USA presidential election. What the media is saying.
The 2024 U.S. presidential election is coming to an end. The election shaped into an extremely close race for the Republicans and the Democrats. The Republican candidate and former President Donald Trump is competing closely with Democratic candidate and current Vice President Kamala Harris.
Both candidates are campaigning hard in key battleground states, where the outcome of the election is still uncertain. These areas are popularly known as "swing states."
Who is Leading in the US Presidential Election?
According to the latest opinion polls, Trump holds a slight lead over Harris in each swing state. These crucial states include North Carolina, Georgia, Arizona, Nevada, Wisconsin, Michigan, and Pennsylvania. Because results in these states can easily shift, they are expected to play a decisive role in determining who will occupy the White House for the next four years.
could we be looking at a contested result?
When will we know who has won the US Presidential election?
Americans are voting for their next president in a general election that culminates on Tuesday 5 November.
Once polls close, depending on how close the contest is, it is possible a winner will not be projected for several hours, days or even weeks. Here's what you need to know.
When is the 2024 presidential election result expected?
Democrat Kamala Harris, the current vice-president, and Republican Donald Trump, the former president, have been running neck-and-neck for weeks.
National and swing state polls have tightened as 5 November draws closer, so there could be very narrow margins of victory in several places, which may require votes to be recounted.
It is also possible that some results may come in more slowly this year due to changes in how individual states - including all seven swing states that will ultimately decide the race - have administered their elections since 2020.
On the other hand, vote-counting has been sped up in places like Michigan, and far fewer votes will be cast by mail this time than in the last election, which was held during the Covid pandemic.
This means there are a number of possible outcomes - a winner declared on election night, the next morning or possibly days or weeks later.
2024 United States presidential election - Wikipedia
Election 2024: Campaign news, presidential polls and results | CNN Politics
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So, theoretically, could this affect the tax refund and tax rebate situation for self employed workers here in the UK?
Well, the straight answer is yes. However it is almost impossible to predict. Both a Harris or a Trump term in office is going to have an effect on the economics of the UK and here we are with a new government of our own. One thing is certain however. We here at www.selfemployedtaxback.com will be studying the situation closely and we will endeavout to keep you updated.
For a self employed tax rebate there are options - and one of them is us.
Our option is that for a self employed tax rebate, your best and most efficient route is to use the services of a tax agent like ourselves.
We pride ourselves on not charging one penny to any client unless, and only if we produce for them a tax rebate.
How to choose a tax agent
You can choose to use a tax adviser or agent to interact with HMRC on your behalf, particularly if you have complex tax affairs.
If you decide that you need a tax agent, you must make sure to choose the right tax agent carefully. This is because even if you use a tax agent, you remain responsible for your own tax affairs.
What you need to look out for
If you do decide to choose a tax agent, you should:
- check their website to see what tax services they offer
- read their terms and conditions so you fully understand the:
- fees you will pay
- legal contract you may be agreeing to
- service you’re signing up for
- check how much the agent charges and how and when you’re expected to make payment
- find out about their reputation and history (for example, search for online reviews or their Facebook page)
- make sure they have the right experience to help you, for example certain trade sectors or business sizes
- check they can provide all the services you need, for example, payroll, audit or investment
- ask if they’re registered for online access with HMRC so they can do your tax digitally
So, what do good agents do?
Tax advisers have a crucial role to play. Good agents help their clients with their tax obligations by providing reliable advice and ensuring they pay the right amount of tax at the right time. They ease the burden on their clients, leaving them confident that their tax affairs are in order and free to concentrate on their priorities, such as running their business.
In addition to ensuring that clients pay the right amount of tax, agents can also signpost them to the reliefs and allowances to which they are entitled. These benefits, combined with the extra reassurance they receive in knowing that their tax affairs are totally compliant, mean that many of our customers often prefer to use an agent. We know that customers with an agent tend to be more compliant than those who don’t.
However, there is scope for agents to add more value. For example, even though the majority of small businesses (72% according to the 2018 Individuals, Small Businesses and Agents Customer Survey) use an agent, the small business tax gap remains stubbornly high at £14 billion (2017/18).
Find out what you should look for if you want a tax agent to interact with HMRC on your behalf.
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self employed tax refund? let's see an example.
Understanding tax responsibilities is vital for self-employed tradespeople like carpenters, electricians, and plumbers; it’s not just about following the rules but a critical aspect of creating a thriving business.
For those in trade services such as plumbing, electrical works, carpentry, etc., your taxable income encompasses more than the incoming cash flow—it also includes what you have invoiced to your customers, even if cash has yet to be received. You also have the added advantage of claiming expenses as deductions or following the simplified expenses route.
If you are a freelancer a self assessment tax return is compulsory. Comprehending different tax levels and precisely determining Income Tax and National Insurance liabilities can make a huge difference in your tax planning activity and reduce the amount of tax you pay.
expenses
It’s crucial to recognise which expenditures can diminish your tax. For tradesmen like yourself, this could relate to outlays on tools, gear, or industry-specific transport costs. Collecting documentation isn’t optional; it’s essential – serving as a significant safety in case of an HMRC investigation.
Understanding the eligible Deductions for Self-Employed Trades in Carpentry, Electrical Work, and Plumbing is crucial for reducing tax liabilities. Carpenters, electricians, and plumbers can deduct various expenses from their taxable income.
Tools and Equipment Costs
Expenses for purchasing or repairing essential trade tools and equipment are deductible. This includes everything from small hand tools to large machinery. The cost may be spread over several years through capital allowances for more durable items.
