Can’t pay your tax bill? Don’t worry. There are some steps you can take, whatever the issue you’re facing. If you can’t pay your tax bill for financial reasons, this post will explore the help and support that’s available. But first, we’ll look at some other issues that may cause you to miss your tax…
When you submit your tax return at the end of the financial year, you have to tell HMRC about all the income you’ve received from all sources – including self-employment, property, capital gains, and so on. This is so HMRC knows how much to tax you. “Undeclared income” is any source of money that, for…
UTR stands for Unique Taxpayer Reference. The government uses your UTR number as a means of keeping track of you for tax purposes. They can’t use your name for this, as lots of people might share the same name. Nor can they use your date of birth, for the same reason. And they can’t use…
All businesses, big and small, should offer employee benefits beyond the salary. Good employee benefits are crucial if you want to attract and retain talented and passionate staff. They’ll also help increase morale and productivity, while improving relationships between staff and management. You can read our guide to the best employee benefits. But an employee…
It’s common for people to work multiple jobs. You could have a full-time job and a second job, perhaps working evenings or weekends. Or you could work multiple part-time jobs. Many also do some self-employed work alongside a second job. All of these working arrangements can cause some confusion about the amount of tax you…
If you’re just starting out as a freelancer, then you may be thinking about managing your own taxes for the first time. In this post we’ll explain certain tax thresholds for freelancers, including the amount you can earn before paying tax. We’ll also discuss some other steps you’ll need to take if you’re starting a…
VAT is value-added tax. It’s applied to the sale of most goods and services, though certain goods and services are either exempt, or charged at a reduced rate. And unlike income tax, it’s collected by the seller. At the time of writing, the standard VAT rate in the UK is 20%. Only the most successful…
You can claim certain business expenses as part of your tax return. Only some expenses are allowable. You can read our complete guide to allowable expenses for self-employed workers. This is why it’s a good idea to keep the receipts for any purchase you make for your business. With receipts to hand, you’ll have a…
If you run a business, whether you’re a freelancer, a self-employed contractor, or the managing director of a limited company or partnership, you need to keep detailed records for tax purposes. These records might include all sales and incomes, all your business expenses, and if you’re self-employed, records of your personal income. If you employ…
If you’re a freelancer, a contractor or a sole trader, you might be wondering when it’s the right time to register for VAT. You probably already know that the annual turnover threshold for registering for VAT is £90,000. But do you know the rules beyond this? For example, do you need to register after you’ve…