The ins and outs of the self-assessment before the January 31 deadline
With nearly 11 million people in the UK set to file their income tax returns by January 31, are you dreading the annual nightmare – or have you already licked it? In this bonus episode of Money Clinic, we answer any tax filing questions you wanted to ask. With more people starting side activities and small businesses during the pandemic, how much more income do you need to earn before you have to file a return?
Presenter Claer Barrett explains how apps can make the whole process easier and whether it pays to hire an accountant. Additionally, she explores how freelancers can legitimately reduce their bills by claiming tax-deductible expenses or negotiating extra payment time. Jacquetta Brown, tax specialist at HM Revenue & Customs, and Chartered Accountant Deborah Edwards, who runs the Raised Up Finance financial mentorship program, are on hand to demystify the lingo and identify sources of help.
If you’d like to be invited to the show’s next season, email the [email protected] podcast team or follow Claer on Twitter and Instagram @Claerb.
You can follow Deborah on Instagram @ raisedup.finance
To learn more about using wage sacrifice to legitimately lower your tax bills, check out this free FT article from Claer: https://www.ft.com/content/ff8021b9-7847-4ef5-9f20-abb2ea2d6d93
And if you’re looking for more tips on running a self-employed business, this free to read article is full of it: Financial Tips for the Self-Employed https://www.ft.com/content/3462f359-8a1d- 4a1e-9098- a14bded3f00d
To apply for Homework Allowance, follow this link to the Gov.uk website: https://www.gov.uk/tax-relief-for-employees/working-at-home
To view the HMRC YouTube channel, click here https://www.youtube.com/user/HMRCgovuk/playlists
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