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Tag: sole traders

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Extension of Making Tax Digital: What You Need to Know

Introduction to Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) Under MTD for ITSA, sole traders and unincorporated landlords must keep digital records of their trading and/or property income and provide quarterly updates to HMRC using MTD-compatible software. The implementation is being phased in over several years. Phase 1 – Starting April

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Navigating the Pre-Trading Loan Tax Trap: Sole Trader vs. Company Tax Relief

Starting a new business often requires financial support in the form of loans. These loans are typically used to purchase stock, make initial rent payments, or cover deposits. However, whether the business is set up as a sole trader or a company will significantly influence when interest on pre-trading loans becomes tax-deductible. Here’s how it

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