Registering as self employed
It is that time of year again. Newly self employed persons need to notify HMRC by 5th October 2018 if they have been active during the tax year 2017/18. Apparently as many as 1 in 10 people run their own business now, which may be partly due to what is referred to as the gig economy.
I have attached a link to a fact-sheet from the Low Incomes Tax Reform Group that may be of use as a starting point. I think this is a really useful fact-sheet and I really wanted to share it. As it says on the sheet, it is only intended to provide general information and does not constitute advice. https://www.tax.org.uk/media-centre/press-releases/litrg-press-release-october-5-deadline-warning-among-advice-urgently
Many people in the gig economy don’t know that their income is taxable. By engaging a suitably qualified accountant to advise you they will take away the stress involved with dealing with the necessary tax reporting requirements so that you can concentrate on making money. I hear of lots of people helping friends to complete tax returns as there is a lot of helpful advice on the internet but a good accountant does more than just filling boxes on a tax return, even if you are not in the high income tax bracket.
Registering a Trust
5th October is also the reporting deadline to register Trusts that have a tax consequence in 2017/18. Holden Tax Consulting are already up and running with the Trust Registration Service from last year for existing clients and always welcome new Trust clients. If you would like to discuss your Trust and it’s tax reporting requirements with us please get in touch. Erika Holden is a Trust and Estate Practitioner as well as a Chartered Accountant.