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Brief overview of crypto taxes and HMRC Tax Bill Welcome to the world of crypto investing! As exciting and profitable as it can be, it also comes with the responsibility of paying taxes on your gains. HMRC, or Her Majesty’s Revenue and Customs, is the UK’s tax authority, and it requires crypto investors to pay […]

Tax records are essential for both individuals and businesses, as they provide important documentation for income, deductions, and tax liabilities. Keeping accurate and organized records is not only essential for tax compliance but also for financial planning and management. In this blog, we’ll explore the different types of records that sole traders and limited companies […]

Introduction Value Added Tax (VAT) is a tax on the value added to goods and services during their production and distribution. In the UK, businesses that are registered for VAT must submit regular VAT returns to HM Revenue and Customs (HMRC). Failing to submit VAT returns accurately and on time can result in hefty penalties […]

Many people aspire to be self-employed, and if you are an individual running your own business, you are considered a “Sole Traders.” There are many benefits to being a sole trader, such as the ability to set your own schedule and achieve a good work-life balance. Additionally, you get to keep all of your business’s […]

When an economic downturn occurs, there are various steps you can take to protect your business and ensure it survives. This guide outlines your options. Understand your finances During an economic downturn, it’s crucial to have a comprehensive understanding of your company’s financial status. This entails knowing your cash reserves and whether they are sufficient […]

As we prepare for the start of a new tax year, many self-employed freelancers, contractors, sole traders, and small businesses across the UK are eagerly anticipating the Spring Budget. Chancellor Jeremy Hunt recently delivered his highly anticipated budget, which he dubbed “a budget for growth.” UK Economy Outlook In general, the UK economy’s outlook for […]

As tax season approaches in the UK, many individuals and businesses find themselves struggling to complete their Self Assessment tax returns. However, with the help of HMRC’s digital assistant, the process can become much more manageable. In this blog post, we will take a more in-depth look at the HMRC digital assistant and how it […]

Are you ready to become an employer for the first time? This is huge news! If you’re just getting started, you might be glad to know about Employment Allowance relief. This allows employers who have 2 or more employees (or companies with 2 or more directors) to reduce the cost of their National Insurance contributions […]

With another self-assessment deadline been and gone, it can often feel like the years come around exceptionally quickly when you’re posed with the task of the dreaded tax return. If you’ve not been as organised as you’d like, or if you have not used an online MTD-compliant software to keep track of your outgoings and […]

Dividends are a source of income so (inevitably) you’ll need to pay tax on any that you receive. The dividend tax rate is different to the rate of income tax you might pay on other types of earnings, so this can make things seem a bit confusing. In this article we explain how dividends work, […]