TOP TIPS FOR DOING YOUR TAX RETURN (AND WHAT YOU NEED TO KNOW ABOUT MAKING TAX DIGITAL) This is no substitute for real tax advice, but here we share some tips and tricks that we have heard from other Checkatrade members to help you with the 23/24 tax return and MTD (Making Tax Digital) which will likely come into force in 2025. Navigating tax returns can be a challenging task, with unique expenses, multiple income sources and business costs to track. For trades, its essential to know where to start. Some bite sized tips that we have heard from other members: KEEP DETAILED RECORDS ALL YEAR ROUND
TAX RETURN TIPS
electroverse
For Business
G et started today !
C hargi n g yo u r
lf eet o n
sorted.
the go,
consider using a digital tool or app that allows you to snap photos of receipts and log income and expenses easily. KNOW WHAT YOU CAN CLAIM
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Tips and tricks to help you with the 23/24 tax return
A
siick a n d
i n t u iti v e
d ash b oar d
-
c u sto m ise d
f or yo u !
Vehicle costs - claim a proportion of fuel, maintenance and insurance
I n sta n t access to easiiy track costs a n d
sa v i n g
s
E asy
d ri v er a n d
R FID
car d
m a n age m e n t
Tools and equipment – expenses for purchasing and maintaining essential tools can often be deducted
O n e si m pie
m o n thiy i nv oic e
WHAT IS MAKING TAX DIGITAL OR MTD?
Protective clothing and uniform – safety gear, uniforms, and other essentials may be tax deductible
H assie - f ree
b iiii n g
(no driver expenses!)
HMRCs Making Tax Digital aims to simplify and modernise the UK tax system, moving away from paper records. It requires businesses and the self-employed to keep digital records and submit to HMRC through a compatible software. For many, this change may feel daunting, but it’s designed to make tax reporting more accurate and efficient. HMRC has a list of approved software providers, to find one simply search for ‘Find software that works with Making Tax Digital for Income Tax’. HMRC may require more frequent reporting, perhaps even quarterly as part of this change, so it is best to familiarise yourself with your options early.
Travel and food – if you work at different locations, you may be able to claim travel and meal costs
S i gn
up
toda y
&
p a y
£0
s u. s cr i p tio n
c osts fo r
3
mo n ths !
SEPARATE PERSONAL AND BUSINESS FINANCES It sounds obvious, but you will be surprised how many mix the two! One bank account or one way of paying for things can complicate your tax return as you have to separate expenses and can increase the risk of errors. PLAN FOR PAYMENTS ‘ON ACCOUNT’ You may need to make ‘payments on account’ twice a year to cover income tax and national insurance, try and set aside some of your earnings regularly so you aren’t caught off guard. GET PROFESSIONAL ADVICE If your tax is complicated or you aren’t sure which expenses to claim it’s wise to consult an accountant. This ensures you are compliant but also allows you to focus on growing your business.
Electroverse credits
Electroverse credits
£12.50
£5.00
Total kWh
Lifetime CO2 saved
Total kWh
Lifetime CO2 saved
482 2,143kg
482 2,143kg
1¤th May 2024
Electorverse Credit
+£29.15
Applied to the next payment
1¤th May
Ionity
£6.58
Electroverse Credit
15:21 / 22.7kWh
+£5.00
Applied to the next payment
Downside
12th May 2024
£24.72
18:41 / 37.5kWh
Osprey
£20.84
12th May
10:26 / 57.88kWh
Rue Aristide Briand 352
Partnered with Electroverse
£20.70
Works with Electroverse
14:45 / 31.3kWh
11th May 2024
20 %
discount
b etween 7 - 11pm
4/6
Mer
11th May
£12.53
19:56 / 32.14kWh
138 Ivydale Road ,
S E15 3B T
9A Cheam Road
15 km away
£12.05
electroverse
19:56 / 18.2kWh
NewMotion
£3.87
15:07 / 12.91kWh
50Kw
£0.85
2/20
Oakley Place
up to
/kWh
availa
b
le
£5.70
price
f
ro
m
06:56 / 8.6kWh
C
harge poi
n
t
m
a
x
spee
d
price
f
ro
m
£0.65
(
per k
W
h
)
£0.65
51
a
v
ai la
b
le
(
k
W)
(
per k
W
h
)
8th May 2024
S tart a charge
Charlton Kings
Osprey
£8.49
ST AR
T
C H
AR
G E
£15.60
19:56 / 12.8kWh
11:14 / 57.88kWh
138 Ivydale Road ,
S E15 3B
T
15 km away
Map
Receipts
Profie
18.
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Checkatrade Magazine December 2024
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