Common mistakes made in Self-Assessment Tax Returns
Common errors and information that people forget to include on their Self-Assessment Tax Returns
Do I need to pay tax on rental income?
If you have net rental income on which you’ll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...Can HMRC collect unpaid tax from my salary?
HMRC can collect outstanding tax via an employed tax code after a Self-Employed business fails.
What is Gift Aid?
Tax relief: Gift Aid is a way you can increase the value of a charitable donation – at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to...Can I claim a tax refund if I set a loss from self employment against my employment income?
This article explains how to set a trading loss against employed income.