Can’t Afford Your January Tax Bill? What Should You Do Now? A Self Assessment bill can become a serious cash-flow problem if you leave it until January to deal with. You might know roughly what you owe. You might even…

How Do You Know How Much Tax to Put Aside? One of the easiest ways to create a tax problem is to treat every pound that enters your bank account as money you can spend. For employees, much of the…

Payments on Account: Why Your January Tax Bill Could Be Bigger Than Expected You complete your Self Assessment tax return and calculate that you owe HMRC £4,000. So you expect to pay £4,000 in January. Then you look at the…

How Far Back Can HMRC Investigate Your Tax? One of the most common misconceptions about HMRC investigations is that there is a single fixed period HMRC can always go back. There isn't. How far HMRC can assess earlier tax years…

What Happens If You Make a Mistake on Your Tax Return? Submitting your Self Assessment tax return and then realising something is wrong can be worrying. Perhaps you forgot some income, entered an expense incorrectly, used the wrong figure from…

Do You Need to Declare Dividend Income to HMRC? Dividends can come from investments in UK companies, share portfolios or your own limited company. But receiving a dividend does not automatically mean you need to complete a Self Assessment tax…

Do You Have to Declare Savings Interest on Self Assessment? Interest from savings is easy to overlook. It may arrive automatically in your bank account each month. You might have several savings accounts with different banks, fixed-term accounts or money…

Do You Need to Declare Rental Income to HMRC? Renting out a property can provide a useful additional source of income, but the money you receive is not automatically tax-free. Whether you're letting a second property, renting out your former…

What Expenses Can You Claim on Your Self Assessment? If you're self-employed, claiming the right business expenses can reduce the amount of profit on which you pay tax. But there is an important distinction: Spending money does not automatically make…