With the deadline for self-assessment tax returns now upon us, here we look at some of the most common mistakes taxpayers make on their tax returns, and how to avoid them.
All self-employed workers and company directors are required to fill out a tax return, and it’s important to get your tax return right to avoid incurring penalties. [continue reading…]
The current VAT threshold in the UK stands at £85,000. Any business that has an annual turnover of that value must register for VAT with HMRC, and when they do this they will receive a VAT number. Before you work with another business, you normally want to find out all you can about them and you can easily do this through a Google search. However, something you might not consider looking at is their VAT number, and this is actually something that you should definitely be verifying.
If you are thinking about getting private healthcare insurance for yourself and your family, you can pay for it in two ways. You can either pay for your private healthcare insurance through your limited company or do it from your personal accounts. Depending on various factors, the tax efficiency of both methods will vary. Therefore, it’s always a good idea to get an opinion of an accountant to help you find the best option.
[continue reading…]January 31st has now passed. Most people spent the arrival of February with their tax return submitted well in advance, while others were exhausted after rushing to file it. And a few will have missed the deadline altogether.
Look, we’ve been there. You’re focused on delivering a project. Then another. Then something enormous comes along and takes up your time. Before you know it, the year’s up. And then it suddenly hits you that you’ve got a self-assessment return to file, and you’ve got absolutely no idea where to start.
If you’re self-employed or a company director, you must fill in an annual self-assessment form. If you’re submitting your return online, don’t leave things until the last minute, as you won’t be able to do so without an activation code.
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When you are self-employed you will pay your tax based on the income and expenses you show on your Self Assessment tax return. Here Simple Tax will give you an insight of the Self Assessment process and your legal obligations as a self-employed individual.
The digital age is upon us. HMRC is planning a total digital switchover which is set to be rolled out from April 2019. For some, this isn’t anything new – Making Tax Digital (MTD) has been in the public domain for a good while now.
As the festive season gets underway, many businesses will start to enter a few weeks of spending on items and events that were unplanned or not in their initial budgets. It can add a significant dent in your profitability if steps aren’t taken to ensure your company doesn’t let spending get out of control. Small business owners need to ensure that they keep Christmas costs in check.
If you pay income tax via self-assessment, and have a tax liability for the current year, you may need to make advanced payments for the following tax year too – known as payments on account.
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If you are not a traditional ’employee’ – i.e. you are a company director, self employed, or have additional earnings which have not been taxed though you employment, you will need to complete a self assessment tax return.
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Emily Coltman, chief accountant at FreeAgent, has published two useful self-assessment checklists – aimed at limited company contractors and freelancers.
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With the self-assessment deadline looming once again, a leading accountant has provided his top ten tips to help contractors complete their tax returns correctly.
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Limited company owners should make sure they meet the annual self-assessment deadline at the end of this month, as penalties for late submission can increase significantly the longer a return is outstanding.
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With the deadline for submitting paper tax returns having just expired, limited company owners have until 31st January 2013 to submit their self assessment returns for the 2011/12 tax year, together with any taxes they owe.
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