Homeworking has grown in popularity in recent years, with research revealing that as many as 1.6 million individuals regularly worked from home in 2017. Here we examine some of the tax implications of homeworking. Determining your employment status It is important to determine your employment status for tax purposes, as the tax rules can differ … Continue reading Where the Heart Is? Considering the Tax Implications of Homeworking
The Office for National Statistics estimated that as of January 2017, 4.8 million people (15.1% of the workforce) were self-employed, and many of those work from home, at least to some extent. In accordance with this, the government has issued guidelines on the amount those who are self-employed can claim in respect of business use … Continue reading Working from Home – Simplified Expenses If You’re Self-Employed
The question of whether medical expenses are tax deductible is one which is frequently posed and we can consider this using the example of a self-employed farmer who seeks treatment from a chiropractor. She believes that the treatment will improve her ability to farm and therefore queries whether she can claim a deduction for this … Continue reading Doctor, Doctor: Are Medical Expenses Tax Deductible?
Although the self-employed heaved a sigh of relief when the Chancellor reversed his decision to raise the rate of Class 4 NIC recently, other changes in the structure of National Insurance will give cause for concern, particularly for those with low earnings. The abolition of the self-employed stamp (Class 2 NIC) from April 2018 means … Continue reading Class 2 Voluntary Contributions
By 2020 most businesses, self-employed individuals and landlords will be required to use software or apps to keep their business records and to report their income and expenditure on a quarterly basis to HM Revenue & Customs. This new regime will commence on 6 April 2018 for most small businesses. Self-Assessment tax returns will no longer … Continue reading Self Employed Landlords: What you need to know about Digital Accounting
Two of the big players in the banking world, NatWest and RBS, have shocked their business customers this week by suggesting that they may consider charging interest on credit balances if the Bank of England cuts to a negative rate. Despite assurances from RBS that such a move would be an absolute last resort, it … Continue reading Why Your Bank Might Start Charging Interest On Your Savings
Ed Gooderham, partner at Green & Co, tweeted along live with George Osborne's Budget announcements. Catch up with his thoughts here... #Budget2016 Osborne just started speaking, let's see how he will tax us and what new ideas we will come up with! — Ed Gooderham (@Green_and_Co) March 16, 2016 #Budget2016 - Growth of 2% per … Continue reading Ed Gooderham’s thoughts on the Budget
Being your own boss may seem like a good idea, but whether you are worrying about an order being delivered on time, struggling to meet your own deadlines or keeping the tax man at arm’s length, life as an entrepreneur can be very stressful. Many business owners find themselves working 12-hour days, sometimes 7 days … Continue reading Take Time For A Time Off!
HM Revenue & Customs have announced changes to working tax credits for new claimants who are self-employed, with effect from 6 April 2015. If you are self-employed and claiming tax credits for the first time, you will now have to meet a qualifying remunerative work test. The test will need to show that you are … Continue reading Tax Credit Changes For New Claimants
Leanne Flanagan, tax senior at Green & Co provides some last-minute tax return advice in an article by Moneywise: “With under a month to go to get your accounts in order, we solve queries about your tax liability if you're self-employed..."