What is self-employment?

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It might seem like there is quite an obvious answer to this, but there are nuances to this question that can affect your tax liability and recently became important when the government announced its coronavirus support packages as some people who work for themselves were eligible whereas others were not. The reason it can get confusing comes about because due … Read More

Claim back costs when working from home

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Many of us will be working from home at the moment. This will incur extra expense, such as lighting and heating, water, telephone and many other costs. These costs can be claimed against your tax bill to reduce your liability, and there are three ways of doing so. I will talk you through each of them briefly here and you … Read More

When is my tax bill due?

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If you are required to submit a self-assessment tax return, your bill for the year you are submitting becomes due on 31 January in the year following the end of the tax year. Tax years run from 6 April one year to 5 April the following year. For the tax year ended 5 April 2019, the bill (as well as … Read More

Tax Returns for English as Second Language Teachers

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  One of my oldest friends, Emma, has started teaching English as a second language to online students. She has a Facebook page that you can check out if you or anyone you know might be interested in her service. She mentioned to me that questions around tax and accounting come up occasionally on her teaching groups and so I’ve … Read More

VAT Basics – Part 2

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Last time we looked at the basic principles of VAT and how it is paid to and from HMRC.  Now we are going to talk about whether you should register for VAT. Do I need to register for VAT? If your trading income is £85,000* or more over a 12 month period then you must register for VAT. Note that … Read More

An Introduction to VAT

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Everyone has probably heard about VAT but it is perhaps not something that everyone will understand how it functions. In the first of this three-part series on VAT, I talk about the basics of what it is and who pays it. What is it? First of all, VAT stands for Value Added Tax. It is applied to sales of all … Read More

NEW WEBSITE!!

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Hello everyone.  Exciting times!  We have a new website here at Anderson Accounts Ltd.  Thank you to all at Online Marketing Kent for their work (onlinemarketingkent.co.uk).  Now, onwards and upwards!  Stay tune for more useful accounting info and news from us.

When You Don’t Need A Tax Return

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Last month I wrote about tax returns giving examples of who might need to complete a tax return. This month I’m going to talk about when you might not need to complete a tax return. HMRC have been trying to encourage small traders to register as businesses and have requested powers to help them enforce this. They have been particularly interested … Read More