The benefits of submitting your Self Assessment tax return early

Filing your self-assessment tax return might not be the most exciting task on your to-do list, but submitting it early comes with several significant advantages. Whether you're self-employed, a landlord, or have other income that requires a self-assessment, getting it done well before the January 31st deadline can save you time, money, and stress. Here are the key benefits of filing your tax return early.

Debunking common myths surrounding Self Assessment tax returns

Filing a self-assessment tax return is a task that many dread, often because of the myths and misconceptions surrounding the process. These myths can lead to unnecessary stress, missed deadlines, and even financial penalties. To help clear up some of the confusion, let’s debunk some of the most common myths about self-assessment tax returns.

10 key expenses to claim for on your tax return

Filing a Self Assessment tax return as a self-employed individual can be a complex process, but it's also an opportunity to reduce your tax liability by claiming allowable expenses. However, many self-employed people miss out on deductions they’re entitled to because they overlook certain expenses. 

To ensure you’re maximising your tax savings, here are the key expenses you should not overlook when completing your Self Assessment tax return.

Autumn Budget 2024 analysis and comment

In the most anticipated budget for a generation, Rachel Reeves – chess prodigy, Oxbridge graduate and former Bank of England economist – is well qualified to deliver Labour’s first budget for 14 years. As the UK’s first female Chancellor of the Exchequer, she will undoubtedly continue to inspire the next generation of female economists and political leaders but has her budget delivered on the promise to protect working people, fix the NHS and rebuild Britain?

Understanding basis period reform and the transitional year rules as a self-employed individual

If you’re self-employed, you might have heard about something called “basis period reform” and the “transitional year” rules. These terms can sound confusing, especially if you’re not familiar with accounting or tax practices. This article will break down what these changes mean and how they could affect you.

10 common mistakes people make when filing a Self Assessment tax return (and how to avoid them!)

Filing a Self Assessment tax return can be a daunting task, especially if you're doing it on your own. From missing deadlines to making calculation errors, many taxpayers make avoidable mistakes that can lead to fines, penalties, or even investigations. To help you navigate the process smoothly, here are ten of the most common mistakes individuals make when completing their Self Assessment tax return.

Spring Budget 2024 analysis and comment

During what could be Jeremy Hunt’s final budget before a general election, and possibly his final budget ever, some of us at TaxCalc HQ were anticipating a plethora of vote-grabbing giveaways to turn the tide on the Conservative Party’s popularity woes. This anticipation only being heightened by increased speculation in some circles that a snap call for a May election may be imminent.

Autumn Statement 2023: Analysis and comment

Anyone who has attended any accountancy talk, lecture or industry event in the past 12 months cannot have neglected to hear mention of how Artificial Intelligence (AI) will change the very nature of what we do and how we do it (dare I say, replace us?!). The Government is clearly a fan, as Rishi Sunak’s recent meeting with Elon Musk preceded Jeremy Hunt’s announcement of £500m over two years to fund UK innovation centres and make the UK an AI powerhouse.