Your Tax Help Accountants

HMRC already has your eBay and Vinted figures.

Since January 2024, online platforms have been legally required to report sellers to HMRC. The trigger is 30 sales or roughly £1,700 in a calendar year. Once you cross it, your data goes across automatically.

This catches people out because most of them are not doing anything wrong.

Selling your own used possessions is not trading, and is not taxable. Clearing out a wardrobe does not create a tax bill, however much it adds up to.

Buying things to sell on is different. That is trading, and it is taxable once you pass the £1,000 trading allowance.

The problem is that HMRC's data does not distinguish between the two. It shows volume, not intent. Which is why nudge letters go out to plenty of people who owe nothing at all.

If one arrives, the worst response is silence. A letter answered properly usually closes quietly. Ignored, it tends to escalate into a formal enquiry, and the penalty position gets considerably worse.

If you have been selling online and are not sure which side of the line you sit on, it is worth working out before a letter arrives rather than after.

Full guide: https://yourtaxhelp.co.uk/blog/hmrc-vinted-ebay-platform-reporting-uk-2026.html

Taking money out of your own company is not as simple as moving it.

If it is not salary and it is not a formally declared dividend, it is a loan. And an overdrawn director's loan account has consequences most directors only discover when the accounts are being prepared.

Two of them matter.

If the balance is still outstanding nine months and one day after your year end, the company pays S455 tax at 35.75% on it. That money is refundable eventually, but only once the loan is repaid, and the refund is slow.

Separately, if the balance goes over £10,000 at any point in the year, it is treated as a benefit in kind. That means a personal tax charge for you and Class 1A National Insurance for the company, unless interest is charged at HMRC's official rate.

The good news is that this is usually fixable while there is still time on the clock. Declaring a properly documented dividend from available profits before the nine month deadline can clear the balance entirely.

The problem is that nobody tracks the running balance during the year. By the time the accounts are drafted, the options have narrowed.

If you have taken money out this year and are not certain how it will be classified, that is worth checking before your year end rather than after.

Full guide: https://yourtaxhelp.co.uk/blog/directors-loan-account-overdrawn-s455-tax-uk-2026.html

A landlord can pay tax on rental profit that never existed in cash.

That is not a mistake in the calculation. It is how Section 24 works.

Before 2017, mortgage interest was a straightforward deduction. Rent in, interest out, tax on what was left.

Now the interest is not deducted at all. Your taxable profit is calculated on the rent before interest, and you get a 20% tax credit against the bill afterwards.

For a basic rate taxpayer, the arithmetic roughly holds.

For anyone in the higher rate band, it does not. The rent is taxed at 40%, the relief comes back at 20%, and the gap is real money.

Worse, the inflated profit figure can push a landlord into the higher rate band who was never in it before. The income has not changed. Only the way it is measured has.

There are levers that genuinely help, and some that get talked about far more than they deserve.

If you hold property with a mortgage and have never had the numbers run properly since the rules changed, it is worth doing.

Full guide: https://yourtaxhelp.co.uk/blog/section-24-mortgage-interest-restriction-uk-2026.html

Most CIS subcontractors are owed money and never claim it.

The 20% comes off every payment before it reaches you. It is not your final tax bill. It is an advance payment, calculated before a single expense has been taken into account.

Your tools. Your fuel. Your mileage between sites. Your phone. Your protective gear.

None of that is reflected in the deduction. It only comes back when a return goes in and claims it properly.

Two things worth knowing.

You can go back four tax years, not just the current one. If nobody has ever asked you about expenses, the same gap is probably sitting in every year you have filed.

And the materials line on your deduction statement should never have CIS tax applied to it. If a contractor understates it, you are taxed on money you spent on materials rather than on what you actually earned.

If you have never had a proper review, it is worth finding out what is actually sitting there.

Full guide: https://yourtaxhelp.co.uk/blog/how-much-cis-tax-refund-am-i-owed-uk-2026.html

Getting a letter from HMRC is one of the most stressful things that can happen to a self-employed person or landlord. Here's what actually helps.

Know your rights: you can appoint an accountant to deal with HMRC on your behalf, request more time if you need it, and appeal if you disagree with the outcome.

What NOT to do: ignore the deadline, respond impulsively, or volunteer information beyond what's been asked.

Penalties depend heavily on how you respond. An honest mistake handled with a cooperative, well explained correction can mean no penalty at all, just the tax and interest owed.

If a letter has landed on your desk, or you're just unsure whether your figures are right, get it checked before HMRC comes calling.

Full guide: https://yourtaxhelp.co.uk/blog/hmrc-tax-investigation-what-to-expect-uk-2026.html

HMRC Tax Investigation: What to Expect and How to Handle It in 2026 Received a letter from HMRC saying your tax affairs are being looked into? This guide explains the different types of HMRC investigation, your rights, what to do immediately, and how an accountant can protect you.

