Category: FAQ
-
How to declare previous years rental income UK
If you need to fix your tax records for past rental income in the UK, the best and safest way is to use HM Revenue and Customs (HMRC)’s Let Property Campaign. This is a special scheme that allows you to voluntarily tell HMRC about unpaid taxes, correct your record, and pay what you owe with…
-
Unexpected HMRC Savings Tax Bills? Here is What to Do Next
If you have just received an unexpected letter from HM Revenue & Customs (HMRC) asking for tax on your savings interest, do not panic and do not ignore it. Here is exactly what you need to do right now to sort it out: Why did I get this bill? For a long time, interest rates…
-
Where can I find a list of MTD-compliant accounting software options?
Finding the Right MTD Software for Your Self-Employed Business If you are wondering where to find a reliable list of Making Tax Digital (MTD) compliant accounting software, the answer is simple: head straight to the official HMRC website (gov.uk). HMRC maintains an up-to-date, approved list of all the software providers that connect smoothly with their…
-
What to Do When HMRC Wants Tax Money Back: A Complete Guide
If HM Revenue and Customs (HMRC) contacts you to say you owe them tax money, the very first thing you need to do is check if their calculation is correct. Do not panic, but do not ignore the letter or bill either. Compare their figures against your own records (like your payslips, P60, or tax…
-
What is the HMRC warning for anyone with over 3500 savings in their bank account?
The HMRC warning is a heads-up that having £3,500 or more in savings could mean you owe tax on the interest you earn. Because interest rates have gone up, your money grows faster, meaning you could easily earn more than your tax-free limit. If this happens, your bank automatically tells HMRC, and you could be…
-
How to find a qualified tax advisor for sole traders
The most reliable way to find a qualified tax advisor as a sole trader is to search the official online directories of recognised professional bodies—such as the AAT (Association of Accounting Technicians)—and verify that the advisor is registered as an official tax agent with HMRC. This guarantees you are hiring someone with proven training who…
-
What is Certificate of Tax Position?
A Certificate of Tax Position is a formal document sent by HM Revenue & Customs (HMRC) asking you to make a declaration about your offshore income and assets. If you receive one, it means HMRC has received information suggesting you might have money, property, or investments overseas, and they want you to confirm whether your…
-
What is a tax position document?
A tax position document is a written record that explains and justifies your specific tax situation. Think of it as a “defence file” or a formal explanation of why you (or your business) have calculated and paid a certain amount of tax to HM Revenue & Customs (HMRC). It acts as a bridge between your…
-
Does Making Tax Digital affect ltd companies?
As of 2026, Making Tax Digital (MTD) for Corporation Tax has been officially cancelled by the government. This means limited companies do not have to worry about the new quarterly reporting rules that were once planned for their annual tax returns. However, limited companies must still follow MTD rules for VAT if they are registered.…
-
Does Making Tax Digital affect CIS?
Making Tax Digital (MTD) definitely affects you if you are a self-employed subcontractor under the Construction Industry Scheme (CIS). While it doesn’t change how your contractor takes tax off your pay (the 20% or 30% deduction), it completely changes how you report that income to HMRC. Instead of sending one tax return at the end…