Talking Tax before the end of the month.
Handy advice is right here to help get you filed on time.
Have you done your tax return yet? How many times do you tell yourself you’re going to get it done in April. Right away. So you know how much you’re going to have to pay come January. And then all of sudden here we are!
Well, fear not. There’s still time to get your envelopes of receipts in order and file it all before the deadline on 31st January.
Back in October 2017, I managed to persuade my lovely brother-in-law to come and answer a load of questions about tax for the Inside Stylists tribe. John is a brilliant accountant. His company JF Finacial specialises in freelancers and small businesses (and does the accounts for a load of interior stylists and photographers) so he really gets what it’s all about- the shoots, the expenses, the wierd way we’re paid!
I thought that this would be a great time to re-share the episode and links to some relevant topics that come up time and time again at this time of year. I have shared what time different elements are discussed for ease of finding what you need.
A few things we covered in the podcast episode :
- This article discusses electronic receipt filing:
- Tiny Scanner – The app I use to scan receipts and send them as a PDF
- Paying tax when working abroad (7.10 min)
- What items/bills you can claim tax against – household, lunch (10.10 min)
- Working from home – what you can claim for (12.50 min)
- This article deals with many of the typical expenses – home office costs, mobile phone, travel, car costs, subsistence, entertaining & training so covers off a few:
- Claiming for your car (17.10 min)
- Claiming for travel costs (20.50 min)
- Office furniture and office equipment expenses (22min)
- Test shoot props (23.30 min)
- Purchases made from abroad (24min)
- Declaring your first self-assessment tax form (26min)
- Paying for things with cash (28 min)
- Paypal income (29min)
Business bank account
- Do I need a business bank account if I’m a sole trader (31.30 min)
- Here’s an article about the topic of sole trader vs limited company:
- John’s Tax accounting book
- Dave Ramsey Total Money Makeover book
- Profit First – Mike Michalowicz
- Who should be VAT registered (41 min)
- The difference between flat rate and standard schemes
- Flat Rate VAT vs Standard VAT (43 min)
- What is a disbursement (44.30 min)
- VAT disbursements HMRC guidance: (45 min)
- Paying for set builders on invoices (51 min)
Paying on account
- Paying on account (52 min)
- What is paying on account? (53 min)
- What percentage of my salary should I put aside for tax (56min)
- Student loan and tax (58 min)
- John’s blog
- John’s Freelancers Tax planning Ebook
- Inside Stylists resources page
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I useFreeAgent to send out all my invoices but the reason I love it so much is because it calculates my tax return as the year progresses. All I have to do is add the household/car expenses before I file it. So much easier.
InsideStylists has been given a 10% discount code for FreeAgent if you wanted to sign up.
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You can find John Falcon Director of JF Financial here : www.jf-financial.com
Book: Tax guide E-book
LISTEN TO THE PODCAST HERE
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