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…
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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…
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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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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…
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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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From April 2026, many self-employed individuals and landlords are required to submit quarterly updates to HMRC under Making Tax Digital for Income Tax. Missing your first submission does not mean the requirement disappears, and it is important to act as soon as possible. HMRC operates a points-based penalty system for late submissions. Each missed quarterly…
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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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If you are required to file a Self Assessment tax return but miss the deadline, HMRC may charge penalties even if you have no tax to pay. The initial late filing penalty is £100, and additional penalties can apply if the return remains outstanding. Interest will also be charged on any unpaid tax, and further…
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Financial difficulties don’t always mean that closing your company is the only option. In many cases, there are legal ways to improve the situation or reduce the impact if action is taken early. The biggest mistake is ignoring the problem or relying on promises of a quick fix. The longer you wait, the fewer options…
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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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