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Penalties

Penalties

Penalties for late filing of Income Tax, Capital Gains Tax, and Corporation Tax returns are as follows: Missed filing deadline – £100; 3 months late – £10 per day for up to 90 days; 6 months late – 5% of tax due, or £300 if greater; 12 months late...
Accounting Periods

Accounting Periods

The tax year runs from 6 April to 5 April. The self-employed or partners choose their own accounting period for tax, just as companies do. The period taxed will be the accounting period ending in the tax year for which the return is being prepared. This is fairly...
Working from home

Working from home

A self-employed person who works from home can generally claim more tax-deductible expenses than an employee or director. A self-employed worker can claim the following for use of home: All the costs incurred for exclusively for business purposes A proportion of all...