The 2018-19 tax year ended on April 5th and HMRC have issued guidance and reminders for small businesses. These cover some of the end of year obligations you have as an employer, plus advice on record keeping for the year ahead...
As an employer there are a number of duties you have to your employees at the end of the tax year, details of which can be found here.
As you enter the new tax year it is important to ensure you are keeping accurate records so that your tax calculations can be made easily at the end of that financial period.
It is also important to understanding how capital allowances work to help when you complete your Self Assessment yourself or send over records for your accountant to do it for you.
Whether you are new to self-employment, or have been running a business for a while, you can use HMRC’s online support to stay up to date and find out the answers to any questions you might have.
You’ll be able to ask questions during the below live HMRC webinars using the on-screen text box.
WEBINAR 1: Record keeping for the self-employed: Whether you use cash basis or traditional accounting, this webinar covers how to set up a record system, typical records you should keep and how long to keep them.
WEBINAR 2: Capital allowances for the self-employed: If you use traditional accounting, this webinar shows you how to claim for the longer life items you buy for your business such as vans, tools, machinery and computers.
The HMRC Online Customer Forum is also a good place to go if you’ve got a question about self-employment. See what others are asking, ask your own questions and receive responses from the experts.