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.

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.

Taxes - Time to Pay

There are a range of business support measures available for businesses and individuals, which include deferring payment of certain taxes.

Self-Employed Income Support Scheme: “one of the most significant economic interventions”

Last night the Government announced a scheme that assists the self-employed across the country during the COVID-19 pandemic. The Self-Employed Income Support Scheme will provide self-employed individuals a taxable grant worth 80% of trading profits, up to £2,500 a month for the next three months. It will also apply to members of partnerships.

TaxCalc News January

Leaving the EU

The UK is leaving the European Union on 31 January 2020.

Following the General Election on 12 December 2019, the UK Government is implementing the Prime Minister’s Withdrawal Agreement meaning the UK can leave the European Union on 31 January 2020.

Our ‘No Deal’ provisions, including changes to Companies House forms and EC Sales list filing will not be implemented on 31 January 2020; however, they may at a later stage, once government have finalised details. In the meantime, we will continue to monitor the Government's negotiations with the EU and consider potential impacts at the end of the implementation period.

HMRC waive late filing penalties for returns affected by an Exclusion

HMRC have provided information confirming they are waiving late filing penalties or interest where the 31 January deadline is missed or payment of the correct tax is less than it should be due to the continuing errors in HMRC’s 2016/17 tax calculation.  Read more for the full statement from HMRC...

The TaxCalc guide to filing your Self Assessment return

Let’s be realistic. Filing your Self Assessment return is never going to be something that makes you whoop for joy. But it’s a necessary thing to do. As you probably know, you’ve got to get your tax return in by Jan 31 2018  at the very latest – or you’ll be liable for a £100 fine. No-one wants that, especially after the expense of Christmas.