Category Archives: Self Employment

Taking Reasonable Care with Tax Returns

This video provides an overview of taking reasonable care with tax returns and and other HMRC documents and is based on information obtained from the HMRC web site https://www.gov.uk/guidance/reasonable-care-tax-returns-and-other-documents
Overview
Everyone has a responsibility to take “reasonable care” over their tax affairs. This means doing everything you can to make sure the tax returns and other documents you send to HM Revenue and Customs (HMRC) are accurate.

HMRC will take your individual circumstances into account when considering whether …

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Self Employment and Registering with HMRC

This video provides an overview of Self Employment and registering with HMRC. It is based on information obtained from the HMRC web site https://www.gov.uk/working-for-yourself

If you start working for yourself, you are classed as a sole trader. This means you are self-employed – even if you have not yet told HM Revenue and Customs (HMRC).

You are probably self-employed if you:

run your business for yourself and take responsibility for its success or failure
have several …

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Self Employment Business records

This blog provides an overview of the self employment business records that you have to keep and is based on information obtained from the HMRC web site https://www.gov.uk/self-employed-records.

You must keep records of your business income and expenditure for your tax return if you are self employed as either a:-

Sole Trader
Partner in a Business Partnership

You must also choose an accounting method to use. The two options are:-

Traditional Accounting
Cash Basis

Traditional …

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