“Self Assessment” is how HM Revenue and Customs (HMRC) refers to its system for collecting Income Tax. If you’re self-employed as a ‘sole trader’, a partner in a business partnership, or a company director, you’ll almost certainly be required to submit Self Assessment Tax Returns (SATRs). Here are 10 top tips to help you get Self Assessment right.
Continue reading “10 Top Tips For Self Assessment”Is your SME eligible for R&D Relief?
Is your SME eligible for R&D Relief? If you’re spending money on developing new products, processes, or services, you could receive 230% tax relief on your qualifying research and development costs. Read on to find out how…
Continue reading “Is your SME eligible for R&D Relief?”What Do You Need To Reclaim VAT On Expenses?
To reclaim VAT on expenses you need –
- Full VAT invoices for most transactions
- Modified invoices for retail supplies over £250
- Simplified invoices for any purchases under £250
Are You Eligible For Marriage Allowance?
Are you eligible for Marriage Allowance? Transferring part of your personal tax free allowance to your husband, wife or civil partner could reduce their annual tax bill by up to £250.
Continue reading “Are You Eligible For Marriage Allowance?”Self Assessment Tax Return 2018-19
If you received untaxed income (e.g. self employed earnings or rental income from property) between 6 April 2018 and 5 April 2019 you’ll need to file a Self Assessment Tax Return. The deadline for online filing of your 2018-19 Tax Return is Midnight 31 January 2020. The same deadline applies for paying any tax you owe for that period.
Continue reading “Self Assessment Tax Return 2018-19”What Is Making Tax Digital?
Making Tax Digital (MTD) is part of the Government’s plan to make the UK tax system “more effective, more efficient, easier for taxpayers to get their tax right”. The main points to note are:
Continue reading “What Is Making Tax Digital?”To Register or Not Register? VAT is the question
As a business owner you should know when you need to register for VAT with HM Revenue and Customs (HMRC). You should also understand the pros and cons of registering voluntarily for VAT if you’re below the current ‘VAT threshold’.
Continue reading “To Register or Not Register? VAT is the question”