News & Updates

Helpful Tips and Updates

MAKING TAX DIGITAL

Making Tax Digital is compulsory — you will need to start using it in 2018, 2019, or 2020, depending on your business circumstances. You will need to record your various tax affairs digitally, using online accounting software or an app.

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HMRC have announced that Making Tax Digital (MTD) is to be extended to cover all UK VAT registered businesses from 1 April 2022 and to cover most business income tax records from April 2023. At present the MTD rules only apply to those whose UK taxable turnover is above the £85,000 UK VAT registration threshold.27 Jul 2020

10 Tips to Filing Tax Returns

But one way or the other, if you’re self-employed, you’re obliged to file a return.

Here are 10 practical tips to make the process as smooth as possible:

1. File your return online, not by post

2. Be organised

3. Don’t throw out or delete your documentation

4. Be clear on what expenses you can claim

5. Claim tax relief on your pension contributions

6. Beware of the time limitation on claiming tax relief

7. Use a good accounting software package

8. Also, a cloud-based accounting package can be very useful

9. Check your eligibility for claiming Start your own Business Relief

10. File on time