* If you are trading as a sole trader, as opposed to a limited company, your business profits will be declared and taxed as part of “self-assessment.” Most people know the deadline for submitting this tax return is the 31 January AFTER the tax year end. (so, for 20010/11, the self-assessment tax return is due by 31 [read more]
Sole Trader Self-Assessment Tax Returns and Things to Claim For*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] |
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 Sole Traders – Use of Home*There is no single method of apportioning household bills and expenses and so on into business and personal. HMRC does not prescribe a particular method, although there are some examples listed on their website. So, you might apportion your bills on: floor area or number of rooms time spent usage or some appropriate and reasonable combination of [read more] |
 Use of Home* Many self-employed people/sole traders and company directors work from home some of the time and many, if not most of these people can claim a tax-deduction for some of the expenses incurred in working from home ,having a home office or “use of home“. The law says that an expense is only tax-deductible if it [read more] |
Profit and Loss*The Profit and Loss account is probably the financial statement that gets the most attention. At it’s simplest, it is merely a statement of income less expenditure – which hopefully still leaves a positive figure. If you are a plc (public limited company, who’s shares are traded on the stock exchange), the Companies Act lays [read more] |
