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“There is no such thing as a good tax.” – Winston Churchill. Yet here we are, — faced with one all the same. If you’re self-employed or earning extra income outside your 9 to 5, Self Assessment tax is something you can’t afford to ignore. It’s not just a form to fill in. It’s a legal obligation — with real cash flow consequences if you miss it, misjudge it, or misunderstand it. But here's the good news: paying your tax bill doesn't have to be stressful. It doesn't have to be last-minute. And it definitely doesn't have to come with a side order of panic. In this guide, I’ll walk you through how to pay Self Assessment tax with clarity — not confusion. You’ll learn what to expect, when to act, and the smartest way to pay (including a method that takes less than 60 seconds). We’ll also unpack hidden traps like payments on account, how to avoid penalties, and what to do if your cash flow’s tight. Read on — your future self (and your bank balance) will thank you.
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The routine services you would expect us to provide are listed below but it’s the important ongoing professional advice that really helps our clients.
As the self-assessment tax return deadline looms within the next 100 days, a concerning revelation emerges: 75% of self-employed individuals lack clarity on the point at which higher rate tax obligations kick in. We need to remind our clients about the importance of gaining control over finances, including tax payment and budgeting, which can alleviate the strain associated with self-employment and make the process of preparing for the January 31 deadline less burdensome.
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As a self-employed Contractor working through a Personal Service Company (PSC) there are a few things to keep in mind when you put a Contract in place for the services you provide. If not done properly, your company could potentially be considered as trying to avoid paying correct tax and national insurance on your income. The best thing you can do for your work situation is to make sure that the contract you put in place doesn't make you look like a false self-employed contractor. To do this, get the help of an expert, who can ensure your contract follows the HMRC guidelines for what constitutes a genuine self-employed contractor. And here at Accounting Minds we can clarify all those important points for you and help you determine your correct status in relation to IR35.
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For many years trusts have been considered the standard way to pass family wealth on to future generations. The last few years however have seen tax changes which mean that Family Investment Companies (FICs) may be the more tax-efficient option…
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If you are a sole trader or partnership (but not a limited company) you have a choice to use so-called “simplified expenses” or calculate your expenses for vehicles, working from home and living on your business premises by working out the actual costs.
We are experienced certified accountants in Kent that are committed to helping small businesses achieve growth.
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