Proactive Accountancy Services specialising in Mums with their own Businesses
HMRC fines and penalties have changed. Whereas under the old regime, if you filed a late return you would be charged a £100 fine which would be refunded if you had no actual tax to pay, now you will receive a £100 fine regardless of whether you actually owe any tax or not. If you [...]
Tthe rates and allowances for the year ended 5th April 2012 mean that basic rate taxpayers will benefit from the increased personal allowance, up by £1k to £7,475, but there are other changes to be aware of that will increase your tax liability, such as the increase in main rate of Class 4 national insurance from [...]
The deadline for getting your self-assessment tax return to HMRC is 31st January after the end of your tax year for online filing, or 31st October for filing by post. Here are my top tips for getting it right. I would always recommend getting professional advice if your affairs are complex. This complies with the [...]
Often an area of some confusion for my clients, is the question of what to claim for car expenses. Should we be putting our petrol bills through the accounts, or is there another way of claiming these expenses? The answer is that, as a sole trader, you have 2 choices, either to claim the business proportion [...]
Many of my clients are still employed whilst they set up their self-employment business and have concerns about their employer somehow finding out about this through the tax system, and how being self-employed and employed affects the taxes they pay. When you are in paid employment, your employer will be sent a PAYE code, and [...]
