Author: Wojciech
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Where can I find guidance on Making Tax Digital for income tax?
The most up-to-date and official rules are found on the GOV.UK website. You should look for the collection titled: “Making Tax Digital for Income Tax” Specifically, search for the page “Find out if and when you need to use Making Tax Digital for Income Tax.” This is the definitive source from HMRC that is updated…
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How to register as self employed for the first time?
To register as self-employed, you must tell HMRC by registering for Self Assessment. The quickest way is online: Step-by-Step Instructions 1. Check if you actually need to register You generally need to register if you earned more than £1,000 from self-employment between 6 April and 5 April the following year. This £1,000 is your “trading…
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What happens if you don’t pay your tax by 31st January
If you miss the 31st January deadline, HMRC will start charging you interest immediately (from 1st February) on any unpaid tax. Do not ignore it. If you cannot pay, contact HMRC immediately to set up a “Time to Pay” plan. This stops the penalty fees, though interest will still build up. Missed the 31st January…
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Why am i paying 30% tax self employed
If 30% is being deducted from your wages, it is because you are not “verified” with HMRC. This usually means you haven’t registered for the Construction Industry Scheme (CIS). Because you aren’t in the system, the taxman forces your contractor to take a higher rate of tax as a precaution. Here is exactly how it…
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How Much Self Employed Tax Will I Pay
The most accurate way to answer this right now is to use the HMRC Tax Calculator. Do not guess or try to do the math yourself. HMRC provides a free, official tool that tells you exactly what you need to set aside based on your specific earnings. How to Find the Calculator The calculator is…
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Property income rates 2027
Property income is any money you earn from letting out land or buildings. This includes renting out a flat, a house, or even a parking space. How it is taxed depends on how much you earn and the specific allowances you use. Generally, if your property income is very low (under £1,000), you do not…
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Savings Interest Tax rates 2027
From April 2027, the tax rates on savings interest will increase. The new rates for the 2027 to 2028 tax year will be: These new rates apply across the whole of the UK. What does this mean for you? While the tax rates are going up, the rules on when you have to pay tax…
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Dividend Tax Rates 2026/27
From 6 April 2026, the amount of tax you pay on dividend income will increase for most people. The new rates will be 10.75% for basic rate taxpayers and 35.75% for higher rate taxpayers. The additional rate will stay the same at 39.35%. These changes mean that investors and company directors who pay themselves via…
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MTD for rental income 2026
Starting 6 April 2026, if your total income from property and self-employment is over £50,000 a year, you must stop using the old annual tax return system. Instead, you must keep digital records and send updates to HMRC every three months using special software. What is Making Tax Digital (MTD)? Making Tax Digital is the…
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Is National Insurance payable on employer pension contributions?
Under current rules, no—employers do not pay National Insurance on the contributions they make to your pension. However, the government has proposed a new Bill that would change this for certain contributions starting in April 2029. If this proposal becomes law, National Insurance would become payable on “salary sacrifice” pension contributions that exceed £2,000 a…