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What is the 24 month rule and how does it affect contractors?

by ClearwaysAccountants | Jun 25, 2013 | Business tax, Contractor, Freelancer, Self Employment, Tax Tips

What is the 24 month rule? The 24 month rule states that the cost of travel from your home (being your permanent place of residence) to your contract client address (your temporary workplace) is only allowable as a tax deductible expense for as long as you believe...

Should you switch to HMRC’s new cash accounting system?

by ClearwaysAccountants | Apr 25, 2013 | Contractor, Freelancer, Self Employment, Small business advice, Tax Tips

Cash accounting for unincorporated businesses What does this mean? At present all accounts submitted to HMRC should be prepared under UK accounting standards even if you are self-employed.  This means that your accountant will make changes to your basic figures to...

Have you received a HMRC Records Check letter? Don’t be afraid!

by ClearwaysAccountants | Apr 10, 2013 | Self Employment, Small business advice

Guest blog by Sarah Orchard, Orchard Marketing Associates I’ve been self employed since 2006 and have been completing self assessment tax returns for 10 years prior to that whilst in employment, so I guess I’m not new to business record keeping and tax return matters....

Self Assessment Tax Returns: Step 4 – Completing your Return

by ClearwaysAccountants | Jan 2, 2013 | Business tax, Contractor, Freelancer, Personal tax, Self Employment, Small business advice, Tax planning, Tax Tips

All your information has been collected so lets get online! At this point you should be registered with HMRC and have received your online login ID and password. You have gathered together your income and allowable expenses  – steps 1, 2 and 3 of this blog...

Self Assessment Tax Returns: Step 3 – Allowable Expenses, Reliefs and Set-offs

by ClearwaysAccountants | Dec 24, 2012 | Business tax, Contractor, Freelancer, Self Employment, Small business advice, Tax planning, Tax Tips

Reducing your tax payment Once you have included all your income on your tax return you can turn to the payments that you have made that can be deducted against tax. Pension payments Payments made by you personally to your pension plan is deductible against tax.  The...
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