If you are turning a hobby into a business or starting a whole new venture, here are some tips to help you get up and running without falling foul of the (UK) tax authorities.
Bear in mind that your self employment income will be added on to your income from all other sources when calculating your tax bill.
However, if you make losses you can offset those against your other income for the tax year, thereby potentially getting a tax refund.
To help you collate the information you need to prepare your self assessment tax return we have prepared a useful checklist which you can download here.
In our experience, the list of income, deductions and capital transactions covers the majority of our clients but if you have other income, tax deductions or gains/losses not listed, you may need to include those on your tax return.
HM Revenue & Customs must receive your tax return by 31 January 2015 to avoid a penalty.
At HRBS we submit all tax returns and tax computations online. The earlier you prepare your accounts and tax return the better. You can claim any refunds promptly to help your cashflow and where tax is due; you will have plenty of time to plan your tax payments.
Read our guide on how your tax and NIC payments on account are calculated which explains the self assessment payment on account system.
Click here to read the rest of this guide (Self Assessment Tax Return Checklist 2013-14)
I’m sure you, like me, will be concerned by the media reports on Identity Theft.
As well as personal ID theft, Corporate Identity Fraud is on the increase and the effects can be devastating for the company whose identity has been stolen and its suppliers who supplied the goods in good faith.