Running your own business and being your own boss is a fantastic route to go down. But one task you might need to manage is filling in a Self Assessment tax return. Self Assessment is a system that HMRC uses to collect information needed to calculate how much income tax […]
Tax
Is Self Assessment ending? What Making Tax Digital for Income Tax means for sole traders
You may have heard of Making Tax Digital. You might have also have heard that it means the end of Self Assessment. As usual, the truth is a little more nuanced. But it isn’t complicated. The facts are that, in April 2024, sole traders earning over £10,000 will have to […]
Year-End Tax Strategies | ZenBusiness Inc.
Here’s a novel thought. Let Uncle Sam pay for your holiday gifts and entertaining. No, I’m not talking about anything illegal. You can’t buy personal gifts and bill them to your business. That’s called fraud. But if your business uses the cash method of accounting (as most sole proprietors do) […]