Expenses You Might Have Missed From Your Self-Employed Self-Assessment

If you are self-employed, you can claim back expenses against your income to reduce your overall business profit and the amount of tax you pay.

For example, if you earn £40,000 through self-employment and claim back £5,000 in allowable expenses, your profit will be £35,000, so you will only pay tax on this.

Many of these allowable expenses are obvious. And if you have been self-employed for a few years you will know most of them. But there are certain less obvious expenses that you might not have claimed for.

This tax season, more than 10,000 taxpayers submitted their online returns on Christmas Day and Boxing Day, ahead of the January 31 deadline. Figures released by HMRC show that 2,590 people filed their online self-assessment returns on Christmas Day and a whopping 7,655 submitted on Boxing Day. With a further 6,033 returns submitted on Christmas Eve, the total number of tax returns submitted over the festive period beats last year’s figure of 14,000 filed over the three days. HMRC released these figures as

This tax season, more than 10,000 taxpayers submitted their online returns on Christmas Day and Boxing Day, ahead of the January 31 deadline.
Figures released by HMRC show that 2,590 people filed their online self-assessment returns on Christmas Day and a whopping 7,655 submitted on Boxing Day.

Should eBay sellers and Airbnb hosts pay tax?

Many Brits like to make some extra income by selling items on eBay or renting out a room on Airbnb, but many are unsure whether they have to pay tax on these earnings.
Now, cloud accountancy software company FreeAgent has warned these online sellers and room sharers that they could face a £100 fine if they don’t submit a tax return and risk further penalties for any outstanding tax.
HMRC is getting more sophisticated at tracking these kinds of online transactions and, as always, ignorance is not an excuse that washes with the taxman.

Alien encounters and other bad excuses for late tax returns

With less than a week to go before the self-assessment deadline, HMRC has revealed some of the worst excuses taxpayers have offered after failing to complete their returns on time.
Topping the list was the unlikely claim that “I couldn’t file my return on time as my wife has been seeing aliens and won’t let me enter the house”.

HMRC outlines points-based late payment penalties

At the start of December, HMRC announced plans to introduce a driving penalty ‘points’ system to punish late-paying taxpayers.
The points-based system would be introduced as part of the shift towards ‘Making Tax Digital (MTD),’ which will see many taxpayers submitting tax returns more regularly.
Now the tax authority has outlined their plans in more detail, suggesting that tax customers will receive a point every time they fail to submit on time.