Category Archives: Self-Assessment

A Landlord’s Guide to the HMRC Let Property Campaign

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Whether you are a landlord of a large property portfolio, or you just let a single property to a tenant; you must pay tax on your rental income.

The ‘Let Property Campaign’, is a Government initiative that was launched in 2013 with the aim of giving landlords the opportunity to get their taxes up to date through voluntary disclosure.

As the campaign launched, it was estimated that 1 in 3 landlords were not declaring rental income.

Find out more about the Let Property Campaign and how it affects you as a landlord.

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How To Take Time Off When You’re Self-Employed

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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how to take a holiday if you're self employedWith no legal entitlement to holiday pay, taking time off can be a challenge for the 4.8 million self-employed people working in the UK. Often when not working for clients, there is a lot of administration and accounting work that needs to be fulfilled. However, with careful planning and organisation of accounting duties, taking time off shouldn’t be difficult.

In this blog, we’ll cover ways you can take valuable time off whilst self-employed without sacrificing client satisfaction or revenue.

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National Insurance For The Self-Employed Explained

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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National Insurance Class 2 Notification LetterAs part of the Spring Budget, Philip Hammond announced that the main rate of National Insurance Contributions (NIC’s) for the self-employed would increase, with Class 2 NIC’s being abolished, and Class 4 NIC’s rising to 11% by April 2019.

Fortunately for the over 4.6 million Self Employed workers in the UK, the plan to hike NIC’s was scrapped. So, what is NI? What is it used for? And how much do the Self-Employed Pay?

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Self Assessment Guide For The Self Employed 2017

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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Make Sure You've Submitted You're Self-Assessment This JanuaryAccording to the office of national statistics, the level of self employment in the UK has risen from 3.8 million in 2008 to 4.6 million in 2015. Those who are self employed have a legal responsibility to ensure a self assessment tax return is filed, and also ensure any outstanding tax is paid from the last tax year ending 5th April 2016, not doing so can result in fines from HMRC.

To help you keep on top of your tax obligations and avoid penalties, we will run the various stages of completing your self assessment return:

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Capital Gains Tax For The Self Employed, Sole Traders and Business Partnerships Explained

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Steph

Steph is a Chartered Accountant with many years’ experience working in audit compliance and general accountancy. She is a Fellow of the ICAEW and has extensive knowledge of accountancy and tax for the self employed.
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capital gains tax for businessIf you’re planning on selling part or all of your business then you will need to be aware of

Capital Gains Tax (CGT). This is a tax paid on the profit made when selling a business as a whole or any business asset by those who are self-employed, sole traders or in a business partnership.

Find out the current rates of Capital Gains Tax and what it means when selling part or all of your business:

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Self-Assessment Tax Return Deadline

Fran Tyler

Fran heads up First Call Financials. She has over 40 years’ accountancy experience and is a Fellow Member of the Association of Accounting Technicians.

If you are a sole trader or individual with more complex tax affairs you may already have Self-Assessment Tax Return Deadlinereceived a self-assessment notification from HM Revenue and Customs (HMRC). If not, don’t worry, you are likely to receive one in the coming days. The notice will instruct you to complete a self-assessment tax return for the last tax year ending 5th April 2015.

Remind Me, What Is Self-Assessment?

As an individual tax payer it is your responsibility to keep up to date with all your legal and tax obligations. You must ensure that you complete and submit a self-assessment tax return and pay any outstanding tax. It shouldn’t be a daunting prospect nor should it be very difficult; just make sure you stick to set deadlines and you can’t go far wrong.

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How To Organise Your Self-Assessment Records

Fran Tyler

Fran heads up First Call Financials. She has over 40 years’ accountancy experience and is a Fellow Member of the Association of Accounting Technicians.

The deadline is looming and many of you are still yet to complete your self-assessment. Why is that? Well, for many the process, which contrary to popular belief is not that much of a strain, is made more difficult due to lack of organisation.How Should You Organise Tvax Records?

So rather than flapping around every January in a bid to collate the right records, keeping yourself organised will not only make your life easier but will vastly reduce your stress levels when it comes to managing your finances and taxes.

Even more than that, keeping well organised records which you can provide your accountant with will minimise the time it takes to complete and in return lowers the fees you are charged.

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A Guide to Self-Assessment for the Self-Employed

Fran Tyler

Fran heads up First Call Financials. She has over 40 years’ accountancy experience and is a Fellow Member of the Association of Accounting Technicians.

Are you self-employed? Do you understand self-assessment?

According to the Office for National Statistics there were nearly 150,000 new self-employed Make Sure You've Submitted You're Self-Assessment This Januarypeople in the last quarter totaling 11.2 million who now need to file a tax return. However the HMRC stated that more than 750,000 of these people missed the deadline last year confirming self-assessment is the bane of many self-employed. Here at First Call Financials we are on hand to help with all the confusion and assist you in avoiding any nasty fines.

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Get Your Property Self-Assessment Right

Fran Tyler

Fran heads up First Call Financials. She has over 40 years’ accountancy experience and is a Fellow Member of the Association of Accounting Technicians.

property self assessment tax notice with reading glassesDid you know that last year the HMRC reported that more than 750,000 people missed the self-assessment deadline? This resulted in millions of pounds worth of penalties across the country; certainly something we all want to avoid.

Rather than fail to submit yours this coming deadline (31st January 2015) we have provided you with a number of useful hints and tips when filling out property self-assessment as a landlord.

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