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 moreThe 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 moreWhether 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 moreUpdate January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. Payment on account can be one of the most common stumbling blocks when it comes to your self-assessment tax return. Although it was introduced as an
Read moreA hobby is an activity performed for fun, whether that’s making art prints of movie stills or teaching guitar basics on YouTube. When this activity becomes monetised, that’s when you draw the attention of HMRC and your hobby may be regarded as a business. Once
Read moreIn the UK, landlords are able to save tax by sharing the Personal Allowance of their lower-earning spouse. This way, they can maximise the total household’s take-home pay without falling foul of the taxman. However, there are strict rules. And it’s for this reason that
Read moreThe Self-Employed Income Support Scheme (SEISS) has been a lifeline to many sole traders during the coronavirus pandemic. Provided they’ve met the necessary criteria, these individuals have been supplemented with up to 80% of their average trading profits. However, these grants are taxable – meaning
Read moreFor many people, becoming their own boss is the dream. They get to work in an industry they love, choosing their own clients and – better yet – their own hours. The only problem is that becoming self-employed isn’t that straightforward. At least, not on
Read moreUpdate January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. On 1st April 2021, the soft-landing period for eligible businesses over the VAT threshold to comply with Making Tax Digital (MTD) for VAT will come to
Read moreIf you as an expat sole trader want to prepare for the 2021/22 tax year, then look no further than Rishi Sunak’s much-talked-about Budget. In it, the Chancellor promised to do whatever it takes to protect jobs and livelihoods, and outlined how the government intends
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