Category: Companies House

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 travel, professional fees, insurance, advertising, software, equipment and other day-to-day business expenses. Not every payment needs to be recorded as a business expense. Personal spending…
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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 travel, professional fees, insurance, advertising, software, equipment and other day-to-day business expenses. Not every payment needs to be recorded as a business expense. Personal spending…
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The way businesses are checked in the UK is changing. The Economic Crime and Corporate Transparency Act gives Companies House greater powers and introduces new requirements for company directors and owners. One of the key changes is identity verification. Company directors and People with Significant Control (PSCs) are required to verify their identity. Existing companies…
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Making Tax Digital for Income Tax became mandatory from 6 April 2026 for sole traders and landlords with qualifying income above £50,000. Those affected by MTD must keep digital records of their income and expenses and send quarterly updates to HMRC using compatible software. The first quarterly update for the 2026/27 tax year was due…
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One of the biggest misconceptions about Making Tax Digital is that quarterly updates mean you’ll have to pay Income Tax every three months. In fact, quarterly submissions are for reporting your income and expenses to HMRC – they are not tax payments. The purpose of these updates is to give HMRC a clearer picture of…
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Many people believe that once they stop working as self-employed, they no longer need to file a Self Assessment tax return. However, if HMRC still expects a return from you, simply not submitting it can result in automatic penalties. Closing your business or becoming employed does not automatically cancel your Self Assessment obligations. You should…
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Dealing with large debts, can leave any business owner searching for a quick solution. One of the most common misconceptions is that closing a company will automatically remove legal responsibilities. In reality, creditors may continue seeking the money owed even after a company enters into insolvency procedure. Trying to avoid liability through artificial arrangements often…
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Setting up a Limited Company in the UK is a straightforward process when you have the necessary information prepared. Providing accurate details from the start helps avoid delays and ensures your company is registered correctly with Companies House. To register your Ltd, you will typically need proof of identity and address for each director, your…
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There are many misconceptions about Making Tax Digital (MTD). One of the biggest myths is that businesses will have to pay tax every quarter. In fact, quarterly submissions are only updates sent to HMRC—they do not automatically mean quarterly tax payments. Another common myth is that MTD applies to everyone. In reality, the rules are…
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Have you moved house, changed your phone number, or updated your email address? Many business owners don’t think to inform HMRC, assuming it’s only a minor detail. In reality, HMRC uses these contact details to send important notices, tax reminders, and updates about your account. Missing a letter or notification doesn’t remove your responsibility to…
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