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Five questions entrepreneurs are asking - Tax agent blog

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The deadline to submit a tax return is less than one week away! We have decided to cover five self assessment questions which HMRC has been receiving from small business owners. They may also be useful to tax agents.

  1. Do I need to register for self assessment?

Check if you need to fill in a self assessment tax return.

  1. Can I claim for my business phone which is also my personal phone?

You can claim for the business usage of your mobile phone only. If you are using a business phone for personal use, work out the amount you use it outside work and deduct that from the mobile bill.

Check the HS222 self assessment help sheet on GOV.UK for more information.

  1. I’ve got multiple income sources, is that allowed?

Absolutely! You can declare as many sources as required, on your tax return, by telling us the details of how many you have in the ‘tailor your return’ section.

  1. Can I list my tablet as a business expense?

Providing it was purchased during the relevant tax year, you can claim any business use as an allowable expense. You can also claim for specific software you have purchased for business use.

The HS222 self assessment help sheet on GOV.UK will provide further guidance.

  1. What if my place of work is my home address?

You may be able to claim a proportion of your costs for working from home. You should check GOV.UK guidance.

Tax returns must be submitted to HMRC by 31 January 2018. If you fail to send us a return, without providing an explanation to us in advance, you will receive a £100 penalty.

For more links to self assessment help and support (including webinars and YouTube videos) we encourage you to visit GOV.UK.

Alternatively, you can tweet us @HMRCcustomers to get general help – make sure you don’t provide personal details!


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