Step-by-Step Guide to Completing Your Tax Return Online [2018/2019 Edition]. Quickly and easily complete your self-assessment tax return online using this easy step-by-step approach. My guide walks you through completing your tax return from start to finish. I’ll show you what you need to have ready to make completing your return a breeze as well (more…)
The Blind Person’s Allowance is an additional amount of personal allowance given to those who qualify to claim it. The additional allowance means anyone who is eligible to earn more before paying tax. Blind Person’s Allowance 2019/2020 The allowance changes every tax year. The current allowance is: The current personal allowance rates are: That means (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). (more…)
The cash basis is a way to work out your income and expenses for your tax return. Used correctly, it can make filling out your tax return easier and quicker.
Taxes can be annoying – a pain to deal with and irritating to pay, especially when you read all the stories about the sneaky ways the mega rich avoid paying tax. So if a wave of reluctance is rising up in you, here are 5 reasons to submit a self assessment tax return even if (more…)
Taxes can be time-consuming and expensive to deal with. What can feel more frustrating is having to deal with filing a tax return even if you have made no money. Unfortunately, time, money or lack of understanding is no excuse in the taxman’s eyes. So you may well find yourself in the situation of having (more…)
Understanding allowable expenses when you are self employed is the main way you will reduce your tax bill. When you are self employed generally speaking all business expenses are tax allowable if they are ‘wholly, necessarily and exclusively’ incurred in the performance of your business. Here’s an example: if you are a Self Employed Web Designer and (more…)
If you’re a university graduate, you’ll still have to repay your student loan when you’re self-employed. When you’re self-employed you’ll have to repay your student loans alongside your tax and national insurance. That means some people are faced with a large unexpected bill. So don’t bury your head in the sand. How to Repay Your (more…)