Tax Tips
We have 4 tip(s) under the heading Self Employment .Self-Employed - If you are self-employed and your gross turnover is less than £15,000 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.
Keeping Records - You must retain records relating to your business for at least 5 years and 10 months after the end of the tax year to which they relate. Failure to do so may result in penalties of up to £3000 per tax year
New Business - You need to register with H M Revenue & Customs to notify them of your new business within 3 months of starting otherwise you will be liable to a penalty of £100. If you don`t get a tax return you are required to notify H M Revenue & Customs that you have taxable profits by 5th October following the tax year end of 5th April.
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