Choosing whether to register for self-assessment can be a difficult decision. Certain myths have also thrived, making the decision more complex. To help, HMRC has clarified some of the most common misconceptions surrounding self-assessment and when you’ll need to pay tax when you’re self-employed. With more people now working for themselves, HMRC has highlighted five […]
If you’re selling goods and services online, new tax rules could affect you. HMRC has recently issued an alert for online sellers achieving profits from buying or making goods, or selling services, to check whether they are considered a trader. In this situation tax on any earnings over £1,000 would need to be paid. The […]
Keeping track of your National Insurance contributions (NIC) is essential. Ensuring your payments are up to date will make sure that you qualify for the full State Pension when you retire, along with a number of other benefits through your working life including Maternity Allowance and Bereavement Support. A new online service has been launched […]
Whether managing your corporate or personal tax affairs, March is a really good time to spend a little while preparing for the impending end of the tax year. As ever, the budget statement on 6th March means a number of changes will take effect from April 6th, requiring due consideration in advance. There are also those perennial matters for which prior planning prevents post-Christmas palpitations – Yes, now is a good time to be thinking self-assessment.
Important – If you are self-employed or in a trading partnership and your accounting year end does not match the tax year (April to March), new annual self-assessment reporting changes will impact you from this tax year.