You must file self-assessment tax returns if you work for yourself or have other unreported income, such as renting out real estate. Since errors can result in significant fines and penalties, even if they were completely innocent, this can be unsafe, mainly if you have never done one before. This book covers some of the […]
Saving for the future can be made easier by contributing to a pension, which is especially beneficial for self-employed individuals. However, without the support of an employer to establish a workplace scheme and handle contributions, the process may appear more complex. We created this blog to answer the queries you have in your mind regarding […]
UK taxpayers can have a close look at their tax information and can also have access to different HMRC online services by creating their personal tax account (PTA). It is an online portal so you can access it being at your ease from anywhere. Why to make a personal tax account and what information can […]
when to submit my self Assessment tax return? Self-Assessment tax return can be submitted as soon as the period for a particular tax year ends. For example: What is the deadline for submission of self-assessment tax return? The submission of the self-assessment tax return varies on whether one is submitting a paper-based tax return or […]
What is a sole trader and a limited Company? A sole trader is essentially a self-employed person who’s the sole owner of their business. It’s the simplest business structure out there – which is probably why it’s the most popular. On the other hand, a limited Company is a type of business structure that has […]
Do contractors need to submit Self Assessment tax returns? The simple answer to this would be YES! Just like all other businesses, contractors also have to pay taxes depending on the type of structure they have for their business. Generally speaking, you need to make self-assessment tax return submission if you are working as sole […]
Why do I need a Government Gateway account ? HMRC has provided many of the online services and in order to access those services you need to make a Government Gateway account. Setting up an Government gateway I.D is easy and not much time taking but it brings you an ease to access all the […]
What is a UTR number? UTR is the Unique Taxpayer Reference. As the name suggest it is unique to your business and to you. UTR is a 10-digit code and is used by HMRC whenever they’re dealing with your tax situation.It depends on your business structure if you would be having one UTR number or […]
Being a sole trader, Do I need to register for self-assessment? When starting your business as a sole trader, the thought of following the tax obligations and paying taxes on time gets important. So, if one needs to pay the taxes it essential to get yourself registered with HMRC.The question then arise is do I […]
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