We're specialising in taxation for:

Tax Refund on Employment

Do you qualify for such?

Due to recent raise in activity in enquiries as regarding tax return on employment we want to highlight the following:

1. To fully recover your tax stopped on employment you need to meet one of the following criteria:- being a tax resident in another country in particular tax year- residence is determined by sufficient ties test however, to qualify automatically as non-UK tax resident you need to:

a) spent less than 16 days in UK in tax year;

b) spent less than 46 days in UK in tax year and not having been here in last 3 years;

c) you worked full time abroad for more than 91 days and can proof your taxation status,

d) spent in UK less than 183 days, planning to leave for another foreign country, meeting additional criteria.

 

In such cases after your situation is fully reviewed and anti-money laundering procedures completed we can apply for full tax return.

 

Other circumstances when you can claim tax repayment:

-overpaid your tax in particular tax year not fully using your personal allowance (this is usually offset automatically in your Tax codes);

- paid tax on employment in last 3 years and recently started full time self-employment that has suffered a loss;

- having on side of your employment hobby-driven business that is suffering a loss (e.g. down to big investment)-working in construction or construction relating activities and having CIS tax stopped- working for umbrella company where too much tax would be stopped of you.

In case when :

- such side hustle business brings you profits or,

- you did not pay enough taxes on your employment or,

- umbrella company is not stop any taxes of you, and you are tax resident in UK

you must PAY the balance of outstanding taxes.

 

In case your side hustle business earns less than £1,000.00 you do not need to fill your tax declaration in such tax year however, you can apply for voluntary registration if you believe it would be beneficial to you, we can review your situation and personal circumstances.

Standard expenses applicable to Sef-Employment Income:

As a self-employed professional, you may be entitled to a variety of deductions that could significantly impact your bottom line.

Starting from home office expenses and travel costs to professional development and equipment purchases, our accountants will work closely with you to identify every eligible expense.

➜Professional Products and Supplies: Deduct the cost of beauty products, cosmetics, and supplies used in your services.

➜Uniforms and Work Attire: Claim expenses related to uniforms, work clothing, and protective gear necessary for your industry.

➜If you conduct business from home, you may be eligible for home office deductions for related expenses like utilities, rent, or mortgage interest.

➜Deduct expenses for relevant training, workshops, or certifications to enhance and update your skills.

➜Deduct travel expenses for business-related trips, such as attending industry conferences, workshops, or training sessions.

➜Deduct costs associated with marketing and advertising your services, both online and offline.

➜Expenses related to digital services, website maintenance, and software subscriptions as well as market research cost can be deducted as business expenses.

 

Take advantage of capital allowances to claim tax relief on qualifying equipment and furniture needed for your workspace.

 

Check if your workspace qualifies for Small Business Rates Relief, which can lead to a reduction in business rates for eligible properties.

 

 

Expert Guidance for Maximum Returns:

 

With K accountancy, you're not just getting an accountant; you're gaining a partner in financial success.

We are dedicated to understanding your unique business needs and tailoring our services to ensure you receive the maximum return on your eligible expenses.

Stay Informed, Stay Profitable

Tax laws and regulations are constantly evolving, and it can be challenging to stay abreast of all the changes. We make it our business to stay informed on your behalf. Our team will keep you updated on any new opportunities for deductions, ensuring that you never miss out on potential savings.

Confidence in Compliance

Beyond just maximizing your deductions, our accountants prioritize ensuring that your tax filings are fully compliant with current regulations. This not only protects you from potential audits but also provides you with the peace of mind that comes from knowing your financial affairs are in expert hands.

Ready to take control of your financial future? Let K accountancy be your trusted partner in navigating the world of self-employment. Contact us today, and let's start maximizing your profits together!

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