There are 2m limited companies actively trading in the UK, making up about 37% of the total business population (source: Federation of Small Businesses). Some have one company director, while others have more. Company director income is often made up of a relatively small amount
Read more
Usually, each December, with the 31 January online-filing deadline looming, many people start to worry about completing their Self Assessment tax return, when they’d much rather be getting into the Christmas spirit. Even if you leave it until after Christmas, having to complete your Self
Read more
Which allowable expenses do buy-to-let landlords fail to claim? Although renting out property can offer excellent returns, it involves a wide variety of expenses, big and small. Thankfully, as you may know, many costs can be claimed as “allowable expenses”, which buy-to-let landlords can deduct
Read more
What are the tax implications of cryptoassets? Research suggests that some 2.3m adults in the UK now hold cryptoassets (also called cryptocurrency, crypto tokens or just “crypto”). That figure has increased by more than 400,000 since 2020 (source: Financial Conduct Authority), with more and more
Read more
Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. With the 31st October paper return deadline fast approaching, we thought it would be useful to look at the paper return and the other methods you
Read more
Should you register as a sole trader or form a limited company? COVID-19 helped to push UK business start-up figures to new heights in 2020. According to the Centre for Entrepreneurs, annual year-on-year UK business formations in 2020 rocketed by 13% to 772,002. A key
Read more
Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. This week MPs voted 319 to 248 for a 1.25 percentage point rise in National Insurance Contributions (NICs) for workers and employers to help fund health
Read more
Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. How much do you know about Making Tax Digital (MTD)? Well, if you’re a UK landlord you should know some basic facts, because MTD could affect
Read more
The ongoing British “staycation boom” is welcome news for furnished holiday lettings (FHL) property owners throughout the UK. Although international travel restrictions brought by the COVID-19 pandemic have been a key driver in 2021, the UK furnished holiday lettings market has shown strong, growing demand
Read more
Whether to pick up supplies, drop off deliveries, see customers or make site visits to quote for jobs, each year many self-employed people (AKA sole traders) rack up thousands of miles on UK roads while running their business. You may be self-employed and use your
Read more