Update 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
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A 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
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In 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
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The 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
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For 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
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Update 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
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If 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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Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. Time to get ready for the new tax year. The UK tax year starts on 6th April and runs to 5th April the following year. It’s
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Chancellor Rishi Sunak yesterday unveiled the nations finance plan in the Budget 2021. British Expat Money take a look at what this means for the self-employed. Budget 2021 Key announcements Two further SEISS grants will be paid to the self-employed in 2021; 600,000 of the
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The government have announced a route out of the pandemic in England, however it continues to impact our way of life and it’s never been so important to manage finances and plan ahead. Understanding the latest tax changes and how they will affect you can
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