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.
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 this 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?
It’s that time of year again! For the first time in… as long as I can remember, the HMRC systems have had a bit of an update! Let’s see what’s new and what a UK self assessment tax return looks like.
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?
The UK tax year for self employment and personal tax runs from 6th April to the following 5th April. An unusual set of dates considering most countries run from 1st January. Ever wondered why the UK tax year starts on 6th April? Let me try to explain…
We’ve all been there, you feel ill and not very productive. You want to know if you should forge on or just give up for the day. Dealing with illness when you’re self employed is a challenge for any business. Taking time off results in not making any money. So, how do you make the best use of your time when you’re under the weather?