I sell on Online Market places, do I need to do Self Assessment?Yes, Selling online, even occasionally, creates taxable income When You Must File Record-Keeping Tips
I’m no longer Self Employed, How to stop Self Assessments the right wayIf you cease trading, you must notify HMRC to avoid unnecessary penalties. Steps Why It Matters
When to Register to file Self Assessments You must register if, during the tax year, you meet any of the following: Registration Deadline Practical Tips
What Your Self Assessment Should IncludeAccurate reporting ensures compliance and avoids penalties. Income to Include Allowable Deductions
How to pay Self Assessment tax bills (include taxcode adjustments if SA is submitted before 31 December) After filing, HMRC calculates the tax due and provides your unique payment reference. Payment Methods Tax Code Adjustment (Submitting Before 31 December)If you submit before 30 December and meet these criteria, HMRC may collect tax via your PAYE […]
HMRC Self Assessment Penalties (for Late Filing and Payment) HMRC applies penalties automatically if deadlines are missed. Late Filing Penalties Example: If your tax due is £1,000 and your return is 7 months late, HMRC can charge £300 + £50 (5% of tax due) plus daily penalties. Late Payment Penalties
Self Assessment Deadlines (filing and payment deadlines) For the 2024/25 tax year (6 April 2024 – 5 April 2025), HMRC has strict deadlines: Registration Filing Deadlines Payment Deadlines
Corporation Tax and Capital Allowances: Claiming Full Expensing & AIA For UK companies, capital allowances allow businesses to deduct capital expenditure from taxable profits — reducing their Corporation Tax bill. Plant & Machinery:Business-use assets such as machinery, tools, computers, vehicles, and certain fixtures. These typically qualify for capital allowances like AIA and Full Expensing. What […]
Capital Gains Tax (CGT) applies when you sell or dispose of an asset for more than you paid for it. This can include property that is not your main home, shares, cryptocurrency, or business assets. Annual CGT Allowance (2025/26)For the 2025/26 tax year, the tax-free allowance is: You only pay CGT on gains above this […]
Auto-Enrolment Duties for Employers: Workplace Pension ResponsibilitiesWho must be enrolled?You must assess each worker regularly.Criteria: Qualifying Earnings:These are the earnings between £6,240 and £50,270 (2025/26). The minimum 5% pension contribution applies only to this band, not the employee’s full salary. Minimum contribution rates (2025/26) Duties for new employersFrom your first employee, you have duties: