Travel Expenses For The Self-EmployedIf you’re a sole trader, self-employed, or a contractor, you can claim tax relief from your HMRC travel expenses rates as a deduction from your taxable income. The types of things you can claim are the same as for employers and employees—public ...
Naturally, there has to be an exception, and that is when you receive documents that show tax that isn’tVAT- for example, bank interest certificates or dividend vouchers. These documents have to be kept in their original form - so that means that if you receive these in paper format, y...
Consequently, there are instances where a keyman insurance policy might not tick this box. For instance, if the policy is used to helpcover business loan repayments. In this case, it’s very unlikely that the premiums will go down as allowable business expenses, and therefore will not be de...
Penalties and interest:HMRC can charge you penalties and interest for failing to respond to their letters. The amount of the penalty will depend on the severity of the offence and how long you have ignored HMRC’s letters. Further investigation:If you ignore HMRC’s letters, they may escalate...
For the self-employed receiving cryptocurrency as payment, report it as self-employment income. Maintain records of all transactions and their value in pounds at the time of receipt. Tax Return: Include details in your Self Assessment tax return. Deduct business-related expenses, but keep thorough...