Starting on 6 April 2026 self-employed earners will become liable for Making Tax Digital (MTD) for the first time. HMRC is implementing Making Tax Digital to overhaul the self-assessment tax reporting system. Phase 1 begins at the start of the next tax year on 6 April 2026. Are You Ready for the Rollout of Making Tax Digital in April 2026? The scheme requires tax to...
Your self-assessment tax return is a complete record of your tax filing for the relevant financial year. This needs to include everything relating to your personal income. Here we explain everything your accountant needs to know, to complete your self-assessment tax return accurately. What Your Accountant Needs to Know to Complete Your Self-Assessment Tax Return Here we identify what your accountant needs to be aware...
The self assessment (SA) threshold for taxpayers taxed through PAYE only, is rising to £150,000, from the 2023/24 tax year onwards. Changes to Self Assessment Tax Threshold This increase in the Self Assessment (SA) threshold was first announced in May 2023. The threshold for the 2022/23 tax year, which many taxpayers and accountants are currently preparing, remains unchanged at £100,000. Which means that people who...
The deadline for filing your Self Assessment tax return is 31 January. This means that the filing deadline for the tax year 2021-22 is 31 January 2023. If you haven’t already you will need to file your income and expenditure from self assessment with HMRC online, plus pay any tax that you owe for this period, by midnight on 31 January 2023. Self-Employed Tax Deadline...
Allowable expenses are the essential costs of running your business that are tax deductible. Any outgoings that are allowable expenses can be deducted from your taxable income, allowing you to save money and reduce your tax bill. What Are Allowable Expenses? Keeping a good tax record will help you be tax efficient by deducting all of your allowable expenses before you submit your profits to...
The Prestige Business Management Guide to Self-Employment versus Limited Company In this guide to self-employment versus limited company we explain the differences between registering for self-employment, or a limited company, so you can select which is the right business model for your long term profitability. You have two options for how to run a business in the UK, either self-employment or register a limited company...
Self Assessment Deadline Extension Article Amended on 25 January On 25 January HMRC announced that self-assessment customers will not receive a penalty for their late online tax return if they file by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Taxpayers who cannot afford to pay their tax bill...
Last month the Chancellor announced that HM Revenue and Customs (HMRC) will allow self employed workers more flexibility to pay their personal self-assessment tax bills with an enhanced self employed payment plan known as Time to Pay. Time to Pay A Time to Pay Arrangement with HMRC is a debt repayment plan for self employed workers outstanding taxes. Recently HMRC announced an increase in the...
Being a freelancer gives you so much in the way of freedom – be it personal, creative and entrepreneurial. However, by becoming more tax efficient you could help improve your overall freelance experience. This article will outline three key areas in which greater tax efficiency could help improve your freelance business experience. One – Expenses As a freelancer, you have the ability to claim back...
The Prestige Business Management Self Employed Guide to Marketing – Want to Market your Goods and Services Like a Pro? You have decided to take the plunge. You want to be your own boss and you think your product or service is good enough for the market but how do you ‘market’ your goods and services? Do you know what ‘branding’ is? This handy...
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