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The ins and outs of self-assessment ahead of the January 31 deadline
With nearly 11m people in the UK set to file their tax returns by January 31, are you dreading the annual nightmare – or have you already got it licked? In this bonus episode of Money Clinic, we answer all of the questions about tax returns that you wanted to ask. With more people starting side-hustles and small businesses during the pandemic, how much extra income do you need to earn before you have to submit a return?
Presenter Claer Barrett discusses how apps can make the whole process easier, and whether it pays to get an accountant. Plus, she explores how freelancers can legitimately reduce their bills by claiming tax-deductible expenses, or negotiate extra time to pay. Jacquetta Brown, tax specialist at HM Revenue & Customs, and chartered accountant Deborah Edwards, who runs the money mentoring programme Raised Up Finance, are on hand to demystify the jargon and pinpoint sources of help.
If you would like to be a guest on the next season of the show, email the podcast team money@ft.com or follow Claer on Twitter and Instagram @Claerb.
You can follow Deborah on Instagram @raisedup.finance
Further reading:
To find out more about using salary sacrifice to legitimately reduce your tax bills, check out this free-to-read FT piece from Claer: https://www.ft.com/content/ff8021b9-7847-4ef5-9f20-abb2ea2d6d93
And if you’re looking for more tips about running a freelance business, this free-to-read piece has plenty of them: Financial Tips for the self-employed https://www.ft.com/content/3462f359-8a1d-4a1e-9098- a14bded3f00d
To claim the working from home allowance, follow this link to the Gov.uk website: https://www.gov.uk/tax-relief-for-employees/working-at-home
To check out the HMRC YouTube channel, click here https://www.youtube.com/user/HMRCgovuk/playlists
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