Self Assessment

How to contact Self Assessment helpline?

Why has HMRC closed its self assessment helpline number? To foster the use of HMRC’s digital resources, HMRC declared the temporary suspension of its Self Assessment Helpline (0300 200 3310) from June 12 to September 4, 2023, as of June 9. While this transition presents operational and accessibility advantages within HMRC, it raises concerns about …

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What is the optimum Directors Salary for 2023/24?

    Directors are responsible for managing and overseeing the operations of a company, and they are often compensated with a salary. However, when it comes to directors’ salaries, there are several factors to consider to ensure that they are tax efficient. In this post, we’ll explore the most tax-efficient salary for 2023/2024 in the …

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Understanding Laundry Expenses for the Self-Employed

The HMRC offers a laundry expense tax rebate as part of self-assessment, aimed at helping individuals ease their financial burden. In this article, we’ll break down the key aspects of this rebate, including what qualifies as a uniform, eligible clothing items, applicable industries, claimable amounts, the flat rate for laundry expenses, and the process to …

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Understanding the Tax Implications of Selling Antiques

Ever caught yourself daydreaming about stumbling upon a dusty, hidden treasure tucked away in some secret corner of your home? Well, regardless of what sparked your journey here, it’s pretty clear that you’ve got a special antique in your possession, and the idea of passing it on to a new curator has crossed your mind. …

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Understanding Venture Capital Trusts (VCTs) – Self Assessment

What is a Venture Capital Trust (VCT)? Thinking about VCT’s? A Venture Capital Trust, they’re like the cheerleaders of startups and small businesses – they do make the investment decisions and give you some tax perks in return. VCTs are publicly traded companies listed on the stock exchange and are subject to specific regulations, making …

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Self Assessment Tax Return Deadline – What to do if you miss it?

Missing the self-assessment tax return deadline can be a stressful situation for individuals who are required to file their taxes. Whether due to oversight or circumstances beyond one’s control, failing to submit the tax return on time can have financial implications. We will try to explore the actions you can take to tackle such situations, …

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