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Rules have changed over recent years so here is what you need to know: Capital gains tax on UK residential property now has one big practical rule: if you owe tax when you sell, you normally have to tell HMRC and pay it within 60 days of completion. That is a big change from the old system, where you could often wait until your next tax return.​ When these rules apply They apply if you sell a UK home that is not fully covered by main‑residence relief, such as: A buy‑to‑let or

If you’re just starting a business or thinking about selling products or services in the UK, one question you might have heard is: “Do I need to register for VAT?” VAT can sound complicated, but don’t worry — by the end of this post, you’ll know exactly when a business needs to register in the UK, without any confusing jargon. What Is VAT Anyway? VAT stands for Value Added Tax . It’s a tax that most businesses must charge on the things they sell and pay on the things they b

What is Making Tax Digital for Income Tax (MTD for ITSA)? Making Tax Digital (MTD) is the HMRC initiative to modernise the UK tax system by moving from annual, paper-based reporting to more frequent digital reporting. While MTD for VAT is already fully in force, the next phase is extending digital requirements to income tax for sole traders and landlords. Under MTD for ITSA, affected taxpayers will need to: Keep digital records of income and allowable expenses Use software c

Navigating taxes can feel overwhelming for business owners. The various deadlines set by HMRC can lead to confusion. Whether you're a sole trader with a self-assessment tax return or a limited company managing corporation tax, knowing these deadlines is crucial. Missing them can lead to penalties that add to the stress. This post provides a clear overview of the HMRC deadlines for self-assessment and corporation tax, ensuring you stay on top of your tax obligations. A calenda