Business Information
How Far Back Can HMRC Investigate Your Tax?
October 15, 2026How 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 depends significantly on why tax was underpaid. In broad terms, HMRC’s assessment time limits can
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What Happens If You Make a Mistake on Your Tax Return?
October 15, 2026What 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 a P60 or simply typed a number into the wrong box. A mistake does not
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Do You Need to Declare Dividend Income to HMRC?
October 14, 2026Do 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 return. For the 2025/26 tax year, the Dividend Allowance is £500. Dividends above your available
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Do You Have to Declare Savings Interest on Self Assessment?
October 13, 2026Do 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 sitting in an account earning interest throughout the year. But savings interest can be taxable.
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Do You Need to Declare Rental Income to HMRC?
October 12, 2026Do 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 home or earning money from another type of property letting, you need to understand whether
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What Expenses Can You Claim on Your Self Assessment?
October 10, 2026What 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 something tax deductible. HMRC allows self-employed people to deduct certain allowable business expenses when calculating
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Why You Should Do Your Self Assessment in October — Not January
October 7, 2026Why You Should Do Your Self Assessment in October — Not January The online Self Assessment deadline for the 2025/26 tax year is not until 31 January 2027. That does not mean January is the best time to complete it. HMRC allows you to submit your return any time after the end of the tax
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What Documents Do You Need for Your Self Assessment Tax Return?
October 6, 2026What Documents Do You Need for Your Self Assessment Tax Return? Once you know you need to complete a Self Assessment tax return, the next question is usually: What do I actually need to give my accountant? For the 2025/26 tax year, covering 6 April 2025 to 5 April 2026, gathering your records in October
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Self Assessment Registration Deadline: What You Need to Do Before 5 October If you need to complete a Self Assessment tax return for the 2025/26 tax year and you are new to Self Assessment, there is an important deadline approaching: 5 October 2026. This is the date by which you generally need to tell HMRC
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What Happens If You Don’t Tell HMRC You Need to File a Tax Return? If you discover that you should have registered for Self Assessment but did not tell HMRC by the deadline, ignoring the problem is usually the worst option. For people who need to enter Self Assessment for the 2025/26 tax year, the
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