News
Tax Diary February/March 2026
1 February 2026 - Due date for Corporation Tax payable for the year ended 30 April 2025.19 February 2026 - ...
Company information in the public domain
Did you know you can monitor any UK company for free and get email alerts when key details change, which ...
Pre-trading expenditure for companies
Starting a new business can be expensive, but many of your pre-trading costs may qualify for tax relief if they ...
Expenses for the self-employed
If you are self-employed, knowing which everyday costs you can legitimately claim can make a real difference to how much ...
Creative Industry Corporation Tax reliefs
If your business works in film, TV, games or the arts, Creative Industry Tax Reliefs could reduce your Corporation Tax ...
What is the advance tax certainty service?
If your business is planning a major UK investment, HMRC’s new advance tax certainty service could give you binding clarity ...
MTD for Income Tax – what’s required from April 2026
From April 2026, Making Tax Digital for Income Tax (MTD for IT) will become mandatory for many self-employed persons and ...
Pre-tax year end planning
Pre-tax year end planning is one of the most practical and controllable ways for UK businesses and higher rate taxpayers ...
Company liquidations and insolvencies are still elevated
The Insolvency Service data for England and Wales shows monthly company insolvencies remain high by historical standards, even though they ...
The scope of the trivial benefits legislation
The trivial benefits legislation provides a simple and practical tax exemption that allows employers to give small non-cash benefits to ...
Check a UK VAT number is authentic
Verifying a VAT number before reclaiming VAT can protect your business from rejected claims, repayments, and unnecessary penalties.The online service ...
Starting or changing jobs
Providing the right information when you start a new job helps ensure your tax code is correct from the first ...
Company car expenses and benefits – what’s exempt?
While company cars often come with tax implications, there are specific situations where the associated benefits may be exempt. There ...
Did you file your tax return over the festive period?
HMRC’s figures show thousands of taxpayers are filing over the festive period, but leaving your return until late January risks ...
Changes to Agricultural and Business Property Relief reforms
The government recently announced significant changes to the planned reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR) ...
New First Year Allowance from 1 January 2026
The new 40% First Year Allowance (FYA) for qualifying main-rate plant and machinery expenditure first announced at Autumn Budget 2025 ...
Suing whistleblowers for a breach of confidence is not a viable strategy
The Court of Appeal has ruled that the initiation of legal or arbitral proceedings by an employer against a ‘whistleblower’ ...
Saving to pay tax
For many individuals and business owners, paying tax is one of the largest regular financial commitments they face. Yet tax ...
Learning from mistakes in business
Making mistakes in business is unavoidable. No matter how experienced or careful someone is, decisions are made with imperfect information, ...
HMRC’s Time to Pay service
With the 31 January deadline approaching, thousands of taxpayers are using HMRC’s Time to Pay service to spread the cost ...
Avoiding the car fuel benefit charge
Employees with company cars may be paying unnecessary tax on private fuel, when reimbursing the cost of private fuel in ...
Nominating a property as your home
Owning more than one home can create valuable Capital Gains Tax planning opportunities, but only if you understand how and ...
VAT Annual Accounting – filing your return
For eligible businesses, the VAT Annual Accounting Scheme can reduce paperwork, smooth cash flow and replace quarterly returns with a ...
Payroll annual reporting obligations
As we move into the start of 2026, it is not that long until the current 2025-26 tax year comes ...
Are you ready for Making Tax Digital for Income Tax?
Are you ready for Making Tax Digital for Income Tax (MTD for IT)? This new way of reporting will become ...
Bank of England delivers narrow vote rate cut
The Bank of England’s Monetary Policy Committee (MPC) last met on 18 December and, in a narrow 5-4 vote, decided ...
Taxable company benefits
As an employee, you pay tax on certain company benefits, such as cars, accommodation, and loans. Your employer calculates the ...
Student jobs paying tax
Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of ...
Could you claim the Small Pool Allowance?
Writing-down allowances (WDAs) are a type of capital allowance that let you deduct a percentage of an asset’s value from ...
