Taxace LTD

Taxace LTD TaxAce is an online accounting services firm. We combine seasoned accounting professionals with the 🌍 We Speak Your Language!

Accounting Support Available in Ukrainian 🇺🇦, Romanian 🇷🇴, and English 🇬🇧

Own a rental property? Here are 5 things worth checking before January creeps up on you. 🏠 https://m.me/taxaceltd?ref=fb...
19/06/2026

Own a rental property? Here are 5 things worth checking before January creeps up on you. 🏠 https://m.me/taxaceltd?ref=fb_post

A mid-year review might not sound exciting, but it’s one of the simplest ways to avoid a nasty surprise at Self Assessment time.

Here’s what to look at now:

Allowable expenses — are you claiming the day-to-day costs you’re entitled to claim?
Mortgage interest relief — for individual landlords, residential finance costs such as mortgage interest are no longer deducted in full from rental income. Relief is generally given as a basic-rate tax reduction, which can mean a higher tax bill than expected.
Record-keeping — Making Tax Digital is being phased in for landlords, depending on income level. Getting your records in order now can save real stress later.
Rental income from multiple sources — are all rent, service charges and other property income streams accounted for correctly?
Is your current setup still working for you? For some landlords, incorporation may be worth discussing — but it needs proper advice, as it is not right for everyone.

Not sure where you stand with any of these? We offer a straightforward landlord tax review — plain English, no jargon, no surprises.

Drop us a message https://m.me/taxaceltd?ref=fb_post
and we’ll take a look at your situation together.

Most directors we speak to are still running the same pay structure they set up years ago. The problem? The landscape ha...
19/06/2026

Most directors we speak to are still running the same pay structure they set up years ago. The problem? The landscape has shifted for 2026/27 — and the old default numbers don't automatically work in your favour anymore. https://m.me/taxaceltd?ref=fb_post

Here's what's changed: dividend tax has increased, which means relying too heavily on dividends to top up a low salary is now more expensive than it looks. At the same time, the salary level that makes sense for your company depends on three things that most directors don't consider together — whether you qualify for Employment Allowance, your company's profit level, and your state pension position.

For example, dropping your salary too low to avoid employer National Insurance can actually cost you a qualifying state pension year. That's a trade-off that rarely gets flagged until it's too late.

The right structure in 2026 isn't one-size-fits-all. It's specific to your company. 💼

If you're not sure whether your current salary and dividend split is still working for you,
drop us a message https://m.me/taxaceltd?ref=fb_post
— we review this for directors regularly and it's often where the biggest gains are found.

Your 2025/26 tax return does not have to wait until January.The tax year ended on 5 April 2026, which means you can alre...
17/06/2026

Your 2025/26 tax return does not have to wait until January.

The tax year ended on 5 April 2026, which means you can already start getting your records together and submit your return. In fact, doing it early is often the easiest option.

Why? Because filing early helps you:

- find out what you owe sooner
- budget properly for any payment due
- avoid the usual last-minute stress
- reduce the risk of errors caused by rushing

If this is your first time needing to file a Self Assessment tax return, you may need to register by 5 October 2026. If you’re filing a paper return, the deadline is 31 October 2026. If you’re filing online, the main deadline is 31 January 2027 — and HMRC says late returns can lead to an automatic £100 penalty, even if no tax is due.

If you’re self-employed, a landlord, or have untaxed income and want to get ahead this year, Taxace LTD can help you file early and avoid the January scramble.

Drop us a message https://m.me/taxaceltd?ref=fb_post

If you're self-employed, there's a tax deadline that catches a lot of people off guard — and it's not the one in January...
16/06/2026

If you're self-employed, there's a tax deadline that catches a lot of people off guard — and it's not the one in January. 💡 https://m.me/taxaceltd?ref=fb_post

It's called a Payment on Account. HMRC uses it to collect tax in advance, based on what you earned last year. So if your income has changed — dropped, shifted, or you've had an unusual year — the amount they expect you to pay might not reflect what you actually owe.

The good news? You can ask HMRC to reduce your Payment on Account if your income has genuinely gone down. But it needs to be done properly, with the right figures, before the deadline hits — otherwise you could end up paying too much, or face a penalty if you get it wrong.

This is exactly the kind of thing we handle for all our clients — so there are no nasty surprises and no last-minute panic.

Not sure if your Payment on Account is right for this year? Drop us a message https://m.me/taxaceltd?ref=fb_post and we'll check it over with you before the deadline.

