Self Assessment is a system used by HMRC to collect Income Tax from individuals and businesses with additional income not automatically taxed. This includes self-employed earnings, rental income, and investment income. Understanding Self Assessment is crucial for ensuring that all taxable income is reported and the correct amount of tax is paid. To learn more or to get personal advice, book a call with us here.

Individuals need to register for Self Assessment if they have not done so previously. This registration is essential for self-employed individuals, partners in partnerships, and those with other untaxed income. The process involves obtaining a Unique Taxpayer Reference (UTR) number and setting up an online account with HMRC. Registering by the 5th October following the end of the tax year in which the business started is mandatory to avoid penalties. For more details, book a call with us here.

The deadline for submitting a Self Assessment tax return is 31st January following the end of the tax year. Missing this deadline can result in penalties, so it is important to file on time. Paper returns must be submitted by 31st October. To ensure you meet these deadlines, book a call with us here.

If you use your vehicle for business purposes, you can claim mileage allowance relief on the approved mileage rate. This rate covers the cost of running your vehicle, including fuel and maintenance. Detailed records of your work journeys are essential for making accurate claims. For more assistance, book a call with us here.

Companies in the UK are subject to Corporation Tax on their profits. They must file a Corporation Tax return and pay any tax due within nine months and one day after the end of their accounting period. Additionally, companies may need to register for VAT if their taxable turnover exceeds the threshold. For more information on your company's tax obligations, book a call with us here.

Managing payroll involves calculating employee wages, deducting taxes and National Insurance contributions, and reporting to HMRC. Employers must also handle PAYE (Pay As You Earn) obligations. Ensuring accurate and timely payroll processing is crucial for compliance. For help with managing payroll and PAYE, book a call with us here.

Subcontractors who have had CIS deductions made can claim them back at the end of the tax year when they complete their Self Assessment tax return. The amount deducted will be offset against their tax and National Insurance bill. If the deductions exceed the amount owed, HMRC will issue a refund. To ensure you claim all eligible deductions, book a call with us here.

Both contractors and subcontractors have specific compliance obligations under CIS. Contractors must verify subcontractors with HMRC, make deductions, submit monthly returns, and keep accurate records. Subcontractors need to ensure they are registered and report their income correctly on their tax returns. Non-compliance can lead to penalties and interest charges. For help with CIS compliance, book a call with us here.

The Construction Industry Scheme (CIS) is a set of special rules for handling payments made by contractors to subcontractors for construction work. Under CIS, contractors deduct money from a subcontractor’s payments and pass it to HMRC. These deductions count as advance payments towards the subcontractor’s tax and National Insurance.

The CIS applies mainly to contractors and subcontractors involved in construction, including builders, decorators, and various tradespeople. Both contractors and subcontractors must register for the scheme to avoid higher deduction rates. For more detailed information and personal advice, book a call with us here.