There are few things in life more stressful than a tax audit. Just when you think you’re on top of things that little brown envelope comes through the post and inside is an ominous looking letter. Not printer on the usual white paper but instead on a scary looking grey paper. At the top of the letter is says “Check of Self Assessment tax return for the year ended 5 April 2013” (in my case) and it’s accompanied by a leaflet “General information about compliance checks”. You’re being audited by HMRC and it’s time to put your record keeping to the test.
As a small business owner one of the first things you need to sort out is a bank account. With Tide this couldn’t be easier. You can literally have an account up and running in under 5 minutes. But accounts such as this aren’t for everyone. Let’s have a look at some of the pros and cons of a Tide account. Who is it for and who isn’t it for? Is Tide even a bank account?
I worked in the IT industry for a long time, eventually running the cloud computing division for a relatively large IT company. I can tell you with absolute certainty and from first hand experience that we’re sleepwalking in to a situation that will be massively detrimental to small businesses. If your business relies on software of ANY kind, which is essentially everyone, then this article is relevant to you. It’s your duty as a business owner to understand these issues and plan ahead accordingly.
I’m not going to get in to the politics of Brexit – far too busy for that. Like it or not though this is history in the making and it’s very likely to have an impact on your small business. I thought it would be interesting to put together a consolidated timeline of events. An impartial version of the story of Brexit… so far.
The 2019/20 tax year in the UK runs from 6th April 2019 to 5th April 2020. Tax returns for this tax year are generally due by 31st January 2021. Here are some of the most common at-a-glance figures you might find useful for the next tax year.
In my view accidental synchronisation of highly confidential information between internet-enabled devices is one of the biggest security loopholes of the decade. The fact that manufacturers can do this, seemingly without consent, is immensely worrying and something that as a business owner you need to take VERY seriously. You might be careful with your passwords and devices, but are your staff?
So there I was on a rainy Sunday afternoon, contemplating finding an alternative to Patreon for certain online services. Patreon is great but I’ve never been comfortable with my supporters on the platform having to pay VAT (Value Added Tax) since I’m personally not VAT registered and don’t need to charge VAT… so my supporters shouldn’t have to pay it. I then stumbled down a rabbit hole of EU VAT regulation, MOSS and a bunch of other stuff that left me wondering whether folk in the EU are going to end up completely excluded from global digital downloads from smaller independent creators?
It’s that time of year again! January is tax return time in the UK! For the first time in… as long as I can remember, the HMRC systems have had a bit of an update! Let’s have a look at what a UK self assessment tax return looked like in 2019.
Continue reading “My Tax Return for 2017/18 Tax Year”
I’m often asked how I have the time to run more than once business. The answer is – I’m organised! If I wasn’t organised there’s no way on earth I’d get everything done that I want to get done. Today I’m going to explain my start of year routine and we’ll have a little chat about SMART objectives.
Let’s have a little chat about record keeping in the UK! As a self employed person, you must keep records to back up the information you put on your self employed tax returns. You can keep paper records, electronic records (e.g. in a spreadsheet) or you can use software. So what sort of information do you need to keep track of?