5 common questions from small businesses regarding self assessment tax returns

With the deadline for tax return submission just a few days away, here are some FAQs from small businesses on self assessment returns.

self assessment tax returns

Do I need to register for self assessment?

You can consult HMRC’s website to find out if you need to fill in a self assessment tax return: https://www.gov.uk/check-if-you-need-a-tax-return

Can I claim for my business phone, which is also my personal phone?

You can claim for the business usage of your mobile phone only. If you are using a business phone for personal use, work out the amount you use it outside work and deduct that from the mobile bill.

Contact us for more information.

I have multiple sources of income. Is that allowed?

You can declare as many sources as required on your tax return by telling HMRC the details of how many you have in the ‘tailor your return’ section.

Can I list my tablet as a business expense?

Providing it was purchased during the relevant tax year, you can claim any business use as an allowable expense. You can also claim for specific software you have purchased for business use.

Contact us for further guidance.

What if my place of work is my home address?

In this case, you may be able to claim a proportion of your costs for working from home. You should check GOV.UK guidance.

Tax returns must be submitted to HMRC by 31 January 2018. If you fail to send them a return without an explanation in advance, you will receive a £100 penalty.

For more self assessment help and support please get in touch!

Source: HMRC