Being self-employed gives you powers, but with great power comes great responsibility. As a freelancer, you will be filing your own tax return and doing your own books. Here's a guide to claimable expenses.
Working as a freelancer and being self-employed means you are always looking for avenues to save money on your tax bill. When travelling for work purposes you should be claiming it as business mileage.
So yesterday, Uncle Rishi put out his budget (on a little dishy?) Some it was expected and some, not so expected. What it means for freelancers, self-employed and small businesses (SME)
If you are a delivery rider/driver for one of the UK delivery platforms (Just Eats, Foodhub, Zomato, Deliveroo, Uber Eats) then this TAXO'D guide aims to inform you of your tax obligations on your earnings.
In this TAXO'D blog post we discuss Income Tax, National Insurance (and how they are both calculated) and other tax benefits that you may be entitled to as a freelancer or a director of your own company.
Thinking about working for yourself? Then you will need an understanding of the taxes you will pay to HMRC. Here is the TAXO'D basic guide to: Understanding Income Tax for Freelancers and the Self Employed.
In the UK, HMRC is making UK business go digital. Making Tax Digital (MTD) requires all involved to maintain digital records and use only approved and compatible software to file tax returns.
The housing market is changing. Holiday Lets and Furnished Holiday Lettings using Airbnb are proving more profitable for landlords, but this income will still need to be declared in your self-assessment.
In March 2019 HMRC closed their online services portal - HMRC Government Gateway. Since then UK tax filers have been filing their Self Assessment tax return at the replacement system, HMRC Online Services.
For the first time in the 24 year history of self-assessment, HMRC are waiving fines on personal tax returns. Payment still needs to be made by January 31st but the paperwork can be submitted by February 28
If you need to inform HMRC about any tax you may own from capital gains then you will need to complete the SA108 form in addition to your main SA100 Self Assessment tax return.
If you need to inform HMRC about any income from foreign sources then you will need to complete the SA106 form in addition to your main SA100 Self Assessment tax return.
If you need to inform HMRC about any income from renting out property in the UK then you will need to complete the SA105 form in addition to your main SA100 Self Assessment tax return.
If you need to inform HMRC about any income from self-employment then you will need to complete either the SA103S or the SA103F form in addition to your main SA100 Self Assessment tax return.
If you need to inform HMRC more about your employment income then you will need to complete the SA102 form in addition to your main SA100 Self Assessment tax return
If you need to inform HMRC about less common types of income, a deduction or even tax relief then you will need to complete the SA101 form in addition to your main SA100 Self Assessment tax return form
If you work as freelancer / are self-employed then you will need to apply for a UTR. Which is a number assigned by HMRC to be able to complete your Self-Assessment Tax Return.
If you work as a freelancer / self-employed (and are not already using TAXO'D). Then you will need to submit a Self-Assessment Tax Return to HMRC which is done online or by post via the SA100 form.
If you are not employed by an employer but are receiving an income than you need to complete a Self Assessment Tax Return so HMRC can assess how much income tax and national insurance you need to pay.
Did you know you can spread the cost of your Self-Assessment tax bill? You can pay in instalments with a HMRC payment plan.
NSESS (Newly Self-Employed Support Scheme) is an initial one-off £3500 taxable grant and is open to sole traders or partnership individuals in Northern Ireland