Many people believe that once they register as self-employed, all they need to do is work and earn an income. In reality, there are several important responsibilities that are often overlooked. The most common mistakes include not keeping accurate records of income and expenses, failing to save receipts and invoices, and not setting money aside…
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Many business owners believe that registering a UK LTD is the hardest part. In reality, setting up the company is only the beginning, and there are several important obligations that are often overlooked. One of the most common mistakes is failing to register for Corporation Tax on time. Many directors also delay opening a business…
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Not all costs can be claimed as business expenses in the UK. HMRC only allows expenses that are incurred wholly and exclusively for business purposes. If a cost is personal or has a mixed use that is not properly apportioned, it cannot be fully claimed. Common mistakes include claiming personal shopping, everyday meals (unless they…
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The UK Government has confirmed that the planned changes to Companies House accounts filing requirements will now come into effect from April 2028, rather than 2027. This gives businesses additional time to prepare for the new reporting requirements. Under the new rules, most companies will be required to file their accounts electronically using compatible accounting…
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Many taxpayers make the same mistakes when moving to Making Tax Digital. Waiting until the last minute, failing to keep digital records throughout the year, or using software that is not compatible with HMRC can all lead to unnecessary stress and compliance issues. Another common misunderstanding is believing that quarterly updates replace the annual tax…
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Making Tax Digital (MTD) for Income Tax requires more than simply submitting a report every quarter. If you are affected by the new rules, you must keep digital records of your business income and expenses and use HMRC-compatible software to submit your quarterly updates. It is important to remember that quarterly updates do not replace…
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One of the most common mistakes when closing self-employment with HMRC is failing to officially notify them. If you don’t report that you’ve stopped trading, your self-employed status remains active, and HMRC will continue expecting annual Self Assessment tax returns even if you have no income. Another frequent issue is an incorrect final tax return.…
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If you stop working as self-employed in the UK, you must officially inform HMRC. Simply ceasing activity is not enough — until you notify HMRC, you are still considered self-employed and may be required to file tax returns. To close your self-employment status, you need to deregister through your HMRC Self Assessment account or contact…
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Many business owners assume they can simply strike off a company even if it has outstanding debts. However, creditors can object to the strike-off, and in many cases this route is not allowed at all. If a LTD company cannot pay its debts, a formal insolvency procedure may be required instead of strike off. Directors…
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If a UK Ltd company is no longer trading, it must still be formally closed. Simply stopping business activity does not remove legal obligations to HMRC and Companies House. If the company has not traded for at least 3 months, has no debts, and meets other conditions, it may be eligible for voluntary strike off…
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