The VAT threshold in 2026/2027 tax year for compulsory registration is £90,000 in any 12-month rolling period of taxable turnover. The VAT deregistration threshold in
How the statutory residence test decides if you are UK tax resident: the three stages, the five ties, day counting and split year treatment explained.
Your VAT return is due one calendar month and seven days after the end of each accounting period. It must be filed through MTD-compatible software,
A business can show a healthy profit on paper and still run out of money. Profit is calculated when work is done, while cash only
Your taxable profit is not the same number as your net profit: it’s arrived at by adding back non-allowable expenses and subtracting capital allowances, and
A sole trader is a self-employed individual who owns and runs their business personally, with no legal separation between the owner and the business. Key
Taxable profit is the figure HMRC uses to calculate your tax bill. It’s almost never the same as the profit showing in your accounts. Key
National Insurance is one of those taxes that most people pay automatically: it’s a tax on earnings to fund benefits and State Pension. Try our
Outside IR35, a limited company typically puts extra money in your pocket each year; inside IR35, an umbrella company is usually the smarter, simpler choice.
An umbrella company is a UK PAYE employer that pays contractors and freelancers on temporary assignments, usually arranged through a recruitment agency. Key Takeaways 1.
