New tax year... but what does it mean for you?
The 2019/20 tax year started on 6th April 2019 - but what does this mean for you?
> Out with the old
Firstly, it means that the 2018/19 tax year has ended (as of 5th April). So, assuming you're already registered as self-employed, HMRC are going to get in touch and ask you to submit your tax return for the last tax year. Deadline is 31st January 2020 to submit it. Our 'new tax year' resolution? The same as last year of course! To help as many of you as possible complete your tax return early to avoid that last minute stress and panic NOBODY wants!!
>> In with the new
Luckily for you, we've made this super straight forward by using Jo's last tax return to create a screenshot step-by-step guide. If that doesn't make you an 'eager beaver' to get going, then how about this...? We'll be hosting 'tax return parties' for you to come to if you would like a bit of extra guidance! Get on the mailing list for details.
A new tax year also means that your income and expenses for the year start at zero again and you have a new 'personal allowance' to earn before you have to start paying tax. This year, the personal allowance has increased from £11,850 last tax year to £12,500 this tax year (for higher-rate earners it will rise from £46,350 to £50,000, should this apply to you).
As ever, we want to conqueur fears and stress around the business bit of being a self-employed performer, so we're here to help you get this right. Use this website to read up and get to know what's what. Make sure you're recording your income and expenses like a pro from day one. Crack that and the rest falls into place - we think the SansDrama Online App is the best way to do this and we want this to be available for everyone, so it's only the price of a coffee each month. Let's face it, we no matter how strapped for cash we performers get, we love our coffee catch ups! BUT if you have your own system that works for you - go for it! Maybe you're a spreadsheet sensation? Jo certainly is not!
We bloomin' love it when you get in touch! So drop us a message if you have any questions and we will get back to you in a jiffy. Happy tax returning!
Love Jo and James x