Whether you’re struggling with completing a Self Assessment or want to know what you’re allowed to expense in the gig economy, we have resources available just for you!
Disclaimer: Stuart and its affiliates do not provide tax advice. This material has been provided for informational purposes only and is not intended to provide and should not be relied on for tax advice. We recommend that you seek guidance from a tax professional.
Our top tips
1. Understand what a “UTR” number means
A UTR or "unique taxpayer reference" is a 10 digit number provided by HMRC to each self-employed taxpayer. You will not be given a UTR number automatically, so you’ll need to register for Self Assessment to be issued one. If you need to register for Self Assessment, you can see how on GOV.UK.
2. Don’t forget to work out your employment status
Knowing your employment status helps to determine the taxes you must pay.
For example: If Stuart is your only source of income, then you’re classed as self-employed. If you are also employed elsewhere, you might be classed as both self-employed and employed.
3. April to April
The tax year runs from April to April. So, you'll need to work your tax out based on what you earned between 6th April and 5th April the following year. In April 2022, we will send an annual statement (a summary of your earnings with Stuart) for April 2021 to April 2022.
We know it’s not the most exciting activity, luckily, Stuart provides Annual Payment Statements in PDF format to assist with the Self Assessment. Annual payment statements are issued in the last week of April and sent to your Stuart registered email address.
Handy tip: Keep a record of all your finances in one place by creating a spreadsheet. Split the sheet into monthly tabs and organise each tab into income and expenses.
4. To expense or not to expense?
You are allowed to deduct any business expenses from your total earnings when you pay your tax bill. This means you are only paying tax on your profits.
Reminder: Expenses must be exclusively necessary for your business. For example, if you deliver with a motorbike, you could expense the petrol used whilst driving to deliveries. But you can’t expense the cost of the motorbike itself.
Check out more details about expenses on GOV.UK.
5. Stuwie Perks to the rescue!
It's easy, just upload your income and expense spreadsheet, or pull up your bank transactions using Finmo’s platform. Licensed accountants will complete and submit your Self Assessment and answer any questions throughout the year.
Handy tip: Catch up to 50% more of your expenses by using Finmo's free expense tracker.