Newsline from Build UK

SimpleTax – The Biggest Contractor Self Assessment Mistakes

07 August 2017

SimpleTax – The Biggest Contractor Self Assessment Mistakes

Build UK partner SimpleTax has looked at some of the biggest Contractor Self Assessment mistakes and is offering Build UK members an exclusive 25% discount to use their Simple Self-Assessment Calculator in order to make tax returns at the end of the year easier.

They have found that the main mistakes Contractors often make include; not recording income for each specific job, forgetting to scan receipts, failing to monitor tax liabilities as well as not being aware of IR35.

With the possibility of moving from one job to another on a monthly basis, it is important to record each penny earned, as well as collecting all receipts in order to generate an accurate picture of your tax liabilities. SimpleTax’s app has a built-in feature which allows you to scan receipts as soon as you receive them.

IR35 rules can affect any contractor due to the fact that certain aspects of your work determines whether you are technically regarded as ‘self-employed’ by HMRC. This could impact your earnings when submitting your Self Assessment. HMRC have released a tool which allows you to determine your IR35 status with the results helping you discover how much tax you might need to pay, or what needs to change to protect your take-home earnings.

More information and to access the discount, can be found here.