Making Tax Digital for Income Tax became compulsory for the first group of sole traders and landlords from 6 April 2026.HMRC is now taking the next step.From September 2026, HMRC is starting to sign up people who it believes should already be using Making Tax Digital, but who have not registered themselves.If you receive a…
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Recovering VAT on pre-registration costs
Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the goods are still held by the business or have been used to produce other goods that are…
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Incorporation Relief may reduce your CGT bill
When a sole trader or the partners in a partnership transfer a business to a limited company, Capital Gains Tax (CGT) may arise. This is because business assets are normally treated as being transferred at their market value, which may be considerably more than their original cost.However, Incorporation Relief can allow some or all of…
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When do you pay Stamp Duty Land Tax?
Stamp Duty Land Tax (SDLT) is a tax that may apply when you buy land or property in England or Northern Ireland. It is important to check whether SDLT applies before completing a purchase, as the tax can represent a significant additional cost.SDLT can apply when you buy a freehold property, a new or existing…
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