Doing your own self assessment? Here’s everything you need to know! From HMRC registration, self assessment and tax returns to deadlines, these guides to take you through the basics every self-employed business owner needs to know when it comes to handling their own taxes.
Over the years HMRC has given conflicting advice when it comes to deciding whether a director needs to register for self-assessment. The result is that this is a much-debated question amongst accountants and Company Directors. So if you aren’t sure whether you (or your client, if you are an accountant) should be registered, read on.
If you’ve made a mistake on your tax return, then you can correct it online by amending the return you submitted. Here’s how to do it.
One of the common mistakes people make when they are filling in their tax return is forgetting to include bank interest. Here’s how to show it and how tax works on savings as well as the allowances available to reduce how much tax you pay.
The tax return deadline, normally 31 January each year, has been extended to 28 February 2021 for this year only in response to the number of people struggling to file their tax return in these unprecedented times.
If you’re filling in your tax return, the traditional accounting can benefit you in certain circumstances or cause you to pay more tax. Find out more about this way of accounting and alternatives if you think it is making you pay extra income tax.
How to claim the averaging adjustment, why authors, writers and artists are entitled to it and how it helps even out fluctuating tax bills.
A jargon-free guide to the annual investment allowance including how AIA works, what types of purchases qualify and how to claim it from HMRC
You can choose to pay self-assessment tax through PAYE if you file your tax return online by 30 December and owe less than £3,000 in tax. If you miss the 30 December deadline then you’ll need to pay all the tax you owe by 31 January. Here’s how you can request for this to happen online.
Use this sole trader tax calculator to estimate your self-assessment tax liability, including your payment on account.
Read this guide to check whether you need to register with HMRC and complete an annual tax return form to declare your earnings.