Posted on 12th December 2018
If you’re self-employed, you must make sure that your tax return is submitted to HMRC by January 31st or face an immediate £100 fine.
Tax return time always seems to come around very quickly, particularly for hardworking self-employed people with busy schedules. This is why many tradespeople find themselves in a bit of a panic every January, as they struggle to pull together paperwork while trying to meet their customers’ expectations.
As well as having to deal with the hassle, those who fill out tax returns themselves could be missing out on significant tax relief. Many self-employed people might not realise that they may be able to claim for expenses, such as: mileage, fuel and the cost of using public transport for work; meals on site; hotels and accommodation if staying away from home for work; laundry and cleaning; mobile phone use for business; business finance costs and expenses incurred by running a home office.
In addition, tradespeople can claim for the cost of specialist tools and equipment. For example, if you’re a plumber, did you know that you could claim for the purchase of gear such as pipe cutters, spanners, pipe wrenches, tube cutters, mole grips and more? Carpenters, you could be missing out on tax relief for those power jointers, chisels and circular saws, while electricians may claim against items like insulated screwdrivers, wire cutters and electrical test equipment.
The list goes on and on… In short, if you want to free up your time and claim all the tax relief to which you’re entitled, we can help. You can submit your paperwork with one of our stamped addressed envelopes, or arrange a convenient time to go through your paperwork by phone with one of our friendly, professional team members.
We take care of everything – all for just £118 +VAT. Give yourself a well-deserved Christmas present and let JNR Accounting ease your tax return burden this year.