A self-assessment tax return is the form used by HM Revenue and Customs (HMRC) to collect income tax from individuals. Whilst income tax is deducted from your salary automatically if you work for a company, most people who are self-employed must complete one each year.
This guide will explain who needs to complete a self-assessment tax return, when they’re due, and how to complete one (with a handy checklist).
Keeping good accounting records can seem like a daunting task for any contractor. It can take time to get your records in order and can result in a lot of unnecessary stress. Here are some top tips on how to keep good accounting records.
The government has now delayed making tax digital by “at least” two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019
Those below the VAT threshold of £85,000 will now be exempt from requirements to quarterly report until the government can reassess the plans
Married couples were once viewed as a single taxable unit by the government resulting in you being taxed less after getting married. However this is not the case anymore, now you are mostly taxed individually meaning very few tax benefits.
Tax credits are payed by the state straight in to bank accounts via the tax office. If you are 16 or over and live in the UK you can apply.
From 6th April 2017, the personal allowance will go up to £11,500.
MGD (Machine Games Duty ) begins on 1st February 2012 to replace amusement machine licence duty. Time is running out to register for Machine Games Duty (MGD).
Remember you must register before 11 January 2013!!
The deadline for submitting the tax return is approaching fast. The tax return has to be filed by 31st January. So, don’t leave it until the last minute.
ISA deadline 2011/2012 is approaching soon, So take advantage of tax saving by utilizing the use of your ISA allowance.
2011/2012 Allowance is as follows:
- Cash ISA allowance £5340
- Investment (Stock & Shares) allowance £10680
Remember you can hold both Cash ISA and stock & Share ISA if you wish but the total combined allowance is £10680 (for 2011/2012)
Quick reminder the tax return for 2010-2011 should be submitted by 31.01.2012.
If you need help, please feel free contact us to see how we can help you meet the deadline.