The deadline will soon be fast approaching to have your Self-Assessment (otherwise known as a Personal Tax Return) completed and submitted to the HMRC for the tax year 2013/2014.
A Self-assessment form ultimately details the calculation of one’s own taxable liability, otherwise known as a Personal Tax Return. If you are a company director you are required by law to complete and submit a self-assessment annually to HMRC stating your income, capital gains and any tax allowances or reliefs, i.e. expenses.
Up until less than a decade ago, permanent roles were arguably the most prominent way of working. However, contracting roles are becoming ever more popular and there are now estimated to be 600,000 contractors (operating via a limited company) in the UK.
There was a time when contractors couldn’t claim travel from work to home for a ‘temporary’ workplace. They were like any other permanent staff member – unable to claim back the cost of travel. Along came new legislation in 1998, which allowed travel to become claimable for contractors as long as the work place didn’t last any longer than 24…