Selling your UK home and living abroad
If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any ...
Extension of FYA for zero-emission cars and charge points
An extension of First-Year Allowances (FYA) for zero-emission cars and charge points was announced as part of the recent Budget ...
Construction Industry Scheme changes
As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS) ...
Employers may now be personally liable for unfair dismissal claims
A recent ruling has increased the scope of statutory protection for whistleblowers to include covered detriments against co-workers under the ...
Funding options for asset acquisition
Acquiring new assets is often essential for small businesses looking to grow, improve efficiency or remain competitive. Whether the investment ...
Cash flow pressures
Cash flow remains one of the most pressing concerns for small businesses, even where trading appears stable. Many businesses are ...
Tax Diary January/February 2026
1 January 2026 - Due date for Corporation Tax due for the year ended 31 March 202519 January 2026 - ...
Expanding workplace benefits relief
From 6 April 2026, new tax rules will expand workplace benefits relief. The changes will simplify the treatment of certain ...
IHT treatment of unused pension funds and death benefits
The 2027 reforms will shift more responsibility to personal representatives, who may need to manage withholding arrangements and settle any ...
Agricultural and business property relief changes
Agricultural and business property relief changes that were first announced at Autumn Budget 2024 will come into effect from 6 ...
Winter Fuel Payment tax charge
The June 2025 reforms introduce a £35,000 income limit for keeping the Winter Fuel Payment, with HMRC recovering the payment ...
VCT and EIS changes
The new rules will allow companies to raise more capital under the following schemes although investors will need to factor ...
Property and savings income subject to new tax rates
The government announced at Budget 2025 that dividend income, property and savings income, will be subject to new tax rates ...
The value of an overhead audit
Many businesses regard their overheads as fixed, predictable, and largely outside their control. In reality, an overhead audit often uncovers ...
Avoid over-stocking
Accountants often see the impact that excess stock has on a business long before the business owner realises what is ...
Who pays Income Tax in Scotland
The rules that govern who pays Income Tax in Scotland is determined by whether an individual is considered a Scottish ...
Defer paying Class 1 National Insurance on a second job
Employees with a second job, third job or more may be able to defer or delay paying Class 1 National ...
Work out your VAT fuel scale charge
VAT road fuel scale charges are fixed, standardised amounts that businesses must use to account for output VAT when they ...
Less than 1 month to self-assessment filing deadline
There are now less than 2 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We ...
Update from HMRC on MTD testing
HMRC has published a new Making Tax Digital newsletter. This newsletter is mainly intended for taxpayers and agents who are ...
Increase in savings guarantee for bank deposits
The Financial Services Compensation Scheme (FSCS) has raised its savings guarantee for bank deposits, increasing the deposit protection limit from ...
When disciplinary processes and non-compete clauses implode
Many modern companies insist on the inclusion of restrictive covenants to limit the freedoms of employees upon the termination of ...
The likely direction of interest rates in 2026
As we look ahead to 2026, there is growing speculation about how the Bank of England will manage interest rates ...
Outlook For Food And Energy Prices In The Year Ahead
Food and energy costs remain central concerns for households and businesses because they influence everything from wages to margins to ...
Autumn Budget 2025 – High Value Council Tax Surcharge
Starting in 2028-29, the government will introduce a High Value Council Tax Surcharge (HVCTS) for residential properties in England valued ...
Autumn Budget 2025 – Fuel Duty rates
In the Autumn Budget, the Chancellor had been expected to increase fuel duty rates. However, she has extended the fuel ...
Autumn Budget 2025 – Alcohol and Tobacco Duty
The Chancellor has confirmed a series of duty increases on tobacco, vaping liquid, and alcohol that will take effect over ...
Autumn Budget 2025 – Pension changes
The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that ...
Autumn Budget 2025 – Minimum Wage increases
The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget ...
Autumn Budget 2025 – Personal Tax changes
The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained ...
Budget Summary 26 November 2025
The degree of speculation about this year’s Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their ...
