The deadline to submit a tax return is four weeks away! Here are four self-assessment questions that HMRC regularly received from the owners of small businesses. At P. G. Fry & Company, accountants in Bisley near Woking, we are more than happy to provide advice and assistance on these sorts of queries
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, deduct the amount you are using it outside work from your bill, the rest you can claim. For heavy mobile users on bundled deals this may be easier to work out as a percentage of your monthly data allowance. P. G. Fry & Company can assist further – or you can find out more directly from HMRC using the HS222 self assessment help sheet on GOV.UK for more information.
Are multiple income sources allowed in self-assessment?
Certainly! Online self-assessment supports multiple income sources, you can declare all the sources that are required by completing your tax return appropriately – P. G. Fry & Company are experienced at preparing and filing complex sets of accounts and can support your business needs.
Can I list my tablet as a business expense?
Did you purchase your tablet during the tax year you are completing your assessment for? If so you can claim any business use as an allowable expense. You can also claim for any business specific software you run on your tablet (or other computers and devices).
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 can find guidance on the HMRC website at GOV.UK and of course P. G. Fry & Company are happy to help.
While on the subject, a quick reminder that your tax return must be submitted to HMRC by 31 January 2020. If you fail to submit a return, you will receive a £100 penalty.