Making Tax Digital (MTD) for Income Tax is due to start in April 2026 for self-employed people and landlords with income over £50,000. This means keeping digital records and sending quarterly updates to HMRC instead of just filing one tax return each year. However, there is now a small but Read more
As a UK-based author, navigating the complexities of Value-Added Tax (VAT) can be as intricate as plotting a novel. One crucial aspect to understand is the impact of VAT on subscriptions for services based overseas. It’s essential to ensure that you’re not inadvertently paying more than you need to, especially Read more
If you’re already VAT registered but your sales have dipped below the VAT threshold then is it worth staying VAT registered? Here’s some things to think about. Advantages of staying VAT registered You don’t have to worry about whether you need to register for VAT! An author’s earnings can be Read more
It can be tempting to set up a new company whenever you have a new business idea – like a joint venture with another author. But, you need to be aware of the associate company rules, which can significantly affect the amount of tax you pay. What are Associate Company Read more
This wasn’t a particularly radical Budget but, after 13 years in power, you’d expect tax policy to already be broadly in line with the political outlook of the Government. And radical didn’t go particularly well for the last guy… Here’s the main things we’d highlight for our writer clients. Increase Read more
The deadline for paying self assessment tax for the 21/22 tax year was 31 January 2023. Interest is payable on any late payment but there’s also a whopping 5% surcharge due on any unpaid self assessment tax which is still unpaid at midnight on 2 March 2023. If you can’t Read more
If you do not submit your tax return on time or pay the tax you owe, there are several penalties, interest, and surcharges that you may be subject to. Penalties: If you file your tax return late, you will be charged a fixed penalty of £100. This penalty applies even Read more
We hope you all have a lovely Christmas and a Happy New Year. Thanks for all your support over the last 12 months. We’re not sending out Writer Tax Christmas Cards this year and have made a donation in support of The Trussell Trust.
Getting an pure electric car can have some great tax benefits if you run your own company. Here’s a quick summary Tax relief on the cost of the car If you buy a new electric car then you get the full cost of the car set against your profits in Read more
In association with our friends at Continuum (Financial Services) LLP we’ve put together a few tips for you to think about before the tax year end on 5 April 2022. If you’ve any queries or are interested in an introduction to Stuart then don’t hesitate to get in touch. You Read more