12/06/2026

https://m.me/taxaceltd?ref=fb_post
The headlines make MTD sound like the end of the road for sole traders. It's not — but it does mean getting prepared now rather than later. 📲 Find out exactly what Making Tax Digital means for you at taxace.co.uk

02/06/2026

MTD for Income Tax is here — and if you're self-employed or a landlord earning over £50k gross, it applies to you from 6 April. That means quarterly updates, digital records, and up to 8 submissions a year if you have both types of income. Not sure where you stand? We'll check your position and get everything sorted.
👉 taxace.co.uk

📬 Getting a letter from HMRC doesn't have to become a crisis — but how you respond matters more than most people realise...
01/06/2026

📬 Getting a letter from HMRC doesn't have to become a crisis — but how you respond matters more than most people realise. https://m.me/taxaceltd?ref=fb_post

We've seen straightforward enquiries turn into multi-year investigations, not because of what someone did wrong, but because of what they said. One client we worked with had a simple records query escalated significantly after an unguarded phone call introduced details HMRC wasn't even asking about. What began as a single question became a four-year review.

Here's the principle: answer what you're asked — not the five questions they haven't raised yet. Keep responses in writing where possible. And if you don't have records to hand, the right response isn't 'I can't find them' — it's 'I'll gather everything and provide it within 7 to 14 days.'

Being cooperative and being strategic aren't mutually exclusive. The businesses that navigate HMRC contact well are the ones with a clear process — and usually an adviser in their corner before they respond.

If HMRC has been in touch and you're unsure how to handle it, drop us a message https://m.me/taxaceltd?ref=fb_post before you reply.

29/05/2026

Top 6 cheltuieli pe care HMRC le poate refuza!
Mulți contribuabili cred că regula este simplă: “am folosit-o pentru muncă, deci o deduc”.
În realitate, tax cases celebre arată exact opusul.

Haine, mese, drumuri, chirie temporară, legal fees sau plăți comerciale mari — totul depinde de scopul real al cheltuielii și de existența unui beneficiu personal.

De aceea, înainte să treci ceva pe business, merită verificat corect.

Nu tot ce pare business expense este și deductibil.

📋 5 tax changes that could affect sole traders, landlords and business owners this year — and what to check now. https:/...
28/05/2026

📋 5 tax changes that could affect sole traders, landlords and business owners this year — and what to check now. https://m.me/taxaceltd?ref=fb_post

The new tax year has brought some important changes, and a few could catch people off guard if they are not prepared.

1. Making Tax Digital for Income Tax
From 6 April 2026, sole traders and landlords with qualifying income over £50,000 must keep digital records, use compatible software, and send quarterly updates to HMRC. Lower thresholds are due to follow in later years.

2. Dividend tax rates
If you run a limited company and pay yourself partly through dividends, your tax bill may increase. From 6 April 2026, the basic and higher dividend tax rates have gone up.

3. Business Asset Disposal Relief
Planning to sell a business or qualifying business assets? The BADR rate is now 18% on qualifying gains, so timing and planning matter.

4. Vehicle Excise Duty for electric vehicles
Electric vehicles are no longer automatically free from road tax. Some newer, higher-value zero-emission cars could pay £640 a year where the expensive car supplement applies.

5. Inheritance tax reliefs
Business Property Relief and Agricultural Property Relief are changing from 6 April 2026. The 100% relief is limited to a £2.5 million allowance, with qualifying value above that generally receiving 50% relief.

Not sure how these changes affect your situation? Drop us a message https://m.me/taxaceltd?ref=fb_post and we’ll walk you through it in plain English — no jargon, no surprises.

If you’ve got a side hustle, there’s a good chance HMRC is already paying attention. And the problem is, many people mis...
27/05/2026

If you’ve got a side hustle, there’s a good chance HMRC is already paying attention. And the problem is, many people miss income that doesn’t feel like income until it’s too late.

Here are 5 common examples people forget to declare:
Online selling
Selling on eBay, Etsy or Facebook Marketplace?
If you’re just clearing out old personal items, that’s usually different. But if you’re buying to resell or making products to sell, HMRC may see that as trading.

Example:
You sell your old sofa for £100 = usually not taxable.
You buy 20 phone cases and resell them for profit = that may need to be reported.

Casual jobs and one-off payments
Small bits of paid work can still count.

Example:
Helping a friend with admin, doing photography at an event, dog walking, gardening, or editing documents for cash.

Barter or “gift” payments
It doesn’t always have to be cash.

Example:
You design someone’s logo and they “pay” you with a laptop, free meals, or services in return. HMRC may still treat that as income.

Digital income
Online income is still income, even if it arrives in small amounts.

Example:
Selling Canva templates, Etsy downloads, Patreon subscriptions, stock photos, courses, or earning affiliate income.

Money from overseas
If you’re a UK tax resident, foreign income can still need to go on your UK tax return.

Example:
Payments from international clients, blog ad revenue from a US platform, or affiliate earnings from abroad.

The main issue is this:
It’s not about what feels like income. It’s about what HMRC classifies as income.

A good habit is to review:

bank transfers
payment platforms
online selling reports
digital platform earnings
overseas payments

Small amounts add up quickly, and that’s where people get caught out.

If you’re not sure whether something counts, it’s always better to check early than deal with tax, interest, and penalties later.

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