15 things you should know about the High Income Child Benefit Charge 03 Mar 2023 It was then Chancellor George Osborne who introduced the High Income Child Benefit Charge (HICBC) in January 2013, after initially planning to withdraw Child Benefit entitlement altogether for higher-rate Income Tax payers. Now more than 10…
Essential financial record keeping tips for freelancers 17 Feb 2023 There are some 1.9m freelancers in the UK and they make up about 46% of the solo self-employed population (4m). Although often supremely talented when it comes to their profession or trade, many freelancers are less…
What to do if you missed the Self Assessment tax return online filing deadline 13 Feb 2023 A record-breaking 11.7m 2021-2022 Self Assessment tax returns were filed before the midnight 31 January 2023 deadline, according to HMRC, with 861,085 filed on deadline day and 36,767 of them filed in the final hour (talk…
Self-employed consultant and UK landlord Steve Flew saves lots of time and money thanks to GoSimpleTax 08 Dec 2022 Steve Flew is a self-employed oil-sector consultant who lives in the picturesque village of Boat of Garten in the Scottish Highlands. He’s married to Norwegian wife Maike and they have a small family. “I’m Welsh; originally…
7 sources of income you need to report via a Self Assessment tax return 06 Dec 2022 If you need to file a Self Assessment tax return, you should make sure that you report all sources of taxable income, otherwise there can be serious consequences – especially if you deliberately conceal income. Income,…
Boom! 6 common MTD for ITSA myths exploded 14 Nov 2022 By now you may (or may not) have heard about Making Tax Digital (MTD), the comprehensive digitisation process that’s transforming the UK tax system. It has already changed VAT reporting rules for all VAT-registered businesses and…
What is a legitimate business expense? 14 Nov 2022 If you already think you pay too much tax as a sole trader or landlord, you would probably pay significantly more if you were not allowed to claim for a wide range of legitimate business expenses…
6 essential cash flow tips for sole traders 11 Nov 2022 Turnover is vanity, profit is sanity, but cash is reality. It’s a well-known saying – but what does it mean? Well, it doesn’t matter how many sales you make or the level of margin you add.…
6 ways Making Tax Digital for ITSA could be good for sole traders 17 Oct 2022 How much do you know about Making Tax Digital? Not much? Doesn’t ring any bells? Well, if you’re a sole trader you should be aware of a few basic facts about Making Tax Digital and take…
How to negotiate with your suppliers – 7 top tips for sole traders 11 Oct 2022 With the price of just about everything going up at the moment, many sole traders will be looking closely at their spending to try to find ways to cut costs so they can keep their cash…