IR35 was introduced in the 1999 Budget to counter concerns about the use of private service companies. The now-infamous Inland Revenue Press Release 35 announced that the Government would crack down on the hiring of individuals through their own service companies as a means of evading tax. It was originally HMRC’s responsibility to decide if …
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If you’re working under CIS (the Construction Industry Scheme), there’s are a tonne of CIS deductions you can use to increase your rebate: 1. Car and van expensesYou can claim transport in one of these two ways: do you use your car for work 75% of the time? Then you can claim 75% of leasing payments, …
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If you live in the UK and have foreign income, you’ll usually have to pay UK tax on it. You do this by filing a Self Assessment tax return – our certified accountants can help you do it 100% online. What kinds of foreign income will I pay tax on? Most types of income will …
If you’re looking to work for yourself, then you need to choose between becoming a sole trader or setting up a limited company. Each has pros and cons. Tax Sole trader: you’ll pay Income Tax on what you earn from self-employment minus some allowable expenses if your expenses are not that high or you can’t be bothered with …
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Making Tax Digital (MTD) is HMRC’s initiative to revolutionise the UK tax system and “digitise“ the annual Self Assessment tax return. Many software providers are promoting MTD solutions and pushing newsletters on how to become compliant, but the reality is, 99% of the people don’t need to worry until 2023. What does Making Tax Digital …
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There are a number of tax-free allowances in the UK and taking advantage of them can significantly increase your tax refund or reduce your tax bill. Some of these allowances are applied automatically (meaning you won’t need to do anything to benefit form them), while others you’ll need to claim. You can click on each of …
We’ve updated this guide on 15th March 2021
You can make your Self Assessment tax filings much easier by avoiding these common mistakes: 1. Forgetting about deadlines You’ll need to register for as self employed to receive a UTR number. It can takes weeks to get one, so its best not to wait until the last minute as you’ll need this for your Self …
