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Planning for your self assessment tax bill

Keith — Mon, 03 May 2010 14:10:55 +0000

The UK tax year is 6 April to the following 5 April. So the tax year 2010/11 ends on 5 April 2011. If you are self employed or a limited company director you will need to complete a self assessment tax return. Although the deadline is 31 January for e-filed returns, we recommend that you complete your tax return and submit it to HM Revenue & Customs as early as possible. Click here to download a useful pdf tax return checklist. A self employed person will pay both income tax and class 4 national insurance (NI) on their profits plus income tax on any other income and capital gains tax on any relevant capital gains in the tax year.

Self Assessment Tax Return Checklist 2010-11

Keith — Sun, 02 May 2010 13:14:38 +0000

To help you collate the information you need to prepare your self assessment tax return for 2010/11 we have prepared a useful checklist for you to download.

HM Revenue & Customs must receive your tax return by 31 January 2012 to avoid a penalty.

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.

Charge rent for use of your home office

Keith — Thu, 10 Sep 2009 16:44:19 +0000

As a company director you can charge your company a rent for using a room in your home as an office. The rent that you charge is in respect of the reimbursement of costs incurred. This way the rental income and costs on your tax return will be equal which means that there would be no personal tax due. However, the company would have received a tax deduction for the rent and you would have received a contribution towards your costs.

Claim a tax refund for your failed company

Keith — Sat, 09 Feb 2008 23:00:02 +0000

Has your limited company hit hard times? It is a sad fact of business that many companies fail and the owner/directors lose the money invested in the shares and loans made to the company. The shares in the company become worthless i.e. have negligible value and the owner has made a, sometimes substantial, loss. Make [...]

Maximise use of your basic rate tax band

Keith — Wed, 11 Jul 2007 23:00:51 +0000

We recommend to all our clients that they maximise the use of their basic rate band. This can be done by declaring interim dividends to take total taxable income upto the maximum at which the basic rate will still apply. As dividends have a 10% tax credit attached, this tax credit can be used to effectively pay your personal tax liability on the dividend.