Monday 22 August 2016

SOME TAX TIPS FOR PEOPLE WHO ARE SELF EMPLOYED...


Being self-employed is very rewarding but you must remember to keep the tax man informed of your business. Any sources of extra income have to be declared to the HM Revenue and Customs.

As soon as you become self-employed you should inform HMRC either through their website or by calling 0845 915 4515. If you don't let them know you could end up with a penalty.

You will also get a fine if you fail to meet the deadline for self assessment which is 31st October for paper forms, and 31st January for electronic submissions.

You can find out all the information on the HMRC's of how to register for self employment.

Make sure you make full use of your personal allowance, depending on what your other job status is and your age, again you will find details on this on the HMRC's website.

Finally, make sure you keep all your receipts for any purchases for your business as they are tax deductible. To see the full breakdown of what you are entitled to check the HMRC website.





2 comments:

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