GoForma

  Filing a Self Assessment tax return is an essential task for millions of taxpayers in the UK, including self-employed individuals, landlords, and company directors. While HMRC sets clear deadlines, taxes can often feel like a burden many put off until the last minute. Filing early, on the other hand, offers several benefits. But why wait until the deadline? Let's explore the  benefits of Filing your Self-Assessment Tax Return early , from better financial planning to faster tax refunds. In this guide, we’ll cover the key deadlines for 2024/25, why early filing is beneficial, and how you can make the process easier. Self-Assessment Tax Return Deadlines for 2024/25 Understanding the deadlines is the first step in managing your tax return effectively. Here are the important dates you need to remember: Self Assessment Registration Deadline If you are  filing a Self-Assessment Tax Return  for the first time, you must register with HMRC. This applies ...

  Buying a home is a huge milestone, but if you're self-employed, getting a mortgage can feel more complicated. Unlike traditional employees with payslips, self-employed individuals must provide extra proof of income, making lenders more cautious. However, that doesn’t mean homeownership is out of reach. With the right preparation and understanding of lender requirements, you can secure a great mortgage deal. This guide will walk you through the essentials of  self-employed mortgages  in the UK, including eligibility, required documents, deposit expectations, and ways to boost your approval chances. What Are Self Employed Mortgages? Self-employed mortgages are not a separate type of mortgage but follow the same structure as standard home loans. The difference lies in the approval process. Since self-employed individuals don't have fixed monthly salaries, lenders require more evidence of financial stability. Common Myths About Self-Employed Mortgages Self-employed people c...

  Understanding tax year dates and return deadlines is essential for individuals, businesses, and contractors in the UK. Missing these deadlines can lead to fines, penalties, and financial stress. Whether you are self-employed, employed, or  running a limited company , knowing your tax obligations helps with financial planning and compliance. This guide covers the  UK tax year dates and deadlines for 2024/25  and penalties for late submissions. What is the UK Tax Year? The tax year is the period used by HMRC to calculate taxable income, expenses, and payments. In the UK, the standard tax year runs from 6th April to 5th April of the following year. For the 2024/25 tax year: Start date:  6th April 2024 End date:  5th April 2025 These dates are crucial for individuals and businesses, as they define the timeframe for reporting income and claiming deductions. They also influence tax calculations for PAYE, National Insurance, and other obligations. Key Tax Year D...

Setting up a limited company in the UK is a popular choice for entrepreneurs looking to protect their personal assets and gain tax benefits. Unlike sole traders, a limited company operates as a separate legal entity, meaning its finances and liabilities are distinct from those of its owners. This guide covers everything you need to know about  setting up a limited company , from choosing a company name to registering with Companies House and meeting legal obligations. Whether you’re a freelancer, contractor, or small business owner, this step-by-step guide will help you start your business the right way. Why Set Up a Limited Company? Many business owners choose a limited company structure for the following reasons: Limited Liability Protection — Your personal assets remain safe if the company runs into financial difficulties. Tax Benefits — Limited companies can be more tax-efficient than sole traders, especially for higher earnings. Professional Image — Operating as...