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There is no doubt that with the enduring popularity of TV shows like ‘Homes Under the Hammer’, property development still looks like an appealing career option. Purchasing properties at the right price, giving them some TLC and selling them on, or developing a portfolio of rental properties, can be a lucrative business move.

From April 1st this year, the UK moved into a new era for tax management and collection, called ‘making tax digital’, with the long term aim that all businesses, sole traders and households will eventually manage and file all their tax returns online.

At £85,000, the VAT (Value Added Tax) threshold in the UK is relatively low.  When it comes to any tax liability, forewarned means forearmed, so for a business owner some early preparation and planning will help to avoid any nasty surprises resulting from business growth or success.