How to Calculate Your Business Turnover. Your business turnover consists of your total sales, takings, fees and any other money you earned during your accounting period.
It’s easy to put off dealing with your taxes until nearer the deadline. But many people do choose to file their tax return early. Maybe you left yours until the last minute last time around or self-employment is new to you. Here are some reasons why you may want to file your tax return early. … Read more
Self-assessment is not the same as self-employed. But they are connected. What is Self Assessment Self-assessment is the term given to the system by which anyone who receives untaxed income need to declare it to HMRC. Untaxed income can take many forms, not just self-employment such as: Dividends Interest Rental income Sale of properties Anyone … Read more
Your tax bill can be the biggest bill that you need to handle when you’re self-employed. But there are ways you can reduce your tax bill if you’re self-employed while staying on the right side of the tax man. How to Reduce Your Tax Bill if You’re Self-Employed Here I share with you 10 ways … Read more
If you didn’t manage to get your self assessment tax return in by the 31 January deadline, you’ll face penalties and interest. The best advice I can give you is to get the return filed and tax paid ASAP. There’s no avoiding putting in the return. But, you may be able to avoid paying fines and interest … Read more
Let’s talk about HMRC Payments On Account as we fast approach the self assessment tax return filing deadline of 31 January. HMRC payments on account can be one of the most surprising tax bills for the self employed – especially for anyone who is filing their first self assessment tax return form. Here’s everything you need to … Read more
One of the perks of being self employed is that you get to claim expenses against your income. Claim correctly and you’ll reduce the amount of tax you have to pay. Claim wrongly and you could face penalties. There are rules set out by HMRC which expenses you CAN claim for (allowable expenses) and those you CAN’T (disallowable expenses). … Read more