Top tips on DIY Self-assessment tax returns
Some people are put off producing their own tax return – keeping up on the latest tax legislation, completing the necessary forms and recording expenses can all feel a bit of a bind. If this is you, then taking the DIY approach can be much easier than you might think, and you can save on around £250 (the average cost an accountant charges for a basic tax return) by doing it yourself. To help you get started, follow these top tips on filing your tax self-assessment:
Working from home - allowances for the self-employed
If you work from home, understanding and calculating the expenses you claim can be a murky area. Guidelines and examples are given by HMRC, but these examples do not cover every scenario.
How to reduce your tax bill if you are Self-employed
Self-employment comes with plenty of perks. Most people dream about being their own boss, and it’s true that starting your own business has plenty going for it. However, it isn’t short of challenges or obstacles either: namely around tax.
Ways to pay your Tax Bill
When you've finally figured out how much you owe HMRC, you'll need to pay them. Here are your options, and it's not as straight-forward as you may think!
Draft 2018 Tax Calculator
The updates announced in the Autumn 2017 Tax Budget have been integrated into the calculator.
2016/17 End of year tax planning-use your allowances to reduce your tax bill
Some tax savings tips that can be implemented before April 5th.
Spring Budget 2017 - the headlines
A brief run down on the main areas of change from Philip Hammond's Spring Budget of March 2017.
Carry forward past years pension allowances
Previous years unused pension allowances can be carried forward so you can exceed the £40,000 tax free limit this year. Higher earners should make the most of their pension allowance now, as it is under threat.
Forgot about Self Assessment deadline? Have a look at the fines
Here we show just how much a late return and /or a late payment on your self assessment could cost you.
Home Working Allowance
If you are working from home you may be entitled to claim the working from home allowance? At £216 a year tax free, it is worth finding out if you qualify.