Completing your self-assessment tax return

What you need to know before fCompleting your Self Assessment Formiling self-assessment for 2017/18.

It’s a common scenario.

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

Then the weeks start to fly by, Christmas comes and goes, and soon you’re planning for the New Year and getting back to work as normal.

Before you know it, it’s the end of January, you’re searching for your registration details, and HMRC’s waiting times are growing longer as thousands of other taxpayers in the same predicament try to get in touch.

Read moreCompleting your self-assessment tax return

December Newsletter

Our December Newsletter includes information about the upcoming temporary rise in Annual Investment Allowance, a reduction in Business Rates for small retail businesses, the IR35 reforms set to cost contractors more in tax and the national insurance rise for higher rate earners.

Read moreDecember Newsletter

Deregistering for VAT

Deregistering for VAT When and how to begin the process of deregistration.

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.

If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.

Read moreDeregistering for VAT

Starting a business – what you need to know before launching a startup.

Starting a businessBritain is a nation of fearless business entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.

If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.

Read moreStarting a business – what you need to know before launching a startup.

The Chartered Institue of Taxation LogoThe Chartered Institute of Taxation
The Association of Taxation Technicians LogoThe Association of Taxation Technicians
Seavorchartered Xero Certified Advisors