Making Tax Digital for Income Tax has already gone live for self-employed people and landlords earning over £50,000. We covered this in our guide to HMRC's automatic MTD sign-up, back in September … [Read more...] about MTD £30,000 Threshold: Are You Ready for April 2027?
tax deadlines
Important: HMRC Is Now Automatically Signing People Up for MTD for Income Tax
If you're a sole trader or landlord in East Lothian or Edinburgh, HMRC automatic MTD sign-up is now underway. HMRC's approach to Making Tax Digital has changed. It used to say "you should sign up" for … [Read more...] about Important: HMRC Is Now Automatically Signing People Up for MTD for Income Tax
How to Budget for Your Tax Bill as a Sole Trader
One of the biggest financial challenges for self-employed people is the tax bill. Unlike employees, sole traders don’t have tax deducted at source — it all comes due in one (or sometimes two) … [Read more...] about How to Budget for Your Tax Bill as a Sole Trader
What to Do If You’ve Missed the Self Assessment Deadline
The 31 January deadline for Self Assessment is one of the most important dates in the tax calendar — but life happens, and sometimes it gets missed. If you’ve not filed or paid on time, the most … [Read more...] about What to Do If You’ve Missed the Self Assessment Deadline
What Is a Payment on Account — and Why Is HMRC Asking for Double?
If you’ve just filed your first Self Assessment return and the bill from HMRC is almost twice what you were expecting, you’ve just discovered payments on account. It’s one of the … [Read more...] about What Is a Payment on Account — and Why Is HMRC Asking for Double?
Self Assessment Penalties — How to Avoid Them
Missing a Self Assessment deadline isn't just stressful — it's expensive. HMRC's penalty system means that even a single day late can trigger an automatic fine, and the charges mount up quickly the … [Read more...] about Self Assessment Penalties — How to Avoid Them