How a business grows financially by retaining profits
Many business owners focus on sales as the main driver of growth. Sales matter, but they are only part of ...
The link between planning and progress
Most business owners know that progress matters, but many still hesitate when it comes to planning. It can feel like ...
Claim flat rate expenses for work clothing and tools
If you use your own money to buy items for work, you may be eligible to claim tax relief as ...
National Insurance credits and Child Benefit
Claiming Child Benefit can provide an important benefit by granting National Insurance credits. If you claim Child Benefit and your ...
Taxable & tax-free state benefits
While there are many state benefits available, it is not always clear which of these are taxable and which are ...
What is a demerger?
A demerger involves splitting the trading activities of a single company or group into two or more independent entities. This ...
Christmas crafters and tax
If you earn fees or sell goods as a side hustle, you may need to pay tax on your profits ...
MTD – qualifying income
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are ...
Early termination of probation can constitute wrongful dismissal
The claimant began employment as a Contracts Coordinator on 23 January 2023, subject to a contractual 6-month probationary period, one ...
Preparing for tighter credit conditions in 2026
Many small businesses rely on a mix of overdrafts, card facilities and short term loans to maintain day to day ...
Increase in the London congestion charge from January 2026
The daily charge for driving within the London Congestion Charge zone will rise from £15 to £18 from 2 January ...
Penalty points for late filing of VAT returns
Many businesses are still unaware that the VAT late filing and late payment rules now operate on a points-based system, ...
Paying tax arrears using HMRC payment plans
If you are unable to pay your tax bill, it's important to reach out to HMRC as soon as possible ...
Set up your tax app with HMRC
The free HMRC tax app now provides quick access to tax codes, income history, self-assessment details, National Insurance records and ...
Check when you can expect a reply from HMRC
HMRC offers a helpful online tool that allows agents and taxpayers to check when they can expect a response to ...
HMRC contacting sole traders
HMRC is currently contacting certain sole traders by email to reiterate the importance of adjusting business expenses for personal use.The ...
Enforcement of the minimum wage
The Department for Business & Trade has recently published a report that outlines the government's enforcement of the National Minimum ...
How many businesses are there in the UK?
Current estimates suggest that there are around 5.6 million businesses operating in the UK. This figure comes from the Department ...
Directors liability for company debts
A limited company is a separate legal entity. In normal circumstances, its debts belong to the company, not to the ...
Tax Diary December 2025/January 2026
1 December 2025 - Due date for Corporation Tax payable for the year ended 28 February 2025. 19 December 2025 ...
Updating your tax code
It is quite common for tax codes to be wrong, particularly if your income or employment situation has changed, so ...
P45s, P11Ds and P60s – what are they?
Most employees will come across forms such as the P45, P11D and P60 during their working life, and knowing what ...
Company Voluntary Arrangements
A Company Voluntary Arrangement (also known as a CVA) is a special arrangement that allows a company with debt problems ...
Tax and trivial benefits
There is a trivial benefit-in-kind (BiK) exemption that applies to small, non-cash gifts (such as a bottle of wine or ...
Pay for imports declared via the CDS
If your business imports goods into the UK, it is important to be familiar with the Customs Declaration Service and ...
Tell HMRC about unpaid tax on cryptoassets
Where cryptoasset tokens (also known as cryptocurrency) are held personally, this investment is usually undertaken in the hope of making ...
Tread carefully when using temporary contracts to confer tax breaks
A recent ruling has established that temporary worker arrangements do not constitute a single, continuous employment relationship in which workers ...
Understanding the responsibilities of company directors
Taking on the role of a company director is more than holding a title. Directors have legal duties that shape ...
Reviewing insurance cover
Many businesses arrange insurance in the early days and then only look at it again when something changes, or when ...
Beware of the risks of engaging employees as sham contractors
Recently, a clear legal precedent confirmed that the nature of an individual's work is determined by the reality of the ...
Paying Class 4 NICs
If you are self-employed and your profits are above £12,570, you may need to pay Class 4 National Insurance, so ...
