Making Tax Digital for Income Tax (MTD for IT) is one of the biggest changes to the Self Assessment system in recent years. From April 2026, many sole traders and landlords will need to keep digital records and submit quarterly updates to HMRC using compatible software. Although the new rules have been widely discussed, there…
For most business owners, paying tax isn’t the problem. The real frustration comes when the bill is much higher than expected. It’s a situation we see far too often. A business has had a successful year, but because there have been no conversations about tax along the way, the first time the owner discovers what…
The 2025 Autumn Budget confirmed a number of changes to how savings income will be taxed from April 2027. The headline increase appears relatively small, but the wider impact could be more noticeable once changes to allowances and ISA rules are taken into account. If you have savings, investments, or business cash reserves, now is…
Many business owners spend a huge amount of time focusing on sales, turnover, and growing the business. But one area that is often overlooked is how they actually pay themselves from the business. The reality is that the way you extract money from your company can make a significant difference to your personal tax position,…
One of the most common assumptions we hear from business owners is: “If it’s for the business, I can claim it.” Unfortunately, it’s not quite that simple. When it comes to allowable business expenses, HMRC applies a strict rule, and misunderstanding it can lead to disallowed claims, penalties, and unnecessary stress. In this guide, we…
When businesses spend money on events, food, or hospitality, one question comes up time and time again: Is this marketing, or is it business entertaining? It might seem like a small distinction, but from a tax perspective, it makes a big difference. HMRC treats marketing expenses and entertaining costs very differently, which can directly impact…
Completing your own Self Assessment tax return is entirely manageable. However, without the right preparation, it’s easy to make mistakes that can lead to penalties, missed tax savings, or unwanted attention from HMRC. Whether you’re self-employed, a landlord, running a side hustle, or earning income outside PAYE, this guide highlights the most common Self Assessment…
If your limited company pays interest on loans or makes certain annual payments, you may be required to submit a CT61 return to HMRC. This obligation often comes as a surprise to directors and small business owners, particularly where loans are informal or where interest is paid only occasionally. However, failing to file a CT61…
From April 2026, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will significantly change how sole traders report their income to HMRC. If your annual turnover from self-employment or property income exceeds £50,000, you’ll be required to keep digital records and submit quarterly updates using MTD-compatible software. Those earning over £30,000 will follow…
The 2025/26 tax year brought significant changes to VAT thresholds for the first time in several years. While the adjustments may seem small at first glance, they have already begun to influence pricing decisions, cash flow, and compliance responsibilities for small businesses across the UK. If your turnover is close to the VAT line, understanding…