Are you self-employed and paying tax to HMRC? Then it’s time you learnt toclaim tax in UK, pay the taxman only what’s due and save your hard earned money!
Albert Einstein so wisely once said; ‘the hardest thing to understand is income tax’. And as the UK’s leading tax refund agency, we at Tax Back, know many of you self-employed tax payers are not savvy on UK tax refund laws. Hence, we’ve put together some invaluable UK tax tips for freelancers to save on tax.
The Best UK Tax Saving Tip For Self-Employment – Know The Ins And Outs Of UK Tax Laws
As a freelancer, you must be familiar with the self-assessment tax filing deadline and requirements. You are taxable on profits, and must file a self-assessment income tax return annually. The deadline to do so in October 31st, for a paper assessment and January 31st for online filing. There are slabs and conditions which govern your taxable income and to fully understand your status as a taxpayer/or not, get help from a tax consultant. We know the ins and outs of self-employed tax laws in the UK and can help you save as well as claim back UK tax, where its applicable.
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Another Valuable Tax Tip Is To Choose The Best Tax Year End Date
The UK tax year ends by April 5th. And the deadline to pay tax is January 31st, ten months later. Therefore, most self-employed business people in the UK, choose to end their tax year by March 31st. A comfortable time period just before the end of tax year, which also gives them a 10 month period to pay tax (before January 31st deadline).
Make Sure To Get Your UK Tax Refund If You Paid Tax Under PAYE
If you were employed for part of the tax year, before going freelance, and your employer deducted from your salary towards PAYE, you could be entitled to a tax refund for part of the year you already paid tax under the PAYE system. Talk to our tax consultants and get back your money from the taxman.
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Claim Tax Relief On Your Losses
As is the case, for most start up businesses, if you incurred a loss at the beginning of your self-employed business, there are rules which offer you a tax relief, going on the percentage of your initial losses. Time to consult us for an assessment!
As you can see, you stand to gain from HMRC while paying self-employed tax. We can help you save your hard earned money and make sure only what’s due is paid towards tax!