A few Tax Tips!
I would like to share a few "tax tips" with you - I hope you find them useful.
Pay tax on time - more useful than you might think! The Inland Revenue charge interest on late payment at an annual rate of 6.5 per cent… be late and you could pay a lot more than you bargained for!
Submit your tax return on time - again, another basic tip but doing it can save you lots of money! With the fines starting at £100 for even being a day late, it pays to be on time!
Don't forget Class 2 - no, we're not going back to school! You must always check if you are self-employed that you are paying Class 2 National Insurance contributions (unless you are earning less than the threshold) - currently at £2.20 per week. It's not a lot but the difficulties can be if it's found you're not paying it!
Don't try to pull the wool over the Inland Revenue's eyes - it might seem tempting, but it just isn't worth it - the chances of you being found out are too high.
Claim your personal allowance - everyone gets a personal allowance each tax year - in other words, what you can earn before you pay any tax - currently at £6,035 - use it!
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