If you start working for yourself, it’s important to inform HMRC that you are self employed. If you don’t tell them you may also incur penalties. Once you have registered for Tax you are automatically register for NI (National insurance). To set up as a self employed, you must meet your expense obligations by filling […]Read more
Understand that you can’t simply ahead and subtract all your self-employed costs. HMRC has clear guidelines around what you can and can’t include, which is the reason the costs that you can incorporate into your computation are called ‘allowable expenses’. Costs that can be claimed as allowable expenses include: 1:- Office expenses 2:- Business premises […]Read more "Detailed List of HMRC Allowable Business Expenses"
If you are contractor, freelancer and small business owner in the UK, it’s staggeringly vital to monitor your filing and payment due dates, as well as changing tax rates and thresholds. HMRC has two categories of penalties for Self Assessment . 1:- Late filing of annual tax Returns 2:- For late payment of the Income Tax […]Read more "Companies House-Late Filing Penalties"
Why register for VAT? VAT registration is the process of register your business with the government as active in production and sales. The rules for VAT registration are the same for self-employed people as well as limited companies. Businesses in the UK are required to register for VAT. You should be enrolled to charge Value […]Read more "HMRC VAT Return Online"
For most of the taxpaying public, taxation—even though they do it every year—is an otherworldly affair and they need the support of professional accountants in Maidstone to help them through it. It is the best thing that anyone can do to make sure their tax forms are correct and complete when making the payment to […]Read more "All you need to know about income tax reliefs and allowances"
P45, P60, P11D are PAYE (Pay as you earn) Forms. P45, P60 forms are given by employer to the employee. The forms contain information regarding the total income of the employee and how much amount paid in tax during the tax year.P11D form required by HMRC to show all benefits or expenses provided by employer […]Read more "Different HMRC PAYE Forms – P45, P60, P11D"
If you have already paid too many Taxes during Tax Year, you can claim it back. You can claim tax refund through your online Personal Tax Account. HMRC send you a P800 tax calculation form each tax year if you have already paid too much or too little tax, A P800 form also know as […]Read more "How to Claim Tax Refund Online in UK"