Monthly Archives: April 2016

Tax Refund: Employees get a maximum rebate!

Tax Refund: Employees get a maximum rebate!

If you are an employee in the UK you may be eligible to get a tax refund for example if:   you didn’t work a full tax year you were made redundant your tax code was wrong   You may be able to claim tax relief if you had to use your own money for travel or things that you must buy for your job and employer hasn’t reimbursed all your expenses for example:   uniforms, work clothing and tools business mileage and fuel costs travel and overnight expenses working at home buying equipments   You can find more information about expenses for employees on the GOV.UK   Fill out […]

Self-Employed Expenses: How to reduce a tax bill

Self-Employed Expenses: How to reduce a tax bill

If you’re self-employed, your business will have various running costs and expenses. You can take these costs away from your business income to work out the taxable profit. Claim all business expenses and capital allowances and you can reduce your taxable profit. Self-employed: Allowable expenses   Office costs: stationery and postage; phone, mobile, internet, email and fax bills; printing, printer ink, cartridges and other small office equipment costs; computer software; rent, business and waters rates, utility bills and insurance costs. Travel costs: vehicle insurance, repairs and servicing, fuel, parking, hire charges, vehicle licence fees, membership, breakdown cover; train, bus, air and taxi fares; hotel room costs and meals on overnight […]

Tax Return: Who needs to complete

Tax Return: Who needs to complete

Self Assessment Tax Return The tax year in UK is from 6 April to 5 April the following year. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. Who must send a tax return You’ll need to send a tax return if, in the last tax year:   you were self-employed even though the tax due may in fact be ‘nil’ you were a company director you got dividends from shares you had income from abroad that you needed to pay […]