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Free Guides for new and growing businesses from HRBS - fixed fee accountants and business advisors

Thinking of starting a business?

hrbs.biz guide to starting a business Thinking of starting a business?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. If your self employment costs are less than £1,000 you can claim the £1,000 trading allowance. Further information is on the HMRC website.

However, if you make losses you can offset those against your other income for the tax year, thereby potentially getting a tax refund.

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Planning for your self assessment tax bill

hrbs.biz guide to paying your self assessment tax bill Planning for your self assessment tax billThe UK income tax year is 6 April to the following 5 April and so the tax year 2018/19 ran from 6 April 2018 to 5 April 2019.

You will need to complete a self assessment tax return if you are self employed, have untaxed income (eg rent, dividends), or if you, or your partner, have an individual income of more than £50,000 and one of you gets Child Benefit or contributions towards the upkeep of a child. Limited company directors are often required to submit a tax return.

A self employed person will pay both income tax and class 4 national insurance (NI) on their profits, the fixed rate of class 2 NIC plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.

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Tax deductible expenses

hrbs.biz guide to tax deductible expenses Tax deductible expensesThere is a great deal of confusion as to what you can and what you can’t deduct from your profit for tax purposes.

This tip gives a brief list of the types of expenditure you can claim, some of which you may already be deducting, some may be new to you and applicable to your business.

In general, costs enabling you to run the business and are incurred wholly and exclusively for business purposes are tax deductible.
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