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Starting a Business Mid-Year: What Happens to Your Tax?
Starting your self-employed business halfway through the tax year does not mean you only have to deal with HMRC for half a year. The UK tax year runs from 6[…]
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What Are Payments on Account and Why Is Your Tax Bill Higher Than Expected?
If you are new to Self Assessment, your first tax bill may be higher than expected because you may need to pay your tax bill plus the first payment on[…]
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MTD and Joint Property Owners: Who Has to Report?
If a rental property is jointly owned by two people, each owner is responsible for their own share of the property income for tax purposes. For example, if two people[…]
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Digital Records: What HMRC Actually Needs to See
Under Making Tax Digital (MTD), keeping digital records means more than simply taking photos of your receipts. Your records should contain enough information to clearly show your business income and[…]
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Business vs Personal Expenses: Where Is the Line?
Not every expense you pay while running a business is automatically tax-deductible. The key question is whether the expense was incurred wholly and exclusively for business purposes. Common mistakes include[…]
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How MTD Will Change the Way Landlords Keep Records
Under Making Tax Digital (MTD) for Income Tax, you must keep digital records of expenses that are incurred wholly and exclusively for your business. This can include office costs, business[…]
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What to Do If You Haven’t Received Your UTR?
If you have registered for Self Assessment but haven’t received your Unique Taxpayer Reference (UTR), don’t submit a new application straight away. HMRC normally sends your UTR by post after[…]
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What Expenses Must Be Recorded Under MTD?
Under Making Tax Digital (MTD) for Income Tax, you must keep digital records of expenses that are incurred wholly and exclusively for your business. This can include office costs, business[…]
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