Top 10’s, they are everywhere! Music, Fashion, Films….Underwear! If you’re newly self-employed or been at it for sometime these are for you!
When you start out on your own for the very first time nothing can prepare you for the amount of responsibility HMRC expects. So, after being in business myself for over 5 years now, this is my list of things you should be mindful of when you’re your own boss!
If you don’t then you can’t claim back losses from previous tax years!
Let us in the know decide if it’s allowable or not.
So that’s 7 years in total, make sure you have space!
45 pence a mile and up to 10,000 miles totals £4,500 of expenses you can claim if you keep the records!
But only if the amount of tax you owe goes over £1,000, so a £1,200 tax bill can turn into £1,800 VERY easily.
If you think it is worth it then great, you have loads of spare time 🙂
Not only do these change every April, but certain laws and legislation come and go ALL YEAR long!
30th October if submitting a paper return (these will be obsolete soon) and 31st January if submitting electronically!!
This means any fees charged to you for doing your return will come off your net profit for the year and reduce your tax bill; is it STILL really worth doing it yourself??
So, there you have it, top tips free of charge! Of course, there are more but these are what I feel to be the most important.
If you fancy adding to this list, then why not let us know, get in touch!