Business Receipts Taxed as income in earlier year
If, after your business ceased, you received any business receipts that need taxing as income of an earlier year, put you can report this by following the steps below
Click on the Investments, Interest and Dividends Page
Click on + Income
Select Business Receipts tax as income on earlier year from the drop down list
Enter the Amount
Enter the Tax Year the income is to be taxed in the format yyyy-yy
If, after your business ceased, you received any business receipts that need taxing as income of an earlier year, put you can report this by following the steps below Click on the Investments, Interest and Dividends Page Click on + Income ...
Claiming loss relief against other income in same year
If you make a loss in your self-employment, you can offset the loss against your other income in the same tax year. To do this, ensure your self-employment pages have been completed in full and head over to the REPORTS page and download a copy of ...
How to change tax year
On the left hand side of the page you will see the current tax year you are in. Press CHANGE and select the UPDATE/SWITCH button next to the tax year you wish to access. Please see the screen recording on the following link for visual ...
Foreign Income: Property Income Allowance
Full Relief - If your property Income is less than £1000, the property allowance provides for full relief from income tax Not only is there no income tax to pay, but also no need to register with HMRC or file tax returns provided property income is ...
Foreign Income: Residential Finance Costs
For the tax year 6 April 2020 to 5 April 2021, the allowable cost of getting a loan or alternative finance to buy a residential property that’s let, and any interest on those loans and alternative finance, is restricted to 0% of these costs for each ...