5 ways to reduce your tax bill when self-employed

1. Allowable expenses
You may know that you can list expenses on your tax self-assessment form, but are you taking full advantage of it? If you’re new to self-employment, you might not realise how much of what you spend can be claimed for as expenses.

Most self-employed will list expenses such as office equipment, travel and financial costs such as bank charges or insurance.

🧵 THREAD on how to prepare your Crypto Taxes 🇬🇧

Now I know preparing your taxes can be daunting, I speak to many people who bury their head in the sand and only come up when there is no other option

This can be easy, with the right Accountant and support 🔥 Firstly speak to a knowledgeable Accountant in the space to ensure the advice you are getting is adequate and they know Crypto

Why should they know Crypto?

cryptotaxhelp.co.uk 🇬🇧

Below are 5 things to consider when assessing your CGT liability on your cryptocurrency Investment. 1 Make use of the CGT allowance

Every individual has an annual CGT allowance which currently lets them make gains of up to £12.3k free of tax (Fy20-21). If unused, the allowance cannot be carried forward into the next tax year, so it is advisable to use this tax-free allowance

Here is one I have been asked a lot lately

You can only claim tax relief for foreign travel paid for through your business if the trip has been wholly, exclusively and necessarily for the purpose of doing your job.

🤔 There are no exceptions to these rigid rules:

The trip must be taken wholly, exclusively and necessarily in order to do your job;
Any other related expenses claimed must be incurred wholly, exclusively and necessarily in order to carry out your job.

How to pay less tax There are lots of ways to reduce your tax bill legally, whether you're an employee or self-employed, a landlord, investor or pensioner.

Here are 30 simple tips and tricks that can help you cut your tax bill to put more pounds in your pocket. 🔥 1. Check your tax code
Your tax code indicates how much tax HMRC will collect from your salary. You can find it on your payslip. Check your tax code each year, or after changing jobs, to make sure it's correct for your situation.

Limited company v Sole Trader 🔥THREAD🔥

Advantages of a limited company structure

👉The most significant advantage for most people is limited liability, which means they are only responsible for business debts up to the value of their investments or what they guarantee However, there are many additional benefits, including:

– Tax efficiency.
– Credibility and professional company image.
– Opportunities for raising capital.
– Can be one person or multiple people setting up.
– Perpetual succession.
– Protected company name.

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