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From September 2026, HMRC has started automatically signing up taxpayers for Making Tax Digital (MTD) for Income Tax. This applies to sole traders and landlords who are required to use the new system for the 2026/27 tax year but have not signed up themselves or through an accountant. If HMRC’s records show that your qualifying…
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HMRC is reminding sole traders and landlords who are already using Making Tax Digital (MTD) for Income Tax about the upcoming second quarterly reporting deadline. The update must be submitted by 7 November 2026. This requirement applies to taxpayers whose combined qualifying income from self-employment and property exceeds £50,000. It is the next stage of…
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Not every director of a UK limited company pays business expenses directly from the company’s bank account. Sometimes there is a need to purchase equipment, pay for software, cover travel costs or settle supplier invoices using a personal bank card. This payment method is not automatically a problem, but each transaction must be properly recorded…
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Many people do not realise that HMRC may discover they have paid more Income Tax than necessary by the end of the tax year. This is known as a tax overpayment, and you may be entitled to claim the money back through a Tax Refund. Overpayments can happen for several reasons, including an incorrect tax…
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Taking on a second job can be a good way to increase your income, but it may also raise questions about tax. In the UK, Income Tax is calculated based on your total taxable income for the tax year, rather than treating each job as a completely separate source of income. This means that having…
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Putting your limited company on hold does not mean you can forget about it. Even if your LTD has no customers, sales or income, it usually still has legal obligations. Companies House requires dormant companies to file annual accounts and a confirmation statement by the relevant deadlines. A dormant company may be eligible to file…
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Closing a limited company involves more than simply stopping trading and applying to Companies House to have it removed from the register. Before closing your LTD, you need to settle outstanding debts, deal with any remaining contracts and make sure the company’s tax affairs are up to date. Your company may still need to submit…
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Registering a limited company does not mean you have to start trading immediately. However, even if your company has no customers, sales or income, you may still have legal and reporting obligations. A company that has not started trading may qualify as dormant for Corporation Tax purposes, but this does not automatically remove its responsibilities…
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If you own a rental property with someone else, you might assume that only one person needs to deal with Making Tax Digital (MTD). However, each owner must meet their own MTD obligations if they individually fall within the rules. You do not submit one joint quarterly update simply because you share ownership of a…
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If you currently track your income and expenses in Microsoft Excel, you do not necessarily need to abandon your spreadsheet because of Making Tax Digital (MTD). HMRC allows you to keep using spreadsheets, but you must use compatible software to send your information to HMRC. This is where bridging software comes in. It connects your…
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