*Things to Claim for a sole-trader self-assessment tax return Cost of all your materials Cost of things like advertising, promotion Business Assets/Capital Expenditure* Office Equipment, computer, printer* Use of home (either a flat rate charge of £3 or a proportion of your household expenses, as appropriate to your circumstances) Mobile phone Stationery & office supplies [read more]
If you work from home, consider charging business rent to your limited company (you’ll need to set up a rental licence agreement between yourself and your company). If you set the rent figure to be the same as the actual costs, then there will be no personal tax to pay, (although both the rental income and the actual costs still go on your tax return)
Remember to include any dividends that you have received from your company on your tax return. (Also make sure that you have only paid dividends from after tax profits. Check that your dividends are properly minuted, even if it’s just you in the company AND that you have dividend vouchers)
The majority of business expenses should be going through your company’s accounts.
Put your mobile phone into your company’s name (this also means it wouldn’t go on your personal tax return)
Work out whether it’s better to have a company car or to claim mileage.
Remember your personal savings and investment income
There may be more, depending on your individual circumstances.
Keep all your receipts and invoices.
Also keep your household bills, if you are charging business rent to your company.
Unfortunately, Company Directors cannot normally use the “short” tax return.
If you don’t want to complete your own tax return, contact Louise on 01604 288024.
Completing your Self-Assessment Tax Return*If you receive a letter from HMRC telling you to send in a tax return, you will, at some point need to send it in. There’s no point in putting your head in the sand (however tempting that may be) There are penalties for late returns. There are also penalties for inaccuracies and errors – so [read more] |
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Do you have to complete a tax return?*So, who must fill in a self-assessment return? Well, amongst others, you’ll need to complete this annual task if: You are self-employed You are a company director You have savings & investment income above a certain level You have property income above a certain level You receive an annual trust or have settlement income You [read more] |
Signs that you need a new Accountant*Every now and again, someone posts in a business forum to say that they are not happy with their accountant for various reasons, such as: not getting any support or advice from their accountant, unexpected bills from their accountant, they’ve asked a question and they don’t understand the accountant’s answer and so on… For example, [read more] |
 When is Cheap not Cheap*Sometimes, it easy to get pulled in by cheap fees, particularly if the headline figure is very low. Make sure you are comparing “like with like.” If you are a limited company, with sizeable transaction numbers, then obviously, your fees will not be as low as a sole-trader who raises one or two invoices a month. What [read more] |
 Reduce your Accountant Fees*If you have decided that you really cannot afford your accountant fees but you really don’t want to do everything yourself. What are your choices? If you are otherwise happy with your accountant, ask them if there is anything that you could do yourself that would reduce their fees. Move to a cheaper accountant Use [read more] |