Job Material Usage
Buying job-specific materials, such as wood for carpenters, wiring for electricians, or pipes for plumbers, can lower taxable income.
Business Vehicle Use
Costs associated with using a vehicle for business, including fuel, servicing, insurance, and maintenance, are deductible. Deductions can be based on the standard mileage rate or actual expenses; keeping detailed driving logs is crucial.
Work-Related Travel Expenses
Overnight lodging and transport costs and meals during business trips are legitimate deductions.
Professional Insurance and License Renewal Fees
Expenses for professional insurance and costs for obtaining or renewing professional licenses are deductible.
Continuing Education
Costs for workshops, relevant periodicals, or educational events that enhance vocational skills are tax-deductible.
Marketing Expenses
Necessary expenses for promoting services, such as website hosting, digital advertising, and other promotional activities, are deductible.
Subcontractor Payments
Payments made to subcontractors can be deducted from revenue.
Business Communication Expenses
Proportionate costs of phone and internet services used for business purposes are deductible.
CONCLUSION.
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hMRC self employed tax return - why bother?
If you’re self-employed, and wondering what on earth is a HMRC self employed tax return then first you need to establish the basics. your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.
For example, if your turnover is £40,000 and you claim £10,000 in allowable expenses, you’ll only pay tax on the remaining £30,000 - known as your taxable profit.
A Self Assessment tax return can look daunting. But if you’re prepared, organised and understand what you’re being asked for, it’s a lot simpler than it looks. Make sure you understand the form so you can file it correctly and avoid paying any penalties.
Do I need to fill in a Self Assessment tax return?
Yes, if:
- your self-employment income was more than £1,000 (before taking off anything you can claim tax relief on)
- your income from renting out property was more than £2,500 (you’ll need to contact HMRC if it was between £1,000 and £2,500)
- you earned more than £2,500 in untaxed income, for example from tips or commission
- your income from savings or investments was £10,000 or more before tax
- you need to pay Capital Gains Tax on profits from selling things like shares or a second home
- you’re a director of a company (unless it was a non-profit organisation, such as a charity)
- you, or your partner’s, income was over £50,000 and you’re claiming Child Benefit
- you have income from abroad that you need to pay tax on, or you live abroad but have an income in the UK
- your taxable income was over £100,000
- if you earned over £50,270 in the 2023/24 tax year and make pension contributions you might have to complete an assessment to claim back the extra tax relief you’re owed
- you’re a trustee of a trust or registered pension scheme
- your State Pension was your only source of income and was more than your personal allowance
- you received a P800 from HMRC saying you didn’t pay enough tax last year.
You can also fill in a Self Assessment tax return if you want to make voluntary Class 2 National Insurance contributions. This will help you qualify for benefits such as the State Pension. Since April 2024, if you’re self-employed, you will no longer need to pay Class 2 National Insurance contributions when you complete your taxes, unless your profits are less than £6,725 and you wish to pay voluntarily.
How to register for a Self Assessment tax return
If you’ve never submitted a return before, you’ll first need to register for Self Assessment.
There are different ways to register if you’re self-employed, not self-employed but need to declare income, or if you’re in a partnership.
When you’ve registered, you’ll be sent your Unique Taxpayer Reference (UTR).
If you want to submit your Self Assessment form online, you’ll then need to set up a Government Gateway account. To do this, follow the instructions in the letter containing your UTR.
When you’ve set up the account, you’ll get an activation code in the post. You’ll then need to complete the set-up of your Gateway account.
If you’ve submitted Self Assessment tax returns before, you’ll need your old UTR to register and set up the account.
It’s best to make sure you can access your Gateway account before you try to submit your Self Assessment. This saves time if, for any reason, you can’t log in.
Still too difficult? No problem, we will help
Simply go to our home page and click the TAX REBATE/TAX RETURN button and we will take it from there.
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Self employed income tax refund
Achieving a Self Assessment income tax refund can look daunting. But if you’re prepared, organised and understand what you’re being asked for, it’s a lot simpler than it looks. First, make sure you understand the tax return form so you can file it correctly and avoid paying any penalties.
If you’ve never submitted a return before, you’ll first need to register for Self Assessment.
There are different ways to register if you’re self-employed, not self-employed but need to declare income, or if you’re in a partnership.
When you’ve registered, you’ll be sent your Unique Taxpayer Reference (UTR).
If you want to submit your Self Assessment form online, you’ll then need to set up a Government Gateway account. To do this, follow the instructions in the letter containing your UTR.
When you’ve set up the account, you’ll get an activation code in the post. You’ll then need to complete the set-up of your Gateway account.
If you’ve submitted Self Assessment tax returns before, you’ll need your old UTR to register and set up the account.
Common mistakes to avoid
Avoid this to maximise your self employed income tax refund.
When you’ve registered, you’ll be sent your Unique Taxpayer Reference (UTR).
If you want to submit your Self Assessment form online, you’ll then need to set up a Government Gateway account. To do this, follow the instructions in the letter containing your UTR.
When you’ve set up the account, you’ll get an activation code in the post. You’ll then need to complete the set-up of your Gateway account.
If you’ve submitted Self Assessment tax returns before, you’ll need your old UTR to register and set up the account.
Or why not make it easy and allow us to help.
Simply go to our home page and click the TAX REBATE/TAX RETURN button, quickly register yourself and we will do all the hard work for you. Remember, if we don't succeed in securing your rebate, it does ot cost you a penny.
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