Did you know your student loan repayment isn't just based on your payslip?

If you're employed AND have freelance income, rental income, or dividends on the side, HMRC calculates your Self Assessment repayment on your TOTAL income, not just what your employer sees.

Here's what matters for 2026/27:
- Plan 2 threshold: £29,385
- Plan 5 (first ever repayments this year): £25,000
- You repay 9% of everything above your threshold, 6% for postgrad loans
- Two loans at once? Both apply, on top of each other

The self-employed catch: repayments aren't spread through the year. They land in one lump with your January tax bill, and they're not covered by payments on account.

If you've got a job plus something on the side, it's worth checking the numbers now rather than in January.

Full guide: https://yourtaxhelp.co.uk/blog/student-loan-repayments-uk-2026.html

Student Loan Repayments 2026/27: Thresholds for Plan 1, 2, 4, 5 and Postgrad The 2026/27 student loan thresholds: Plan 1 £26,900, Plan 2 £29,385, Plan 4 £33,795, Plan 5 £25,000 (first repayments ever), Postgrad £21,000. How the 9% works and self-employed rules.

If you're married and one of you earns under £12,570, HMRC might owe you money.

Marriage Allowance lets the lower earner transfer £1,260 of tax-free allowance to their partner, saving up to £252 a year. You can backdate the claim 4 years, up to £1,242 unclaimed.

Takes about 10 minutes on the HMRC app. No accountant needed for this one, just wanted more people to know it exists.

Posted away and letting out your home? Portsmouth produces accidental landlords at a steady rate, naval postings, defence-industry moves and ordinary relocations that turn a family home into a rental overnight.

A few things change from day one:

The rental income is taxable from the very first rent, declared through Self-Assessment once above the property allowance.

Your mortgage matters: a consent-to-let or buy-to-let product is usually needed, and interest only gives a 20% tax credit, not a full deduction.

If posted overseas, you may become non-resident for tax while letting, which brings the Non-Resident Landlord Scheme into play for how rent is paid.

Job-related time away can still qualify for private residence relief, protecting the eventual sale from a bigger capital gains bill.

The single most valuable habit: keep every rent statement, invoice and mortgage certificate from day one. The sale, years later, is decided by that file.

Full guide here: https://yourtaxhelp.co.uk/blog/portsmouth-accidental-landlord-forces-tax.html

Posted Away and Letting Your Portsmouth Home? The Accidental Landlord's Tax Guide Service postings and job moves turn Portsmouth homeowners into landlords every year. What changes the day tenants move in, what to claim, and the reliefs that protect you when you sell.

Taking money out of your own limited company feels simple, until an overdrawn director's loan account and S455 tax get involved.

Here's what catches people out:

If your loan account is overdrawn at your company's year end and not cleared within nine months and one day, the company pays S455 tax on the balance. It's refundable once repaid, but the refund can take a long time to come back.

Go over £10,000 at any point in the year and it counts as a benefit in kind, meaning either interest is charged or it goes on a P11D and you pay income tax on it.

HMRC also blocks "repay and redraw" tricks used to dodge the charge just before year end.

The cleanest approach is a proper mix of salary and dividends, with the loan account used deliberately and cleared well inside the deadline.

Full guide here: https://yourtaxhelp.co.uk/blog/directors-loan-account-overdrawn-s455-tax-uk-2026.html

Director's Loan Account Explained: Overdrawn DLA and S455 Tax (2026) What is a director's loan account, when does S455 tax at 35.75% apply, and how to avoid the £10,000 benefit-in-kind trap. A plain-English 2026 guide for company directors.

Started working for yourself, taking rent, or earning income that is not taxed at source? You may need to register for Self Assessment.

The registration deadline for the 2025/26 tax year is 5 October 2026.

Three things worth knowing:

Registering online is the fastest route. If you are self-employed you complete form CWF1, which takes about 10 to 15 minutes.

Your UTR number arrives by post and typically takes around 10 working days, longer in busy periods. You cannot file your return without it, so do not leave registration until the last minute.

The online filing deadline for 2025/26 is 31 January 2027, and late filing penalties start from the day after.

If you have only just realised you should have registered, contact HMRC or an accountant now. Sorting it voluntarily almost always ends better than waiting to be found.

Not sure whether you need to register? Send us a few details and we will tell you straight.

https://yourtaxhelp.co.uk/blog/how-to-register-self-assessment-hmrc-2026.html

How to Register for Self Assessment with HMRC in 2026: Step by Step Need to register for Self Assessment? This step-by-step 2026 guide covers who needs to register, the 5 October deadline, exactly how to register online, and what happens after you submit your registration.