At the time of writing, on 3rd April 2023, there was very little information on the gov.uk website about self employed tax rates for 2023/24. This has finally been updated. This is what the 2023/24 tax rates are likely to be for self employed people in the UK.
Let’s have a little chat about self employed taxes and record keeping in the UK. As a self employed person, you must keep records to back up the information you put on your self assessment 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?
As we approach the deadline for the 2021/22 tax year, let’s take a look at what UK tax returns look like in 2022.
So you know how you currently do your taxes once a year and you have 10 months to fill in your tax return? Well I’ve got bad news for you. You’ll soon need to send up to 5 tax returns per year, you’ll need to update HMRC every 3 months and you’ll be forced to buy special software that lets you do this. Welcome to the joys of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)
It’s taken a global pandemic and a potential world war but the UK is finally scrapping the legacy and utterly bizarre National Insurance thresholds. From July 2022 our income tax and NI thresholds will align.
There’s good news and bad news. Income tax rates generally aren’t increasing. However as inflation steadily rises tax breaks such as your Personal Allowance are now locked in until 2026. Coupled with forthcoming rises in national insurance, corporation tax and dividend rates the net impact for small business owners is a substantial and quite sneaky tax increase over the next few years.
The 2021/22 tax year in the UK runs from 6th April 2021 to 5th April 2022. Tax returns for this tax year are generally due by 31st January 2023. Here are some of the most common at-a-glance figures you might find useful for the tax year.
The 2020/21 tax year in the UK runs from 6th April 2020 to 5th April 2021. Tax returns for this tax year are generally due by 31st January 2022. Here are some of the most common at-a-glance figures you might find useful for the next tax year.
Being able to accept credit cards is essential for any modern business. Cash is dead and moving with the times can transform a small business – it did for me! Today I’m going to take you through how to use a Zettle card reader – from initial set-up to configuration of more advanced features such as barcode scanning and more.
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.