ease you into that zone of inner calm, I have put together a 2 part guide (part 2 will be […]