Tag Archives: tax return

Newly Self Employed

16 Sep

One of our most popular services for customers starting their own businesses, is HMRC’s Newly Self Employed course.  The course covers everything your need to know about registering your business, tax and National Insurance and is run by HMRC themselves, giving you the opportunity to ask questions that are specific to your business needs.  We run these on a regular basis in Totnes and Newton Abbot, please call us on 0800 043 2440 if you would like to come along to the next course.

If you are not able to attend one of these courses, or if you need to double check some information after attending a course, HMRC have a fantastic range of webinars (videos)  available on their website.  These are first released as a LIVE webinar, you need to register in advance for these, and you can watch and interact with the webinar, enabling you to ask questions.  They are also recorded and available for viewing at any time, though with a pre-recorded webinar you will not be able to get instant answers to your questions.

Some examples of the topics that are covered are:

Self-employment and HMRC – what you need to know

How to complete your first online Tax Return

National Insurance for the self-employed

Have you completed your tax return?

28 Jan

The deadline for completing your online tax return is almost here, make sure you don’t miss it!  Your online tax return must reach HMRC by midnight on 31st January.

Tax Returns are probably the number one thing that people worry about when considering self employment.  Fortunately nowadays it is a simple online process to register as a sole trader, and completing your tax return can all be done online as well.  You just need to keep track of your income and outgoings and fill in the relevant boxes, the programme works out how much tax you owe.

The hardest thing about completing your tax return is simply setting aside an hour to do it!!  From 5th April every year, “Complete Tax Return” is at the top of my to-do list for many weeks, but once I actually do dedicate the time to do it it’s a relatively painless process.  Just make sure you keep your records up-to-date as you go (a simple spreadsheet is enough for most small businesses) and hang on to all those receipts!

HMRC run a free Newly Self Employed course with us at Opportunity Plus South West, get in touch to find out more and book your place!

For more information, see our earlier blog post about how and when to register your business.

Paper Tax Return Deadline – Don’t Forget!

29 Oct

The deadline for completing your tax return if you choose to do a paper return is MIDNIGHT on WEDNESDAY 31st OCTOBER.  If you miss this deadline you immediately have to pay a £100 fine – even if you are one day late and have no tax to pay!  This increases by £10 a day until you complete your return, so don’t delay!

If you complete an online tax return, you have until 31st JANUARY to do it, so why not register for online returns instead?

The deadline for paying your tax, whether you file your return by paper or online, is 31st January.