by admin | Jan 5, 2026 | HMRC, Self Employed, Tax
Struggling to pay your Self Assessment tax bill? Tax due under Self Assessment for the 2024/25 tax year must be paid in full by 31 January 2026. If you need to make a payment on account of your 2025/26 tax bill, the first payment on account must also be made by 31...
by admin | May 20, 2025 | Making Tax Digital, Self Employed, Tax
Making Tax Digital (MTD) for Income Tax is set to begin on 6 April 2026. It will replace the traditional Self-Assessment Tax Return system for self-employed individuals and landlords. The aim is to improve record-keeping and reduce errors by requiring regular updates...
by admin | Mar 4, 2025 | Making Tax Digital, Self Employed, Tax, Tax Planning
Food for thought before 5th April 2025 Have you considered the following: The Furnished Holiday Let (FHL) regime is ending and with it the ability to claim for capital allowances – we would advise buying any equipment you may have been considering by 5th April 2025....
by admin | Feb 13, 2025 | Accountancy, Self Employed
Starting from the 2024/25 tax year, significant changes have been implemented to the cash basis accounting method for sole traders and partnerships in the UK. These adjustments aim to simplify tax reporting and provide greater flexibility for businesses. The key...
by admin | Feb 7, 2024 | Business, HMRC, Self Employed, Tax
At the start of the year, the press widely reported that people with a ‘side hustle’ selling clothes online could ‘end up paying tax on their earnings’ The reporting of this suggested that there were new tax rules, however, that is not the...
by admin | Nov 27, 2023 | HMRC, Self Employed, Tax
From 6/4/24 NO Class 2 NIC will be payable by the self employed with profits over £6,725 including those with profits over £12,570. Anyone with profits under £6,725 can make voluntary class 2 NIC contributions should they wish to keep a full NIC...
