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Guide
April 22, 2022
Your Unique Tax Reference (UTR)
In order to file a self assessment you will need to obtain a UTR. You will get this when you register online for self assessment and it consists of a ten...
Tax Guides
Self-employed Guides
Personal Tax
Guide
April 22, 2022
What taxes are payable on gifted property?
For most people, the home we live in is our most valuable asset. It is important to ensure our loved ones can gain the maximum benefit from it after we die...
Property
Landlords
Inheritance
Guide
April 22, 2022
Setting up a HMRC personal tax account
If you still have it, you can use your existing Government Gateway ID. If not, you will need to be able to prove your identity to create an account. Just log...
Tax Guides
Government Gateway
Guide
April 22, 2022
Self-Assessment Tax Return – Things to remember
Things to remember for your Self-assessment Tax Return. Don’t miss the deadline! The standard deadline is the 31st January following the tax year just...
Tax Guides
Self-employed Guides
Guide
April 22, 2022
Paying rental income tax on jointly owned property
If you are a joint owner of a property with someone who isn’t your spouse or civil partner, the rental income you receive will be taxed based on the agreed...
Property
Rental Income
Landlords
Guide
April 22, 2022
Which businesses are exempt from Making Tax Digital
When HMRC’s Making Tax Digital initiative is achieved over the coming few years, it will have been a major change in the UK tax system and reporting...
Making Tax Digital
Tax Guides
Guide
April 22, 2022
Preparing your business for Making Tax Digital
This Government initiative came into effect from April 2019, which means that all businesses with a VAT-able turnover above £85,000 should now be complying...
Making Tax Digital
Tax Guides
Guide
April 22, 2022
Late self-assessment tax penalties
You run the risk of incurring a fine if you miss your deadline for HMRC to receive your Self-Assessment tax return. If you are posting a paper return, they...
Self-employed Guides
Tax Guides
Guide
April 22, 2022
Making Tax Digital guide for sole traders and landlords
Under the new MTD system, you will no longer be required to send in the usual annual Self-Assessment tax return. Instead, you will need to submit quarterly...
Making Tax Digital
Property
Landlords
Rental Income
Self-employed Guides
Guide
April 22, 2022
Benefits of the new Making Tax Digital system
HMRC’s ultimate goal for Making Tax Digital is to create a much more efficient, less expensive method of tax collection, which is as easy as possible for...
Making Tax Digital
Tax Guides
Guide
April 22, 2022
I don't need to complete a self-assessment tax return
As a self-employed worker you would have been required to submit a self-assessment tax return each year, so if you have decided not to carry on being...
Tax Guides
Self-employed Guides
Guide
April 22, 2022
How does self-employed payment on account work?
When you become self-employed, the way you pay your tax can be confusing at first: Terms such as ‘payment on account’ and ‘balancing payments’ need to be...
Tax Guides
Self-employed Guides
Guide
April 22, 2022
How do I pay my tax bill
Be aware of the deadlines. You need to ensure you make your payments by the due date. Otherwise, you risk incurring a fine as well as interest on the unpaid...
Government Gateway
Landlords
Self-employed Guides
Tax Guides
Guide
April 22, 2022
Find my Government Gateway User ID
How to find your Gateway ID to deal with their tax affairs online. When you first set up your account with the Government Gateway, your user ID would...
Government Gateway
Tax Guides
Guide
April 22, 2022
Expenses that you can claim for under CIS
When you are registered for CIS you are able to claim for a variety of expenses, which will reduce your taxable income and subsequently how much tax you have...
Tax Guides
Self-employed Guides
CIS