When you don’t need to make payments on account
If you file a Self-Assessment return you may need to pay your tax in three instalments, so it is useful ...
Advantages of VAT Flat Rate Scheme
If your business has relatively low VATable expenses, the VAT Flat Rate Scheme can simplify your VAT reporting and may ...
Taxable benefits for use of company car
The tax you pay on the use of a company car depends largely on its CO2 emissions, so choosing a ...
Business Asset Disposal Relief – the present rates
If you are thinking about selling a business or shares, it is important to understand how Business Asset Disposal Relief ...
Why ID verification is supposedly good for business
Last week, we covered the new requirement for directors and persons with significant control (PSCs) to verify their identities from ...
Valuing and pricing goods and services
For any business, knowing how to value and price what it sells is fundamental to success. Yet many small firms ...
Facing change with confidence
Change is part of every business journey. Whether it is prompted by new technology, regulation or shifts in the market, ...
Claiming for working at home
Employees who are working at home may be entitled to claim tax relief on certain work-related expenses. Where such costs ...
Claiming lettings relief
If you have tenants in your home, it’s essential to understand the Capital Gains Tax (CGT) implications. Typically, there is ...
Reporting foreign income to HMRC
If you are UK resident and receive income from abroad, such as overseas wages, rent, or investments, you may need ...
Reliefs and allowances for Corporation Tax purposes
Companies can reduce their Corporation Tax bill through a range of reliefs, including R&D credits, Patent Box, and creative industry ...
Report and pay Capital Gains Tax
If you sell assets such as shares or land, you may need to report your Capital Gains Tax either through ...
Have you verified your ID at Companies House?
From 18 November 2025, all company directors and people with significant control (PSCs) will be legally required to verify their ...
Don’t be tempted to withhold pay as a form of leverage
Ms Constantine had been a veterinary surgeon since 2017. Initially, she had worked every day with two half days rest, ...
Why solvency is the true test of business strength
Every successful business, no matter how innovative or fast-growing, ultimately depends on one simple measure: solvency. A solvent business is ...
UK productivity remains disappointingly weak
The UK continues to struggle with low productivity growth, a long-running challenge that shows little sign of improvement. In the ...
CIS – qualifying for gross payment status
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in ...
Loss of personal allowance – the £100k ceiling
For the current tax year, taxpayers with adjusted net income between £100,000 and £125,140 will face an effective marginal tax ...
Deduction of tax on yearly interest
The tax legislation requires the deduction of tax from yearly interest that arises in the UK. This typically refers to ...
Business Asset Disposal Relief changes
Business Asset Disposal Relief (BADR) offers a significant tax benefit by reducing the rate of Capital Gains Tax (CGT) on ...
Claiming 4-years Foreign Income and Gains relief
The remittance basis of taxation for non-UK domiciled individuals (non-doms) was replaced with the new Foreign Income and Gains (FIG) ...
VAT on goods you export
Exports from Great Britain or Northern Ireland can be zero-rated for VAT, provided businesses obtain valid export evidence within three ...
Winning new contracts without offering punitive credit terms
In today’s competitive market, many businesses feel pressured to extend generous payment terms to win new contracts. However, offering long ...
Business meetings – Face to face or online?
The way we meet has changed dramatically in recent years. Technology now makes it possible to discuss projects, close deals ...
Benefits of the VAT Cash Accounting Scheme
Waiting to be paid but still having to hand over VAT? The VAT Cash Accounting Scheme potentially lets you pay ...
What is the High Income Child Benefit Charge?
If your income exceeds £60,000 and you or your partner receive Child Benefit, you can now choose to pay the ...
The Marriage Allowance if circumstances change
Married couples and civil partners could save up to £252 a year by transferring part of one partner’s unused personal ...
Understanding the tax implications of divorce
When a couple is separating or undergoing divorce proceedings, tax issues are often not the first thing on their minds ...
Inheritance Tax and CGT relief for national heritage assets
Certain buildings, land, works of art, and other objects of national significance may be exempt from Inheritance Tax and Capital ...
Check if you can cash in a Child Trust Fund
HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) ...
