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Tag: <span>self-employed</span>

Training for the self-employed

Are training costs tax deductible for the self-employed? HM Revenue & Customs has recently updated and clarified its guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred…

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HMRC Payment Plans

HMRC approve tax bill payment plans for 44,800 taxpayers HM Revenue and Customs have announced that nearly 44,800 people have sorted their upcoming 31st January tax bill by setting up a payment plan. HMRC provide the option of a monthly payment called Time to Pay (see link below). Provided taxpayers…

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Beware of Self-Assessment Scams

A Warning from HMRC The HM Revenue & Customs (HMRC) is alerting Self-Assessment customers to be vigilant against scam texts, emails and phone calls from fraudsters. As the deadline for submitting Self-Assessment tax returns for the 2022-23 tax year (31st January 2024) approaches, scammers are targeting unsuspecting individuals by posing…

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Tax Update November 2023

Welcome to the November 2023 Tax Update. In this edition we take a look at year-end tax planning, are all LLP Members self-employed, HMRC challenging LLP schemes for property businesses. charging EVs at home, reclaiming input VAT on the sale of shares; and this month’s events on the accounting horizon.…

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TAX ALERT! For Sole Traders and Partnerships

TAX ALERT! IF YOUR YEAR END IS NOT 31st MARCH HMRC will be changing the way they assess profits for sole traders and partnerships. One of the lesser published points is that everyone is going to have to have a 31st March/5th April year end – if your year-end is not already…

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Filing your Self-Assessment return early

Taxpayers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has stated. The Self-Assessment deadline for the 2022 to 2023 tax year is 31st January 2024. Taxpayers who file early will have more control over their financial affairs and beat the…

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Government Delays MTD for ITSA

More time to prepare for Making Tax Digital for Income Tax Self-Assessment The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is now being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April…

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Here to Help with the Self-Assessment Tax Deadline

The deadline for submitting and paying your 2021-22 tax return is midnight on Tuesday 31st January 2023. If you’re struggling with the New Year workload and finalising your return, our friendly and experienced Accounting and Tax Teams are here to help. Not only will they ensure that you meet the…

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Don’t Forget to Declare COVID-19 Grants

Self-Assessment: don’t forget to declare COVID-19 Grants HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31st…

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HMRC Changes for Sole Traders and Partnerships

HMRC will be changing the way they assess profits for sole traders and partnerships. Previously, if you had a year-end between the 6th April and 30th March you were taxed on the profit made on your year-end accounts that falls into a set tax year. This will now change so…

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