Frequently Asked Questions (FAQs)
When does my Tax Return have to be in by?
Your Return must be filed with HMRC by 31st October following your year end for a paper return, and 31st January for online filing. For example, if your year end is 5th April 2019, you would need to file a paper tax return by 31st October 2019 and an online return by *31st January 2020.
*Please note – We ask for your paperwork to be with us no later than 1st December each tax year for online filing, to ensure we have adequate time to prepare your accounts and file your tax return well before the deadline.
I work through PAYE, can I claim expenses?
The answer in most cases is yes! Each industry is different, but we can advise on claimable expenses and certain reliefs you may be entitled to. Let us help you get some of that hard-earned tax back.
Can I claim for meals at work?
Generally speaking, this is usually a disallowed expense. There may be certain times, such as if you need to work away from home on business, where you may be entitled to claim back for meals and accommodation.
Can I claim travel to and from work?
If you always work in the same place, whether its an office, a salon, a garage etc, usually the answer is no. Travel to and from a permanent place of work is deemed to be ‘commuting’ in HMRC’s eyes and so is disallowable. But what if you travel away from your permanent place of work? Well, then you can claim! You can claim expenses or mileage depending on the situation, which must be calculating using approved rates. Check with us to see if you can claim travel and if you can, which way would be the best for you.
Do you charge for advice?
No, we don’t charge for initial advice. We don’t charge per email or phone call either. Our fees are fixed and discussed with you beforehand. We don’t believe in ‘hidden charges’ for any work we produce.
Do I need to keep receipts?
Absolutely. We always advise to keep any and all paperwork associated with your business. This can be hard copy or digital copies of receipts if you prefer. We work with companies such as Quickbooks and Capium to offer more digitised services if you need them.
I have rental income from a property, but this only covers the mortgage. Do I need to declare it?
Yes! HMRC announced in 2017 that it would be phasing out mortgage interest as an allowable expense. All income, from any source, needs to be declared. Whether it is ‘making a profit’ or not.
I am Self Employed and want to apply for a mortgage, what do I need as proof of earnings?
Just because you are self-employed, doesn’t mean you can’t apply for a mortgage. But it does mean you need some slightly different forms to apply. You will either need Accounting Certificates, which can be signed by us, or you will need SA302’s. In some cases, you may need both, but your financial adviser or mortgage company will advise you of this. We provide both of these documents, so you can have piece of mind that your mortgage application is in safe hands.