We are a company with broad knowledge of the accounting industry. Our team uses everything it has learned over the last three decades to provide every client with the service they deserve. When they need help with tax returns, Camden residents come to us. Their reward is a great service for a low price and all the help they need.
Finishing a self-employed tax return can be something of a hassle. Fortunately, we have some of our hottest tips for you. Read on to find out more and then contact us if you need help.
The £1,000 registration limit
The income from your business might not exceed £1,000. Under the rules from Trading Allowance, you won’t need to tell HMRC you are self-employed in this instance.
Some companies only have small operating costs. Due to the Trading Allowance rules, they are capable of claiming a £1,000 flat rate amount. This is against their income. They can do this instead of recording all of their costs. Conditions apply here. Therefore, it will be worth your time to read the rules if you desire this allowance.
Working at home
You may be someone that works at home while using part of the building for your company. If that is the case, you are able to claim for the costs of doing this. You can have a “use of home as an office” charge inside your accounts. You are free to do it via using a house as office calculation. Remember that you will have to support your claim with legitimate figures if HMRC queries your workings.
We recommend that you remember Class 4 National Insurance as well. On the profits for your self-employment, there could be potentially more that you have to pay than just income tax. There is also the NI. This is calculated on all self-assessment tax returns. Furthermore, it will show up in your tax calculation.
Help with tax returns in Camden
At Brian G Lonis & Co, the solutions we offer are high value and cost efficient. We tailor each one so that our team can meet your unique requirements. That means you get the best service every single time.
As the best company for tax returns Camden has, we aim to please. Contact us today if you would like to work with us.