You made it and filed your self-assessment return for 2019/20 by 31st January 2021. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. Can you do this and if so, how and by when? Yes, you can If you have made a mistake on your return, for example entered a number incorrectly or forgotten to include something, all is not lost. As long as you are within the time limit, the error can be corrected b

You may have to pay additional tax if you receive child benefit and have income over £50,000 You are entitled to child benefit if you have parental responsibilities for children under the age of 16. It's the governments way of acknowledging the significant cost of raising a child and adds up to a valuable benefit over the course of childhood. However, if you or your partner has adjusted income* of over £50,000 and one of you is receiving child benefit, then the higher earner

What is it? Who has to do it? How do I go about it? Her Majesty's Revenue and Customs (HMRC) collects income tax from individuals via self assessment. In essence it is a form (or forms) completed either online or sent in on paper to declare all income received and calculate the income tax due. If you are employed or receiving a pension, income tax is normally deducted before it is paid in which case it is not normally necessary to complete a self assessment tax return. How

What are the key differences between a Limited Company and a Sole Trader or Freelancer? If you are starting up a new business, this is one of the early decisions you will have to make so it's worth knowing a little bit about the key differences and what your responsibilities are as a business owner under each model. Liability As a sole trader you and the business are legally meshed. This means you are personally responsible for anything which might go wrong, including any de

Receipts piling up? business and personal costs mixed up? not sure how much cash is coming in this month and haven't even thought about tax yet? Does some of this apply to you? Take a deep breath. If your business is taking off, but the money side has been left behind help is here. It's all solvable First things first - take stock. There's no getting away from it, if there is a backlog of paperwork getting it in order will bring huge relief. You will know where you stand fi

Top tips to get your tax return working for you and not against you 1. What do I have to do and when? The deadlines (following the tax year end 5th April) are: · Register for self-assessment by 5th October · Paper tax return by midnight 31st October · Online tax return Midnight 31st January (following calendar year) · Pay the tax you owe Midnight 31st January (following calendar year) But don't wait! – there are big advantages to getting ahead. You can file your tax return at