Tax Diary November/December 2025
1 November 2025 - Due date for Corporation Tax due for the year ended 31 January 2025. 19 November 2025 ...
Risks of engaging employees as sham contractors
Recently, a clear legal precedent confirmed that the nature of an individual's work is determined by the reality of the ...
Profitability through better management information
Many business owners make decisions based on instinct, but intuition alone can be unreliable. Having timely, accurate management information replaces ...
Building financial resilience in uncertain times
Every business faces unexpected challenges. Rising costs, supply delays, late payments and sudden changes in demand can all place pressure ...
State benefits taxable and non-taxable
Many people rely on state benefits, but it is not always obvious which payments are taxable and which are tax-free ...
Check your State Pension forecast
Your State Pension forecast shows how much you could receive, when you can claim it, and how to boost it ...
Register an offshore property developer for Corporation Tax
Non-UK resident companies that buy, develop, or sell UK land must register for Corporation Tax within three months of a ...
The Enterprise Investment Scheme tax benefits
The Enterprise Investment Scheme (EIS) is designed to help smaller, higher-risk trading companies raise finance by offering a range of ...
The present limits for Business Assets Disposal Relief
Business Asset Disposal Relief (BADR) still offers a valuable tax break, but the CGT rate has risen to 14% from ...
Heads up for company directors
As of April 2025, directors of close companies and self-employed taxpayers face new mandatory reporting requirements on their Self-Assessment returns ...
Five goals every small business owner should set
Running a small business can feel like juggling endless priorities, but taking time to set clear goals is essential if ...
Bank deposit protection limits set to rise
The UK’s financial regulator has proposed an increase to the level of savings protection available under the Financial Services Compensation ...
VAT – Entertainment provided to directors and partners of a business
When considering VAT on entertainment provided solely to directors or partners of a business it is generally not recoverable as ...
Exception from VAT registration
Businesses over £90,000 turnover must register for VAT, but HMRC may grant exceptions if the increase is temporary. A business ...
Are casual payments taxable?
Not all casual payments are tax-free; HMRC’s miscellaneous income rules may apply depending on the circumstances. The special miscellaneous income ...
Two important 2025 self-assessment deadlines
Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early ...
Tax-free income from letting a room in your home
Homeowners can earn up to £7,500 tax-free under the rent-a-room scheme, with simple reporting and flexible tax options. This set ...
Sharing income from jointly held property
The standard tax treatment for couples living together, whether married or in a civil partnership, is that income from jointly ...
What is the recent £150bn tech investment deal?
During the State Visit by President Trump, the UK secured a record-breaking £150 billion of inward investment from US firms ...
Choosing the right way to buy a vehicle for your business
For many business owners, a vehicle is an essential tool. Whether it is for visiting clients, delivering goods, or simply ...
Unauthorised issue of a VAT invoice
Issuing a VAT invoice without registration or authorisation can lead to HMRC penalties, even if it is done by mistake ...
Beware scams pretending to be HMRC
Fraudsters are continuing to target taxpayers with scam emails as the deadline for submission of self-assessment returns for the 2024-25 ...
War Widows Recognition Payments Scheme
Bereaved spouses who lost service pensions before 2015 have until 15 October 2025 to claim a one-off £87,500 recognition payment ...
Dividend taxes will they increase?
Speculation is growing that rates or allowances applied to dividend income may change in the next Budget. The current tax ...
Tax relief for employer contributions to a pension scheme
Employers can generally claim tax relief on contributions made to a registered pension scheme by deducting those payments as an ...
Who needs to register for anti-money laundering supervision
If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory ...
Don’t rush to judgement over pending tribunal claims
Mr. Aslam, a former Metroline employee, applied to another bus company on 13 April 2019, disclosing that he suffered from ...
Why you should maintain a tax reserve
Every business has a duty to pay tax, whether that is Corporation Tax, VAT, PAYE, or personal tax liabilities for ...
Understanding working capital and why it matters
Working capital is a simple but powerful measure of a business’s financial health. It is the difference between current assets ...
