Running your own business, or being self-employed, offers a chance to conduct your working life on your terms. Yet there are numerous situations which you need to consider, including planning for retirement. So how should you plan for the years ahead? Working for yourself can offer significant benefits but there is uncertainty too. Financial benefits […]
Whether managing your corporate or personal tax affairs, March is a really good time to spend a little while preparing for the impending end of the tax year. As ever, the budget statement on 6th March means a number of changes will take effect from April 6th, requiring due consideration in advance. There are also those perennial matters for which prior planning prevents post-Christmas palpitations – Yes, now is a good time to be thinking self-assessment.
Important – If you are self-employed or in a trading partnership and your accounting year end does not match the tax year (April to March), new annual self-assessment reporting changes will impact you from this tax year.
Plans to increase the frequency of reporting by the self-employed and small businesses, under the Governments Making Tax Digital (MTD) scheme, have been delayed. The next phase of roll out for MTD would have seen self-employed and small business required to maintain digital records and report their income to HMRC every quarter from April 2023. […]
As part of the continued push towards a fully digitised tax system, plans have been outlined by the Treasury for the self-employed to begin paying their taxes on a PAYG (Pay-As-You-Go) basis. Currently, freelancers and the self-employed pay tax annually or bi-annually as part of the self-assessment tax return process and based on their actual […]
HMRC has started contacting self-employed individuals they think could be eligible for the Self-Employment Income Support Scheme (SEISS), based on the information provided in 2018 to 2019 tax returns. To help identify who is eligible, HMRC is inviting people to use an online checker, which will quickly confirm eligibility and then provide a specific date […]
If you are self-employed and the Covid-19 pandemic has hit your income and/or contracts, here are 5 things you can do to access support and mitigate the impact: 1. Apply to the Self-employment Income Support Scheme (SEISS) The scheme will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. […]
The Treasury has announced that Chancellor Phillip Hammond is going back on a promise made by his predecessor, George Osborne, to scrap Class 2 NI Contributions. The abolition which was originally planned to come into effect this year, had already been put on ice by the Chancellor citing concerns that it would actually increase the […]
The decision by the Supreme Court, to uphold the earlier findings of other courts, against Pimlico Plumbers, in the case brought by a former contractor, could have far reaching implications for the wider contractor market. For those of you that have not followed this case, which has rumbled on for several years now, or if […]