Did you buy anything big for your business? If you are self-employed and your profit is less than the personal allowance (£9440 in 2013/14) and you have capital spend, don’t use your Annual Investment Allowance as this will be a waste given you will not be liable to pay any
Are there penalties for late filing of my tax return? Is the sky blue? Oh yes, there are penalties for getting your self-assessment tax return in late, and also for paying late. If you are sitting comfortably, I’ll begin. If you receive a notice to file a tax return, you
Parking charges, etc Take the time to go through your expenses, both personal (eg. pension contributions, charitable donations, etc.) and business. Claiming for your allowable expenses is the surest way to reduce your tax bill. A £2 parking charge a day amounts to £500 (assuming 2 weeks off from your
Using your home for business If you run your own business from home, you may be able to claim a home office allowance which could be a flat amount, or based on actual costs. Once the method has been selected, that is the one that should continue unless circumstances change.
Losses from prior years If you are self employed, make sure to check your previous Self Assessment returns for losses that can be offset against any gains/ income this year. HMRC will not do this for you. In order to receive any tax relief owed you must carry the losses
Furnished Holiday Lets For those of you lucky enough to have furnished holidays lets in the UK or in the European Economic Union (plus Iceland, Norway and Liechtenstein, then you must ensure that it is available for rent: – at least 210 days in a 12 month period; – actually
RTI for Payroll Real time information on payroll have been in place since April 2013 (some since April 2012). A system of penalties are in place but have never been enforced. For people operating payroll with less than 50 employees, those penalties will start in March / April 2015 for
Annual investment allowance If you are planning a capital investment for your business, you may be used to the Annual Investment Allowance being £25,000 or £250,000 depending on the time of the investment . The annual investment allowance changed in April 2014, and the value is now standing at £500,000
Child Benefit It’s that child benefit issue again. From 1st January 2013, child benefit was taken away from people earning over £50,000. Of course, you can still claim the benefit, but you may have to pay it back. Can be very harsh when only one person works. Here is an
You may be aware, although many internet marketers are not, that the rules for selling to consumers & non-VAT registered business in the EU are changing. It was assumed that the changes in the rules were only for broadcasting and telecommunications but it also covers everybody that sells digitally. It can
The spreadsheet has been built for the self employed performer to be able to capture their costs in an ordered fashion which will make it easier to complete the page in the self assessment tax return.
