31 January is the SA filing deadline for businesses who have traded for a complete tax year. HMRC continues to work with TTA to improve their tax offer to their members and readers, via their website, newsletters and providing technical expertise at their conference. If you received income for tutoring services, either part or full […]
31 January is the Self Assessment filing deadline Read More »
Article by GoSimpleTax MTD for ITSA or Making Tax Digital for Income Tax Self Assessment to give it its full title. You remember that? Perhaps you’d prefer not to. MTD for ITSA was due to be phased in from April 2024 for those with total gross income over £10,000 from self-employment and property in a
Time again to start preparing for MTD for ITSA Read More »
Article by GoSimpleTax According to HMRC, 11.7m taxpayers filed their 2021-22 Self Assessment tax return before the midnight 31 January 2023 deadline. About 800,000 filed on deadline day, with 36,000 doing so within the final hour. Talk about leaving it late. Some will no doubt have been surprised to later find out that their Self
Beware! Six classic sole trader Self Assessment tax return mistakes to avoid Read More »
by Affiliate Partner, GoSimple Tax Going into business with a partner or partners can offer many benefits. You can gain from other people’s talent, ideas, knowledge, skill, contacts and cash, just as they can gain from yours. You can also share the workload, risk and responsibilities, while avoiding feelings of isolation that can happen when
SA800 Partnership Tax Returns – key facts to know Read More »
Article by Affiliate Partner, GoSimple Tax Keeping your costs to a minimum is advised when starting a business, because it means you can pay off your start-up costs sooner and then start to make a profit. You also risk losing less money if the business doesn’t get off the ground. Some sole trader businesses can
How to claim pre-trading expenses as a sole trader Read More »
Article by Affiliate Partner, GoSimpleTax The UK is facing a serious cost-of-living crisis. It’s being driven by eye-watering utility bill increases, rocketing fuel pump prices and record inflation that’s making the weekly supermarket shop and other purchases far more expensive. Moreover, interest rates are increasing, with more hikes expected, while take-home pay isn’t increasing anywhere
Seven ways to save money on tax when you’re self employed Read More »
by Affiliate Partner, GoSimpleTax COVID-19 helped to push UK business start-up figures to new heights in 2020. According to the Centre for Entrepreneurs, annual year-on-year UK business formations in 2020 rocketed by 13% to 772,002. A key decision when starting a business is which legal structure do you choose when registering. The three most common
Should you register as a sole trader or a limited company? Read More »