UHY Ross Brooke Chartered Accountants
One of the most common questions about Making Tax Digital is what records HMRC requires you to keep. Under MTD for Income Tax, taxpayers must maintain digital records of income and expenses using compatible software. This applies to sole traders and landlords with gross combined income over £50,000, from April
Many people in employment or self-employment are interested in buying residential property, mainly as part of their long term wealth planning. In addition many consultants affected by the new off-payroll rules may be questioning whether they still need their company and what to do with the sum of money already
The Financial, Tax and Accounting Considerations of Starting a New Business With this handy reference guide to starting a business, you should be able to successfully handle many of the problems encountered in starting and running a business. Topics covered: Chapter 1 – Selecting a Legal Entity for Your Business
Mistakes in tax returns can result in substantial HMRC penalties and interest, especially if they occur over several years. Knowing the main issues and addressing them early helps maintain compliance and reduce risk of penalties. Common mistakes we see are missed deadlines, misunderstanding how the system works, missing income or
The traditional approach to remuneration for many owner-managed businesses has typically involved taking a low salary, with the balance of income paid as dividends. The main reason for this has been that dividends are not subject to National Insurance Contributions, which generally results in a lower overall tax cost. However,
“I’m just selling my old clothes on Vinted. Do I need to pay tax?” Usually, no. If you are selling second hand clothes, shoes, toys, books or similar items that you originally bought for yourself, and you are simply getting rid of things you no longer want, HMRC generally does
UHY Ross Brooke has been named winner of the Newbury Town Business Civic Award 2026. The award recognises businesses that get involved in supporting the Newbury community, whether that is through volunteering, fundraising, or working with local charities and organisations. This year, our team’s work in the community has been
At UHY, helping you prosper remains at the heart of everything we do, and our Year End Tax Planning Guide is designed to help you make the most of current reliefs and planning opportunities before 5 April 2026. To keep the guide easy to navigate, we have structured it into
Many taxpayers preparing for Making Tax Digital (MTD) want to know exactly what records HMRC expects them to keep. Under MTD for Income Tax, digital record keeping becomes mandatory for many landlords and sole traders. These rules start from April 2026. What records must be kept for MTD? Taxpayers within
Many landlords are still asking the same question. Does Making Tax Digital apply to rental income? From April 2026, landlords with gross rental income above £50,000 will need to follow the new Making Tax Digital for Income Tax (MTD for IT) rules. If you earn income from property, this change