Many small business owners believe that accountants are only necessary for large companies with high turnover and multiple employees. In reality, small businesses are often the ones most exposed to reporting errors, missed deadlines, and unnecessary tax costs. An accountant does much more than submit returns. They help manage finances, identify allowable expenses, and ensure…
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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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Having no income does not always mean you can skip filing a tax return. If HMRC requires you to submit a Self Assessment tax return, you must do so even if you earned no income during the tax year. In this case, a nil tax return is filed to confirm that no income was received.…
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Yes, you can. If you provide services to a company as an independent contractor, you can register as self-employed and invoice the company instead of being employed. However, your working arrangement must genuinely reflect self-employment. If you work under the company’s control, follow a fixed schedule, and perform the role of an employee, HMRC may…
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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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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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