From the 2013-14 tax year, the HMRC has introduced Simpler Income Tax reporting for small self-employed businesses. To qualify, you need to be a sole trader or a partnership of individuals with an income of £81,000 or less. This amount is the current threshold for compulsory VAT registration but, if you are voluntarily VAT-registered, so […]
If you pay tax through a Self-Assessment Tax Return and are required to make Payments on Account for 2013-14 tax year, please be aware that the deadline for the HMRC to receive the second payment is 31st July. If you are unsure of your situation, please contact firstname.lastname@example.org for further information.
Whether you are self-employed or earn income from property in the UK, turnover means the total income earned from your business during the tax year. For the self-employed, this includes: • cash and cheques received. • bank transfers and deposits received. • card payments received. • tips, fees and commissions. • the value of any […]