Top Tips for First-Time Freelancers

Top Tips for First-Time Freelancers

May 21, 2019 | No Comments

Lots of us dream of being self-employed and taking the plunge to pursue the journey is an exciting moment in a lot of people’s lives. However, it does have a downside. Dealing with regulations and rules surrounding self-employment can be tricky. Whether your business is a single-staffed company or a larger business, it’s vital that you know what you need to do to stay above board. Here are some of the most common questions we get asked and the information you need to answer them: When should I register with HMRC? As soon as your business starts operating and trading
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Working From Home – What You Need To Know About Tax Relief

Working From Home – What You Need To Know About Tax Relief

December 28, 2018 | No Comments

These days it’s common to work from home at least some of the week. With busy schedules and a lot of places saying goodbye to the standard 9-5, there’s no wonder really. As well as this, lots of companies give their employees the opportunity to work remotely and are much more flexible with location arrangements.  However, this leads to a lot of our clients wondering whether there’s any tax relief for those than work from home to cover the costs of doing so. It can be hard to get your head around the ins and outs of what you can
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Do I Need To Pay Tax On My Hobby/Side Business

Do I Need To Pay Tax On My Hobby/Side Business

October 25, 2018 | No Comments

Is there something that you love doing? Something that you’re good at and enjoy? Chances are your thoughts have turned to making money from it. Why not? Some seriously successful businesses have been born from a simple idea that starts at home. What many people don’t understand is, doing it for the pure fact that you love it is very different to when it becomes a business. There’s lots to consider, from profits, expenses and tax to marketing and admin. If you’re sure that it’s what you want to do, we’ve got some helpful advice for you in this blog
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10 Tips to Simple Self-Assessment

10 Tips to Simple Self-Assessment

August 30, 2018 | No Comments

At ABC Accounting Services, we know that self-assessment can be daunting, confusing and frustrating. We get endless calls and emails seeking advice on self-assessment and the many issues it can cause people. It’s one of life’s more mundane tasks, but it can’t be ignored. Do it incorrectly or late and you’ll incur charges and penalties from HRMC.  We’ve put together a list of 10 tips that if you stick to, you’ll nail it first time every time. 1)      Make sure that you’ve registered for self-assessment with HMRC – you need a unique code to complete your tax return and send
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Making Tax Digital – What You Need To Know

Making Tax Digital – What You Need To Know

August 23, 2018 | No Comments

There’s plenty of articles on the internet about MTD, most of them contain a lot of information that isn’t relevant to the majority of people. We’ve created this article to compile the relevant, useful information that most of us need to know about Making Tax Digital. Making Tax Digital will be active from April 2019.   In basic terms, it is a government scheme that means everybody will have to file tax and payment online as well as keeping records digitally. You’ll have your own account which will give you an overall picture of your tax.  ALL business tax will
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Self-Assessment Questions & Answers

Self-Assessment Questions & Answers

January 8, 2015 | No Comments

There are usually tons of questions being asked during January about Self-Assessment. As the strap-line goes ‘tax doesn’t have to be taxing’ but unfortunately it often is for many, and as accountants we can see why! We have answered some of the common questions below but if you have any others then fire away and we will answer them for you. How do I pay the tax and National Insurance (NI) due? You have to make sure your payment reaches HMRC by the deadline, which is the 31st January. The time you need to allow depends on your choice of
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What is Self Assessment and when should you go Limited?

What is Self Assessment and when should you go Limited?

August 5, 2014 | No Comments

What is it? Or rather: what is it other than a phrase that terrifies many, stresses out more, and bores or baffles everybody else?   It is mainly for the self-employed so whether on your own or in a partnership. It also affects directors of limited companies, some pensioners, subcontractors, people who have rental properties, and those people who are employed but fortunate enough to be paying high rate tax.   How do I even begin to approach Self-Assessment? If you are in business make sure you keep accurate and up-to-date business records, an accountant can help you in this
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