Perth-based contractor Decmil has disclosed that its $185 million contract with New Zealand’s prisons department has ended early, with the client halting payments and seeking to apply liquidated damages.…
Whilst the 2018/19 tax year end may seem like a distant memory, the 31st January 2020 deadline for filing online Self Assessment tax returns is fast approaching.
Here is a handy checklist to help business partners, those who are self-employed and others with taxable income to prepare for the end of the month with the help of their accountants – and without breaking a sweat.
First time filing a return? Register. If this is your first time filing your tax return online, it’s vital you ensure that you have requested a Unique Taxpayer Reference (UTR) if you don’t already have one, and activated your account using the code sent to you in the post. As it can take up to 10 working days to receive your code, it’s important to register today to avoid missing the 31st January deadline and having to pay a fee.
Pile up your paperwork. Before you or your accountant can submit your return, you’ll need various documents including your National Insurance number, a record of your untaxed income from the 2018/19 tax year, proof of any income you’ve been taxed on already such as your P60 or P45, details of any pension or charitable
While growth in R&D tax relief claims has increased by 35% annually since inception in 2001 to over £4bn last year the scheme is yet to be fully utilised by UK business.
However, even with many remaining unaware that the work they are doing could qualify, the number of claims made does demonstrate the huge amount of innovative work taking place across the UK.
To highlight this great work and put the sums claimed into perspective, R&D specialists RIFT Research and Development has looked at how many people this sum could employ based on the average annual net salary and which region is top when it comes to R&D Tax Credit claims.
The research shows that there has been a huge £4.3bn claimed across all R&D tax credit schemes to date and with the average net salary currently sitting at £24,365, that’s enough to pay the wages of 177,711 for a whole year!
As you might expect, London is home to the largest number of claims with £1.2bn submitted and even with the higher annual salary of £31,567, the R&D work going on throughout the capital could employ 39,281 for a year.
R&D claims in the South East and East
Have you just got into self-employment? Or do you have a formal job and a side hustle?
If either of these two scenarios applies to you, then it’s time that you began to learn everything that there’s to know pertaining to Self-Assessment. For a person who hasn’t had the opportunity to do so in the past, you will soon find that the process of completing a self-assessment can be a bit hectic. But with the right tips and information, you should have it completely handled in no time.
The one rule of thumb that applies to this process is that any individual who receives an income that isn’t taxed at the source has no option but to complete the self-assessment.
I Am Just a Freelancer, Should I Also Complete It?
Many people turn to freelance jobs to help them supplement the money they earn from their formal jobs. And in many cases, their employers are not aware of what their employees are doing. But as much as you don’t want your boss to learn about your side hustle, you will have to report it to the taxman.
What happens here is that you have to register yourself as a self-employed