People, Places, Business

HMRC - Income Tax Made Easy

HMRC - Income Tax Made Easy

HMRC has introduced two schemes to help small businesses to work out their income tax and give them greater reassurance that they have got it right.  

Cash Basis

Income and expenses are recorded only when the money is paid.  Most unincorporated businesses with business income under the VAT registration threshold will probably be able to use cash basis.   

Simplified Expenses

When you use something for both business and private purposes HMRC’s flat rate expense scheme makes it easier to calculate how much you can claim.  It covers:  

  • Motoring costs   
  • Using your home for business
  • Business premises also used as the family home

Both schemes are open to new and existing businesses.  Click the links below for more information:

Whether or not you use the simpler income tax schemes, accurate record keeping is essential.  Click on the link to view some record keeping products, many of which are free apps/software   

Webinars (online presentations) are pre-recorded or live.  You can watch pre-recorded webinars at any time.  If you sign up for a live webinar (run at specific dates and times) you can ask questions and get immediate answers. There are live webinars on ‘Record Keeping for the Self Employed’ and ‘Cash Basis & Simplified Expenses’ during February and March.  

We recommend that you take a look at the links and webinars. They will give you valuable information, help and support in running your business.