Income Tax Self-assessment

“Making Tax Digital? Haven’t Heard of It!” Say 94% of Business Owners

“Making Tax Digital? Haven’t Heard of It!” Say 94% of Business Owners

94% of UK small business owners have no idea they’ll be able to pay and manage their taxes online in the coming years despite having problems with the current system, according to a report by 1Tap Receipts. The survey of self-employed workers revealed that an overwhelming majority have never heard of the government initiative Making Tax Digital, which plans to implement a fully digital tax system by 2020. The current system of self-declaration appears to be a significant burden for many small firm owners, as 45% of spend five hours or more completing their tax returns, while 22% spend over ten. Not surprisingly, 55% of those surveyed say they “don’t like” submitting their tax returns. Business owners are reminded that the tax self-assessment deadline of 31 January is vast approaching, with... »

How to Complete an Income Tax Self-Assessment

How to Complete an Income Tax Self-Assessment

Completing a self-assessment can be a daunting prospect for many, especially if you lack a natural aptitude for numbers. Unfortunately, for the majority of people working in business, it is a prospect you are likely to face. However, provided you keep comprehensive and relevant records, and meet your deadlines, it doesn’t have to be something to fear. This guide will help you both recognise your obligations as a small business as well as teach you how to keep detailed records to ensure you submit your return without any problems. Am I affected by self-assessment? You are responsible for performing your own self-assessment if: You are a sole trader You are in partnership You are a company director who receives benefits or remunerations You are a higher rate tax payer with a higher-rate taxa... »