And because HMRC tops up your personal contributions by adding back the basic rate of tax, more of your money is invested. This could help your pension grow even more. 6. Add old pensions from previous employers expandable section If you were employed before starting your own business, you...
Kelly Paterson, chief security officer at HMRC, said: “With millions of people filing their self-assessment return before January’s deadline, we’re warning everyone to be wary of emails promising tax refunds. “Being vigilant helps you spot potential scams. And reporting...
The freedom of being self-employed comes with certain responsibilities. Compliance is entirely down to you, and there are a number of lesser-known tax rules that frequently catch out first-time taxpayers. Digging through HMRC’s resources only provides so much support, which is why it pays to...
they do not earn a salary or wage.This article firstly identifies the self-employed in a number of different sources using two perspectives: the individual perspective obtained through self-classification in household surveys and the legal perspective set out by HM Revenue and Customs (HMRC). This...
HMRC will need some extra information, including your National Insurance number, home address, contact details and other information related to your new business model. You’ll be asked what sort of self-employed work you do. This is so HMRC make sure you’re taxed appropriately, and can help...
You need to register as self-employed with HMRC within three months of starting trading, and you can do so online or by phone. Most people will register as a sole trader - this is when you have complete control over your business and its finances. However, it’s also possible to registe...
Claiming The HMRC Self-Employed Income Support Scheme We have covered many types of financial support for SMEs since the outbreak of COVID-19, but we haven’t yet touched on what support is available for the self-employed. So, are you self-employed and in need of financial support due to...
Make sure the QuickBooks Self-Employed app can run in the background. Note: If you don't let it run in the background, the app only tracks trips when it's open and active on your screen. Go to your iPhone or iPad's Settings. Scroll down and select...
All self-employed people have to complete a tax return of this type, as they do not have an employer who is calculating their tax liability for them, and taking that at source via PAYE. When you first set up as self-employed, you need to register this fact via the HMRC website, and...
You’ll need it when completing your Self Assessment tax return (here’s what to do if you’ve lost your UTR number). Be careful when entering it. If you haven’t completed a Self Assessment tax return before, you need to register as self-employed with HMRC, when you’ll also get ...