Budget date announced
The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take ...
16 years old – the minimum age for a company director
Thinking of starting a company at 16? Know the rules, risks and responsibilities before you take the leap. The Companies ...
What is the settlement legislation?
Thinking of gifting income to a spouse or partner? HMRC’s settlements rules may still tax it as your own. The ...
How do HMRC define “wholly and exclusively” for tax purposes
Not sure if a business cost is deductible? HMRC’s ‘wholly and exclusively’ rule is the key test. When deciding whether ...
Using your own car for work purposes
Using your own car or bike for work travel? You may be able to claim tax relief for business mileage ...
When you cannot charge VAT
Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes. When a VAT-registered ...
How to pay corporation tax online
Paying Corporation Tax? Always use the correct reference or risk delays and penalties. To pay Corporation Tax via online or ...
What insurance cover should a company consider?
Running a small business comes with plenty to juggle, and while insurance might not be the most thrilling task, it ...
GOV.UK One Login – enhanced security from 13 Oct 2025
From 13 October 2025, access to Companies House WebFiling will require GOV.UK One Login. This replaces the older Government Gateway ...
Tax Diary October/November 2025
1 October 2025 - Due date for Corporation Tax due for the year ended 31 December 2024. 19 October 2025 ...
VAT late filing penalties
New rules mean late VAT filings and payments now trigger points, fines and interest charges. The VAT late filing penalties ...
Gifts with reservation of benefit
Gifting assets can cut inheritance tax, but traps like “gifts with reservation of benefit” may undo the plan. The majority ...
Holding over gains on gifts
Gift Hold-Over Relief is a form of Capital Gains Tax (CGT) relief that allows you to defer paying CGT when ...
What counts as working time for minimum wage purposes
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The ...
Why your tax code might change
The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are ...
Are you selling goods or services on a digital platform?
From 2024, platforms like eBay, Vinted and Airbnb must report seller data to HMRC, so check your tax responsibilities. If ...
Balancing access to justice and abuse of process
An extended civil restraint order (ECRO) was issued against a prolific Employment Tribunal (ET) litigant for presenting repeated and baseless ...
Keeping your best people with flexible working
For many small business owners, finding and keeping good staff is one of the biggest headaches. Recruitment is costly, time-consuming ...
Cash flow resilience and access to funding
Running a small business often feels like walking a financial tightrope. Cash can be flowing in nicely one month, only ...
Fixing problems with running payroll
Employers must report pay and deductions correctly to HMRC, but errors can usually be fixed in your next FPS. Employers ...
Unused pension funds and IHT from April 2027
From 6 April 2027, new measures first announced in the Autumn Budget 2024 will come into force. These changes will ...
What if your pension contributions are excessive?
You can claim tax relief on pension contributions up to 100% of earnings, but exceeding the annual allowance may trigger ...
MTD for IT taxpayer exemption
From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases. If ...
Corporation tax roadmap
With a £50bn shortfall looming, the Chancellor may need to revisit last year’s Corporation Tax roadmap commitments. As this year’s ...
What are the current Income Tax bands and allowances?
Income Tax applies to earnings, pensions, savings, dividends and more, with different bands across the UK nations. Individuals can be ...
How to gain a competitive advantage
In every market, businesses face competition. Some competitors may be larger, others may have deeper pockets, but gaining a competitive ...
Why increasing an overdraft to fund losses is a dangerous game
Many business owners see their bank overdraft as a flexible safety net. When cash runs short, the temptation is to ...
Tax Diary September/October 2025
1 September 2025 - Due date for corporation tax due for the year ended 30 November 2024. 19 September 2025 ...
Applying for Home Responsibilities Protection
Did you know a missing Home Responsibilities Protection (HRP) record could reduce your State Pension, but you may still have ...
Using the 159 helpline
If a call from your bank feels suspicious, just hang up and dial 159 to be connected safely to your ...
When dividends cannot be paid
Under the Companies Act 2006, dividends can only be paid from realised profits, never from capital, no matter what a ...
