What you need to know about tax and your tax return, all in one place
Getting your head round your taxes and completing your Self Assessment doesn’t need to be a chore. From the details on income tax and tax-deductible expenses to the deadlines you need to meet, we’ve got what you need know.
The Self Assessment deadline is 31 January each year, but not everybody manages to file it on time.
It’s true that Self Assessment isn’t always a straightforward and easy process, but HMRC have received some ridiculous excuses for late tax returns in the past. Here are 10 of our favourites – from yacht fires to arguing siblings…
The self-employed need to fill in a Self Assessment tax return each year. It can seem complicated, but we’ve broken down the process to make it as stress-free as possible.
Read the Self Assessment tax returns guide for small businesses and the self-employed.
You need to declare your self-employed income when filling in your Self Assessment tax return, but there are different tax rates depending on how much you earn.
Check out our article, which explains all about income tax for the self-employed.
Some self-employed people with straightforward tax affairs can use the HMRC simplified expenses scheme, which lets you work out allowable business expenses based on standard flat rates set by HMRC.
The self-employed can reduce their taxable income by deducting certain expenses – these expenses need to be wholly and exclusively for business purposes.
Find out what you can claim as self-employed tax-deductible expenses here.
It can be difficult to keep up with all the tax dates and deadlines businessess need to meet. So whether it’s Self Assessment, Corporation Tax, VAT, or PAYE and NICs, we’ve collected them all in one handy place.
Payment on account is one of the most commonly misunderstood parts of the Self Assessment process – we explain more here.
If you make money from renting out your properties, you need to complete a tax return. Here’s how the Self Assessment process works for landlords.
Read our guide to Self Assessment tax returns for landlords.
Every year HMRC release their favourite excuses for late tax returns, along with the best failed expense claims. From witchcraft to cold fingers, this is the latest list.
Here’s some of the reasons why taxpayers might end up with a penalty from HMRC – and the excuses HMRC may accept when appealing.
See the list of HMRC penalty appeals and reasonable excuses.
Some Self Assessment taxpayers filing their return for the 2017-18 tax year have been hit by an HMRC glitch, affecting the payment on account for the following year.
Read how the self-employed could face fines due to incorrect tax reminders from HMRC.