Free Webinar Making Tax Digital for Income Tax- Why You Should Prepare Now
Thurs June 16th, GoSimpleTax and ListenToTaxman bring you a free webinar on Making Tax Digital for Income Tax. Sign up here...
A breakdown of late Self-Assessment fines and penalties
Here we show just how much a late return and /or a late payment on your self-assessment could cost you.
Self-Assessment Guide by Listentotaxman
Our guide to making your online self-assessment return with tips on reducing your tax bill and avoiding fines.
Working from home - allowances for the self-employed (updated for 21/22)
Self-employed guide to claiming allowances for working at home
Self-Employed Expenses made Simple
This guide explains what expenses can be used to reduce your tax bill. There may be a few you had not thought of!
How will NIC increases to pay for health and social care affect you?
GoSimple Tax article on the social care tax rise passed in yesterdays Commons vote. How will it effect sole traders, employees and landlord's?
Making Money Online: When A Hobby Becomes Taxable Income
Wondering about the tax implications of a hobby? When do you need to let HMRC know?
Guide: Payment on Account Updated 2021
An updated Guide to Payment on Account for the Self-employed for 2021/22
Tax implications of the SEISS- Getting To Grips With Grants and your Self Assessment
How will the Self-Employed Income Support Scheme impact your next Self Assessment return?
Understanding the SEISS Extension
If you’re self-employed, the latest U-turn in government policy could well benefit you. Instead of ending on the 1st October 2020, the Self-Employment Income Support Scheme (SEISS) is extending to April 2021.
The Self Assesment extension and what it means to you?
If you missed the 31st of January filling and payment date for your return, you may want to read this article.
Free Webinar: Sole Trader v Ltd Company
* 10/12/21 Updated with link to recorded webinar from July 2021 GoSimple, in conjunction with Listentotaxman, bring you a free webinar on Sole Trader v Limited Company.
Self-employed: Should You Defer Your Second Payment On Account?
Some guidance on COVID caused deferral of taxes, due on the 31st July.
Sole Traders – How to prepare yourself for the New Tax Year 20/21
We’re getting closer to the 6th April. The new tax year is a chance to take stock and evaluate your current business processes. How can you save yourself time and money for the new tax year?
Start The New Year Right – File Today
January 31st marks the deadline for your Self Assessment tax return. If you have yet to submit, it’s now more important than ever to prepare your documentation and receipts – and get back to earning. COVID update 2020 deadline changed to 28th of February.
Stress-less tax returns (well almost)
Dreading January? As a self-employed sole trader, we’re going to guess that’s a yes – unless you’ve managed to file your Self-Assessment tax return already. Getting this monumental task completed early is no mean feat. But it is possible to get through the tax season without experiencing a stressful sprint to 31st January.
Are You Declaring All Of Your Earnings To HMRC?
Our guide to help you declare all additional income to HMRC. Not doing so can end up being an expensive mistake.
Do I Need To Register As A Self-Employed Sole Trader?
Are you unsure about whether you need to register as Self-Employed for tax purposes? Our guide can help you.
Splitting your business to avoid VAT
If you sell BTC (business to consumer) i.e. your customers cannot reclaim VAT, some businesses may be able to split their business by service to avoid crossing the VAT threshold.
Company car tax for business owners
What are the tax implications of buying a company car from a tax perspective? Take a look at our indepth analysis.
Are you paying your accountant to prepare your books? Could you save some money by hiring a bookkeeper? Clare Doherty explains the key differences…
How to pay less tax in 2019-20 for Small Business Owners
Could you be better off financially by changing from a sole trader to a limited company? Let's take a look at an example.
Ways to save on your tax bill - top tips from GoSimpleTax
It’s always a good idea to have a thorough look at your tax tactics. Substantial savings can be put in place if you evaluate what you paid the previous tax year, and how that could be reduced when it comes to your next Self-Assessment.
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!
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.
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:
10 personal finance tips freelancers & contractors need to know
Organised properly, freelancing/contracting can be the most rewarding way to make a living. Skilful tax planning can transform your finances - and with 15% of the workforce self-employed, financial services providers are at last offering the support contractors and freelancers need.