FAQ Groups: Self Employed
Do I need an accountant?
No. You don’t have to use an accountant to file your tax return. But having an accountant brings with it the peace of mind that you return has been prepared correctly and within the tax rules and guidelines, it also takes away the stress and worry of having to do it yourself and frees up […]
Continue readingI am a subcontractor and having tax deducted under CIS, do I still need to do a tax return?
Yes, as you are self-employed you will need to submit a tax return to HMRC each year. You should retain the deduction certificates you receive from your contractor. These will be included in your tax return and any tax already deducted will be deducted from your liability for the year in calculating the amount of […]
Continue readingI have just started trading as a sole trader what do I need to do?
You will need to register for self assessment and as self-employed with HMRC, using the following link: https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed If you are unsure, this is something that we can do for you as part of the process of setting you up as a client of Indigo Accounts Ltd.
Continue readingWhat expenses can I claim?
You can claim tax relief on all costs that you incur wholly and exclusively for the purposes of your business. Common items that can be claimed are: Telephone costs Materials Tools Computer costs Printing, postage and stationery costs Travel/motor expenses for travelling to and from customers Insurance Professional subscriptions
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