A Dormant Company is a limited company that is officially registered with Companies House but is not currently carrying out any business activity or receiving income. Simply, the company is not trading and receiving absolutely no income. That means it is not: Selling...
When sending large sums of money to HMRC, many taxpayers only feel at ease once they confirm their payment has cleared. The good news is that checking whether HMRC has received your payment is simple. Who Needs to Pay Tax to HMRC? Not everyone needs to pay HMRC...
A Confirmation Statement is an annual report that directors submit to Companies House. It confirms details about your business, such as: Registered office address Details of directors and shareholders Standard Industrial Classification (SIC) codes to describe business...
HMRC is facing mounting criticism over long delays in processing tax refunds. In cases, individuals and businesses have been waiting more than four months to receive their money. This marks a sharp increase from the previous average of four to six weeks. For small...
Full Expensing is a tax relief which should encourage businesses to invest in their own growth. It allows them to claim the entire cost of qualifying Plant and Machinery in the year they purchase it. This immediate deduction reduces your taxable profits and frees up...
If you have ever registered a company in the UK, you have likely come into contact with “SIC Codes”. But what actually are they and why do they matter to your business? What is a SIC Code? SIC Code stands for “Standard Industrial Classification...
If you run a limited company in the UK, many of your legal obligations rely on one small but powerful tool: The Companies House Authentication Code. This unique code acts as your digital signature and grants you secure access to update your company’s information...
Whether you are launching a freelance career or building a full-time business, the first step is to register as Self-Employed with HMRC. This makes sure you declare your income properly and that you meet all legal obligations. What Does It Mean to Be Self Employed?...
If you are self-employed or submit a Self Assessment tax return, you should be familiar with Payments on Account. These advance payments help spread the cost of your tax bill across the year, preventing one large lump sum. The Second Payment on Account is fast...
Every limited company in the UK must file Annual Accounts. These accounts, often referred to as Statutory Accounts, provide a detailed and transparent view of your company’s financial position over the past year. Filing these accounts is a legal obligation. What...
Companies House is the UK’s official register of companies. If you run a limited company in the UK, you must provide specific information that becomes publicly available. This requirement supports a wider framework of corporate openness. Why Must Company...
To increase transparency and reduce fraud, Companies House now requires you to verify your identity if you manage or own a UK-registered company. This is part of the Economic Crime and Corporate Transparency Act 2023 and therefore represents a shift in how companies...
HMRC Interest Rates are a major consideration for business owners. These rates, now firmly tied to the Bank of England Base Rate, bring sharper consequences for late payments and a clearer reward system for overpayments. How HMRC Sets Interest Rates Legislation...
From 31st March 2026, the Joint Filing Service provided by HMRC and Companies House will permanently close. This long-standing and free service has allowed small companies to submit both their Annual Accounts and Company Tax Return in one convenient step. However,...
HMRC has reported a loss of £47m due to a large-scale phishing scam which targeted the UK tax system in 2024. Organised crime gangs carried out this fraud by exploiting stolen personal information to create new tax accounts or by hijacking existing ones. Using these...
The UK Government is accelerating its rollout of Making Tax Digital for Income Tax (MTD IT) and recent announcements have added greater clarity to the direction of travel, from a threshold drop to no more online filing alternative. MTD IT Income Threshold to Drop in...
With the gradual rollout of Making Tax Digital for Income Tax (MTD IT), HMRC is introducing a new penalties system. These updated rules are stricter, more structured and far more time-sensitive that many taxpayers are used to. Who Will Be Affected By MTD Penalties?...
Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) aims to simplify the UK’s tax system by moving to digital records and regular reporting. Instead of submitting an annual Self Assessment tax return, you will: Keep digital records of income and expenses...
Making Tax Digital (MTD) is a government initiative to modernise the tax system, making it more effective and efficient. It requires businesses to keep digital tax records and submit VAT returns using HMRC-approved software. MTD helps businesses avoid common mistakes...
Making Tax Digital (MTD) is a government initiative to modernise the tax system by encouraging businesses, landlords and individuals to keep digital records and submit tax information using compatible software. The goal is to simplify tax compliance and ensure tax is...
A Time to Pay arrangement is an agreement with HMRC to pay tax debts in instalments, rather than in one lump sum. This scheme covers most types of tax debts, including: Corporation Tax PAYE Self Assessment VAT You will make monthly payments via Direct Debit. While the...
E-bikes are bicycles equipped with an integrated electric motor and battery. This motor assists the rider’s pedalling, making cycling less effort-intensive. While they still require pedalling, the electric assistance can provide a boost, especially when climbing...
Going Paperless with the HMRC App If you find yourself puzzled by the absence of your usual Self Assessment letter, you’re not alone. HMRC is reducing the number of paper communication it sends, encouraging taxpayers to manage their affairs digitally. If you’re...
The Employment (Allocation of Tips) Act From 1st October 2024, millions of workers across the UK will see a boost to their earnings, thanks to the Employment (Allocation of Tips) Act. This new law has been put in place to allow workers to keep 100% of their tips,...
