Focus on your investments, we’ll sort your taxes

If you’re self-employed, you can get up to £1,000 each tax year as a tax-free allowance. This is called the Trading Allowance.

Basically:

• if you earn less than £1,000 from self-employment, you don’t need to do anything: it’s completely tax-free
• if your expenses are under £1,000, you can just claim this allowance instead: it’s bigger and you don’t need to worry about receipts

Learn more about the Trading Allowance

No – unless you also need to file a Self Assessment.

You need to file a Self Assessment if:

• your income goes over or under the £50,000 threshold (there are different CGT rates)
• you earn income from self-employment, rent, dividends, or interest
• or you’re looking to claim a tax relief like SEIS/EIS/VCT
• here is a list of all the reasons why you need to do a Self Assessment.

It really depends.

Basically, the Real Time CGT return asks you to estimate how much your income will be for the year. If nothing significant changes and you don’t go over/under £50,000 a year (there are different CGT rates if you earn less or more than this), then you don’t need to do a Self Assessment.

However, if you lose a job or get a significant promotion, you might need to file a Self Assessment as well – by January 31st of the second year.

If the value of the coins you got from mining or trading cryptocurrencies like Bitcoin or Ethereum is over £1,000 in GBP equivalent you’ll have to pay tax on your earnings.

HMRC treats cryptocurrency miners as traders, so you need to pay:

• income tax and
• national insurance

If you don’t declare yourself as a trader you will automatically be classified as an investor and have to pay Capital Gains Tax.

Learn more about cryptocurrency taxes

The documents we require depend on why you need to do a Self Assessment.

If your only reason to file one is because you’ve gone over the £150,000 earnings threshold, and your only source of income is employment (PAYE), then we only need a P60 (sometimes a P45 as well), and any P11D forms you might have received from your employer.

However, if you already have an HMRC Online Services account, we can simply connect to it and simply pull your information from there. And, in case you’re wondering, we’re authorised by HMRC to do this.

For any other reasons to do a Self Assessment, we have a longer list of documents here.

There are two main things that set us apart. Firstly, for you, the users. We automate all the admin that accountants usually charge for. This saves them time and means we can pass on any cost savings to you. It also means that we can get your Self Assessment tax returns filed in as little as 48hrs, from signup to filing, or your tax advice consultation booked in minutes. Your limited company tax returns are also completed and sent to you for your approval in record time.

If you’re ready to go, we’re ready to help.

For our accountant partners, our platform is built in a way that means you don’t compete with each other. You don’t bid on clients and never lose out on business to other accountants. The clients are yours, and when they return from previous years, they’re assigned automatically to you.

There are two main ways to save money into your pension:

1. Net pay or salary sacrifice: your employer will deduct the pension contribution before calculating tax on your pay.
2. Relief at source: it means that your contributions are taken from your net pay (after your wages are taxed). Then your pension provider automatically claims tax relief for you from HMRC, adding the basic tax rate of 20% to your pension contributions. If you’re a higher rate taxpayer, you can submit a tax return and claim the rest (another 20-25%). This is how most private pensions and SIPPs work.

You can only claim the pension tax relief if your pension contributions are not made using “net pay” or “salary sacrifice” – check with your employer.