Tax Tips

30th September - H M Revenue & Customs advise that they will calculate your tax if you submit your tax return to them by 30 September. Remember, that the tax office will always calculate your tax liability regardless of when you submit your tax return. The importance of this date is that the Revenue will advise you of your tax liability in time for the due date of 31st January. Returns submitted by this date resulting in an underpayment of tax below £2000, allow you the option of having the tax collected by way of a restriction in a future years tax code

Self-Employed - If you are self-employed and your gross turnover is less than £30,000 per year, you only need to show your total turnover, less total expenses and net profit on the tax return. However, you should still keep detailed records should H M Revenue & Customs require them