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Many taxpayers taxed under self assessment may not be aware that HMRC self assessment phone service was closed for three months, opening on 4 September. HMRC has been piloting a new seasonal model for the self-assessment helpline by directing queries to the department’s digital services. The intention was to enable 350 of HMRC’s staff to

Despite dividend tax rates being charged at 33.75% (higher rate taxpayers) or 39.35% (additional rate taxpayers), generally dividends remain the most tax-efficient method of taking profits from a company. On incorporation it is usual for all shares issued to be designated ordinary shares. However, where a company only has one class of share, the right

Last reviewed: November 2026 If your taxable turnover went over the £90,000 VAT threshold and you didn’t register on time, HMRC backdates your registration to when you should have registered. You then owe VAT on all your sales from that date, even though you never charged it to customers. What it can cost The VAT

Last reviewed: November 2026 The property allowance lets you earn up to £1,000 a year from property tax-free, such as renting out a driveway, a parking space, storage or an occasional let. How it works Gross property income of £1,000 or less: it is tax-free and you don’t need to tell HMRC. Over £1,000: deduct

If you make a chargeable gain on the sale of a UK residential property, you will need to report the gain to HMRC within 60 days of the completion date and pay tax on the gain within the same time frame. A chargeable gain may arise if the property that you sell has not been