I sell on Online Market places, do I need to do Self Assessment?Yes, Selling online, even occasionally, creates taxable income When You Must File Record-Keeping Tips
I’m no longer Self Employed, How to stop Self Assessments the right wayIf you cease trading, you must notify HMRC to avoid unnecessary penalties. Steps Why It Matters
When to Register to file Self Assessments You must register if, during the tax year, you meet any of the following: Registration Deadline Practical Tips
What Your Self Assessment Should IncludeAccurate reporting ensures compliance and avoids penalties. Income to Include Allowable Deductions
How to pay Self Assessment tax bills (include taxcode adjustments if SA is submitted before 31 December) After filing, HMRC calculates the tax due and provides your unique payment reference. Payment Methods Tax Code Adjustment (Submitting Before 31 December)If you submit before 30 December and meet these criteria, HMRC may collect tax via your PAYE […]
HMRC Self Assessment Penalties (for Late Filing and Payment) HMRC applies penalties automatically if deadlines are missed. Late Filing Penalties Example: If your tax due is £1,000 and your return is 7 months late, HMRC can charge £300 + £50 (5% of tax due) plus daily penalties. Late Payment Penalties
Self Assessment Deadlines (filing and payment deadlines) For the 2024/25 tax year (6 April 2024 – 5 April 2025), HMRC has strict deadlines: Registration Filing Deadlines Payment Deadlines
If you’re self-employed, you will be taxed on the profit after claiming business expenses. HMRC allows two approaches: detailed cost calculations or simplified expenses. The latter is especially useful for working from home and vehicle use. Simplified Expenses for Home Working If you work from home at least 25 hours per month, HMRC lets you […]
Being self-employed in the UK means you manage your own finances — including paying tax and National Insurance. Unlike employees, who have PAYE deductions made automatically, self-employed individuals must register with HMRC, track income, and complete an annual Self Assessment. Understanding how much you owe and when to pay is essential to staying compliant. Income […]
The other most important question is, “if I do not tell HMRC about these hustles, will anyone tell them?”. On both questions, the short answer these days in most instances is YES. Changes that were brought in by HMRC in January now requires online e-Commerce and online services platforms to automatically report the income and […]
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