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Getting Started

Getting Started

This is what you need to do to take care of your tax obligations when you first become self-employed or start receiving untaxed income: 1. Register with HMRC. 2. After the end of the tax year, submit a tax return. That’s it! There’s no need to do anything...
Allowable Expenses

Allowable Expenses

For the self-employed, the broad rule is that expenses are allowable if they are ‘wholly and exclusively’ incurred for the purpose of your business. Some expenses, such as your phone contract, which may include both personal and business calls, don’t seem to meet this...
Do you really need a company?

Do you really need a company?

When people are running a business, they often think they need to form a company. In fact there’s nothing wrong with running your business as either a self-employed individual, or a partnership if there is more than one of you. Some very large businesses, for...
Big Mouthfuls Often Choke

Big Mouthfuls Often Choke

If you’re self-employed and you travel on business, it’s useful to know which expenses are tax deductible. If you get it wrong, you could pay too much tax, or maybe find yourself in trouble with HMRC for paying too little tax. Above all you need to...
Tax-free party!

Tax-free party!

An annual function or party for employees is tax exempt, provided the cost isn’t over £150 per head.  The amount paid by the employer is tax deductible, and employees aren’t taxed on the benefit they’ve received in going to the party. To calculate the cost per head,...