If you already have a UTR (Unique Tax Reference) number and you want to work in the CIS (Construction Industry Scheme) then you will need to activate your UTR number for CIS. There are two ways in which you can do this(more…)
Self-assessment late filing penalties are issued when a tax return is filed after the official deadline.
Self-assessment tax returns must be submitted by midnight on the 31st January for the previous tax year.
For example, for the tax year 2017/2018 (that’s 6th April 2017 to 5th April 2018), the self assessment tax return is due by midnight January 2019.(more…)
The following are the critical dates you need to understand if you are self-employed or working in the Construction Industry Scheme (CIS).
Your start date, this will be the first day you started working self-employed, it’s from this date that you need to declare all your income to HMRC, this is done through your self-assessment tax return.(more…)
We’re asked this question so many time by our clients.
Can I claim travel costs in my self-assessment tax return?
The simple answer is that you can reclaim “business” travel.
It’s important to understand exactly what “business” travel means if you want to ensure that your return is submitted correctly, while ensuring you are being as tax efficient as possible.(more…)
Generally HMRC will issue your UTR within 3-4 weeks, it can be quicker but sometime it takes a little longer. It’s all dependant on how business HMRC are, they do say that it can take up to 8 weeks.
What do to if it doesn’t arrive(more…)
Your payslips / invoices are the most important bit of information you need to keep.
However, you also need to keep your bank statements and business receipts (read here about business receipts).
Right now I’m going to tell you what your Payslip will look like and why it’s important.(more…)
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