Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you are in business, a landlord, or paying tax under self-assessment, you understand the importance of paying your tax on time. But what if you can’t afford to pay your taxes when they are due? Remember […]
Category Archives: self employed
05
Jun
Jun
Setting up a business is both exciting and worrying. There’s so much to do and the topic of tax deductible expenses for business might not even be on the radar! However, no doubt you want to optimise your tax position whilst making sure you stay on the right side of HM Revenue and Customs (HMRC). […]
Accounting Tips, partnerships, self employed, Tax Tips
Expanding the cash accounting basis to all self-employed businesses
27
Mar
Mar
As part of his 2023 Autumn Statement , the Chancellor announced that the cash basis will replace the accruals basis as the default method for preparing accounts for all unincorporated businesses from 6 April 2024. The announcement means expanding the cash accounting basis to all self-employed businesses. This will apply to sole traders as well […]
Business Tips, National Insurance, Personal Tax, self employed, Tax Planning, Tax Tips
Autumn Statement 2023 – The Overview
29
Nov
Nov
The Chancellor, Jeremy Hunt, made a statement on our economy last week. The Autumn Statement 2023 unveiled the current government’s tax and spending plans. The statement also focused on the growth of the British Economy over the coming years. The UK Economic Outlook The Chancellor expressed a strong desire to prioritise the expansion […]
Corporation Tax, HM Revenue & Customs, Personal Tax, self employed, Tax Tips
HMRC plans to increase the number of tax investigations
02
Aug
Aug
Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]
14
Jun
Jun
The Basis Period Reform was originally planned to coincide with Making Tax Digital (MTD), but despite MTD being postponed, HM Revenue & Customs (HMRC) will still implement the Basis Period Reform. This will have an impact on self-employed individuals and partnerships. If you run a partnership or are self-employed, the Basis Period Reforms will impact […]