A Unique Taxpayer Reference (UTR) number is a ten-digit code required by all sole traders, partnerships, and limited companies in the UK. It’s unique to that individual or organisation and remains unchanged forever. You will also need a UTR if you have other forms of
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How much UK rental income is tax-free if you’re a UK landlord living overseas? It’s a dream that many people in Britain have. Move to another country, somewhere sunnier, to work or retire. For those who choose to live their dream, living overseas is often
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Contractors Ditch the jargon – Self assessment explained! Understanding Self Assessment can be challenging for many contractors and self-employed people. The technical information can be difficult if not impossible to understand, while – let’s face it – it’s hardly the most interesting subject. And the
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Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. As the new tax year for 2022 gets under way there are increasing living costs, hikes in NIC and the uncertainty of future increases. That’s why
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Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. Self Assessment Deadline Delay – Could you be charged? You were still required to send HMRC your 2020/21 Self Assessment tax return and pay any tax
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More than 12m people file a Self Assessment tax return each year, which is almost a fifth of the UK population. They include sole-trader bricklayers, plumbers and plasterers, as well as hairdressers, cake makers and chefs, and self-employed tutors, translators and tattoo artists. People of
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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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Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. Can you really afford to leave your self-assessment tax return until 28th February? If you have income from being a self-employed landlord, freelancer or sole trader
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Update January 2023: Making Tax Digital MTD for income tax has been delayed by two years until April 2026. There are always people who prefer paper-based accounting and self-assessment, reluctant or uninterested to learn to use new tools, they prefer physical copies over digital documents.
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Expat landlords make money from renting out their property to others. This means they will need to complete an annual Self-Assessment tax return form (which tells HMRC how much Income Tax they will owe on any earnings) and submit it before the 31st January deadline.
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