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Missed Your First MTD Deadline? What You Need to Know
The first quarterly deadline under Making Tax Digital (MTD) for Income Tax was 7 August 2026. This was the first reporting deadline for taxpayers who entered the new MTD system[…]
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Digital record-keeping means more than simply taking photos of receipts
Your records should contain enough information about each transaction, including the date, amount and description of the income or expense and, where relevant, details of the customer or supplier. This[…]
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Do You Need a Separate Bank Account for Your Business?
For self-employed individuals in the UK, having a separate business bank account is generally not a legal requirement. However, keeping business transactions separate from personal spending can make bookkeeping much[…]
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Income Dropped? You May Be Able to Reduce Your Payments on Account
If your income has fallen significantly, you do not necessarily have to keep paying the same payments on account as last year. Payments on account are normally based on your[…]
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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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