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 claiming personal meals, everyday clothing, private travel or household purchases as business expenses. Some costs can have both business and personal use, such as a…
Read more
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…
Read more
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 registration, but processing can sometimes take longer. Your UTR may also already be available through your HMRC online account or app. First, check your online…
Read more
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…
Read more
For the 2026/27 tax year, the main UK Corporation Tax rate remains at 25%, while companies with profits of up to £50,000 generally pay the 19% Small Profits Rate. For profits between £50,000 and £250,000, Marginal Relief may apply. This means the effective tax rate increases gradually rather than jumping directly from 19% to 25%.…
Read more
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…
Read more
Missing a tax deadline is more than an inconvenience. HMRC can charge penalties and interest, so businesses need to know both when a return is due and when the tax payment must be made. Key deadlines include: Exact dates can vary depending on your accounting period, VAT scheme, payroll schedule and individual circumstances. The best…
Read more
UTR and National Insurance Number are often confused, especially by people who are new to working or running a business in the UK. Both are connected to the tax system, but they serve different purposes. A UTR (Unique Taxpayer Reference) is a unique 10-digit number used by HMRC to identify a taxpayer. It is commonly…
Read more
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…
Read more
Starting your self-employed journey in the UK comes with several important responsibilities. One of the first steps is registering with HMRC to receive your Unique Taxpayer Reference, which is required for filing your Self Assessment tax return and managing your tax affairs. From the first day of trading, it is important to keep accurate records…
Read more
Incorporated in England and Wales under number 04126052 whose registered office is at 7 Westmoreland House, Cumberland Park, London NW10 6RE © 2026
