Posts tagged “tax return”

As the 31 January deadline for filing Self Assessment tax returns approaches, HM Revenue and Customs (HMRC) is warning taxpayers about fraud. 
 
This year there have already been nearly 900,000 reports of suspicious HMRC telephone calls, texts and emails. 
 
More than 100,000 were telephone scams and more than 620,000 of them were about false tax rebates. 
If you work as a contractor, you might work through an intermediary. This could be a limited company, a partnership, or through your own personal service company. 
 
This is known as off-payroll working. However, if Her Majesty’s Revenue and Customs (HMRC) thinks you are really an employee it can have a big impact on your finances. 
Benefits in kind are items or services that you or your employees receive from your company in addition to your salary. 
 
They can include things like private healthcare, interest-free loans and company cars. They are reported to HM Revenue and Customs (HMRC) using the P11D form. 
P11D forms must be submitted by 6 July
Expenses, tax returns, Allowable expenses for small businesses
As the owner of a limited company you can receive tax relief on money you spend running your business. Known as allowable expenses, if you claim them correctly, you can probably increase your take-home pay. 
 
Here are some of the most common expenses you can claim. 
Whether you are self-employed, a sole trader or running a small limited company, you don’t have to work with a bookkeeper or an accountant. 
 
The important question you need to ask yourself - ‘Is it a good use of my time to do my own accounts, self-assessment tax return and VAT returns?’ 
 
As most small business owners know, our time is precious. We need to decide what we need to prioritise. 
 
When it comes to keeping our accounts up to date, the answer is usually easy. Ask a qualified professional to do it. 
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