What is the pension’s Money Purchase Annual Allowance?
The Money Purchase Annual Allowance (MPAA) is a pension rule designed to prevent individuals from gaining double tax relief on ...
What happens if you cannot pay your tax bill?
If you cannot pay your tax bill, it’s crucial to contact HMRC as soon as possible. They may offer support ...
Company director disqualification
Company directors have a legal duty to act responsibly and in the best interests of their business. If a director ...
Tripartite arrangements don’t necessarily enable an agency to escape accountability
The question was raised as to whether, in a tripartite agency relationship, an employment relationship exists between an employee and ...
Management buyouts: benefits for owners and teams
A management buyout keeps the business in familiar hands. The team that already understands customers, systems, and culture steps into ...
Improve cash flow with smarter invoicing habits
Why cash flow matters Profit is important, but cash pays wages, suppliers and loan repayments. Even strong businesses can struggle ...
Definition of a building sub-contractor
Know the rules for contractors & subs under CIS to avoid issues with HMRC. Under the Construction Industry Scheme (CIS), ...
VAT – digital record keeping
HMRC requires businesses to maintain accurate VAT records to ensure correct tax payments. While all businesses must retain general records ...
Trusts and Income Tax
Trustees must manage assets, follow tax rules, and register with HMRC where required. A trust is a legal arrangement in ...
Rules to protect effects of debanking
Banks must now give 90 days’ notice before closing accounts, giving customers more time to respond. Since April 2026, new ...
What is Support for Mortgage Interest?
SMI loans can help pay mortgage interest for those on benefits, but repayment is due when the home is sold ...
Help with outstanding tax bills
HMRC’s Time to Pay lets eligible taxpayers spread tax bills over time, avoiding immediate enforcement. If you owe tax to ...
A magical clause does not necessarily nullify employment status
A recent ruling has provided a timely reminder that substance trumps form in employment status disputes, and the mere insertion ...
Building value in your business
For many small business owners, the focus is on day-to-day operations. However, building long-term value is just as important, whether ...
Pre-Budget tax planning – act now
With the next UK Budget approaching, there is speculation about changes to tax rates, allowances, and reliefs. Acting now can ...
Bank Rate trimmed to 4%
The Bank of England has knocked the main interest rate down to 4% today, cutting it by a quarter‑point from ...
Interactive online tool for tax compliance check
HMRC’s new Q&A tool guides you through each step of a compliance check. The free interactive online tool is designed ...
Challenging your Council Tax band
If your property has changed or seems mis-banded, you may have the right to request a Council Tax review. Properties ...
Who can claim the IHT residence nil rate band
With the Residence Nil Rate Band (RNRB), families can pass on up to £1 million without IHT The RNRB is ...
Reclaiming duty moving goods to Northern Ireland
Businesses can reclaim duties on qualifying goods moved to or through Northern Ireland since 2021 The Northern Ireland Duty Reimbursement ...
Homebuyers warning
Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax ...
HMRC to increase anti-money laundering fees
Fit and proper test fee to jump from £150 to £700 under HMRC’s proposed AML supervision changes Many businesses are ...
Employing family members in your business
Many small business owners turn to family members when looking to fill roles in their team. It can seem like ...
The value of retaining profits to support cash flow and growth
For small businesses and growing companies alike, one of the most reliable sources of funding is often the profits they ...
Taxation of entertainment expenses
Many business gifts and hospitality costs are not tax-deductible under current rules. Entertainment expenses including providing hospitality and business gifts ...
Estate valuation for IHT purposes
Before probate begins, you must estimate the estate's value to see if Inheritance Tax applies. This includes valuing the deceased ...
Found objects and Capital Gains Tax
Items discovered lying on land or buried in the soil, such as antiques or historical objects, are treated as chattels ...
New self-assessment services announced by HMRC
New digital services have been launched that aim to make filing and managing tax returns quicker and less stressful. These ...
Shared home ownership
Shared home ownership offers a more accessible route to owning a home for those who cannot afford the full deposit ...
