Tag: Self Employment

Claiming the second grant SEISS
Articles

Claiming the second grant SEISS

When making the claim, the claimant will also have to confirm that their business was adversely affected by Coronavirus on or after 14 July 2020.

Calculating Taxable Profits Using Cash Basis
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Calculating Taxable Profits Using Cash Basis

How to correctly calculate profits using the cash basis is a common issue, so we’ve written a short helpful blog to set you on the right path. But make sure to call us to discuss your own personal circumstances.

Self-Assessment Tax Return guide for self employed
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Self-Assessment Tax Return guide for self employed

As self employed it can depend on how you want to setup your business. You can be self employed and form a limited company. You can be self employed and register as sole trader with HMRC. Most common taxes you pay are Income Tax, National Insurance, VAT and corporation tax.

Amending Self Assessment Tax Return
HMRC

Amending Self Assessment Tax Return

Amending your tax return will also change the amount of tax you owe. If it is more, you will need to pay this, plus interest (which runs from the due date of 31 January after the end of the tax year). If your tax bill goes down as a result of the amendment, you can claim a refund

Tax Free Savings
HMRC

Tax Free Savings

If a person has no other income (or only dividend income in addition to savings income), or their other income is less than £11,500, some or all of the personal allowance (set at £11,500 for 2017/18) will be available to shelter savings income.

Self Assessment Tax Returns
HMRC

Self Assessment Tax Returns | What to look for

Rushing self assessment tax returns form is never a good idea as you are more likely to make mistakes and miss out crucial information. When using the online form service, you can save your details and come back to them later, perfect for when you’re busy and don’t have the time to do everything in one sitting.

Self-Assessment Tax Returns
HMRC

Self-Assessment Tax Returns

You’ll automatically receive a financial penalty. If your tax return is less than 3 months late this penalty will be £100, for any timescales after this you’ll receive a customised penalty depending upon the exact circumstances and how late you file.

Self Assessment Tax Returns
HMRC

Self-assessment Tax returns – How to get it right

Paying taxes through self-assessment is a three stage process, so it is quite complicated. The first tax bill is due on January 31st, and the amount that you pay will be exactly half of the total tax bill that you paid the year before. A second instalment, which is the same amount as your first instalment, will be paid on July 31st (after the tax year is over).