Making Tax Digital – important deadline dates
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are ...
Red tape eased for new cafes and bars
Communities and town centres across the UK are about to get a serious boost. The Government has unveiled sweeping reforms ...
Choosing a Business Rates Agency
The Valuation Office Agency (VOA) has issued updated advice to help business owners choose and monitor business rates agents more ...
IHT Unused Pension Funds and Death Benefits changes
It was confirmed with the publication of the draft Finance Bill 2025-26 that measures first announced in the Autumn Budget ...
IHT Agricultural and Business Property Relief changes confirmed
Despite intense lobbying by the farming community, the proposed reduction in IHT Business and Agricultural Property reliefs are included in ...
Capital Gains valuations of goodwill
Who values goodwill when a business is sold? HMRC's Shares and Assets Valuation team takes the lead. Whether the goodwill ...
VAT relief for the disabled
VAT relief is available on goods and services for people with long-term illnesses or disabilities. There are special VAT reliefs ...
Current Inheritance Tax thresholds
Married couples can pass on up to £1 million tax-free if they plan their estates carefully. The Inheritance Tax (IHT) ...
Verifying your ID at Companies House
You now need to set up a verified GOV.UK One Login to confirm your identity with Companies House. To verify ...
An employee’s emergency contact details are strictly private
A recent ruling affirms that an employer is directly liable for the unauthorised disclosure of an employee's private information. An ...
Big cuts to electricity network costs for heavy industries
The UK Government has unveiled a landmark plan to reduce electricity network charges for the country’s most energy intensive industries, ...
UK Export Finance: Empowering UK Businesses to Go Global
UK Export Finance (UKEF) is the UK’s export credit agency and government-backed financier. Its mission is to ensure that no ...
Double Tax Conventions and IHT
Double tax on estates can still hit families hard, even with treaties in place. When someone dies with ties to ...
New requirements for Overseas Entities
Overseas property owners must now report earlier ownership changes or risk penalties from 31 July 2025. Under new rules introduced ...
Applying for a National Insurance number
Working or claiming benefits in the UK? You may need to apply for a National Insurance number first. If you ...
Helping family or friends with their tax
Need to help a relative or friend with tax? HMRC’s Trusted Helper service makes it quick and easy to support ...
Higher penalties for MTD filers
Making Tax Digital for Income Tax will become mandatory in phases from April 2026. If you are self-employed or a ...
Transfer pricing consultation
New UK transfer pricing rules could mean more reporting and fewer exemptions for mid-sized businesses. The government is consulting on ...
Why industry expertise matters when starting a business
Starting your own business can be an exciting and liberating decision. But passion and ambition alone are rarely enough. One ...
Choosing the right KPI’s for your business
Key Performance Indicators (KPIs) are not just numbers on a dashboard; they are tools to help business owners make better ...
Don’t forget to pay your Class 1A NIC
Employers must act now to meet the deadline for paying Class 1A NICs for 2024-25 to avoid HMRC penalties. These ...
File and paying CGT after property sales
Capital Gains Tax on certain residential property sales must be reported and paid within 60 days to avoid penalties and ...
Struggling to fund your July tax payment?
The second 2024-25 payment on account for self-assessment taxpayers is due on 31 July 2025. If you are finding it ...
Goodbye remittance basis hello FIG
Since 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals (non-doms) has been replaced by the Foreign ...
The impact of frozen personal allowances
The impact of frozen personal allowances often leads to fiscal drag, a situation where individuals pay more tax as their ...
The Employment Allowance – what you can claim
As of April 2025, more employers can claim the increased £10,500 Employment Allowance thanks to relaxed eligibility rules. This increase ...
Being paid directly is not a confirmation that you are an employee
A Tribunal has provided a landmark ruling over employer-employee status in the context of direct payments made under the Care ...
Tax Diary August/September 2025
1 August 2025 - Due date for corporation tax due for the year ended 31 October 2024. 19 August 2025 ...
Why exit planning matters – even in the early years of your business
Starting and growing a business is an exciting and demanding challenge. It is easy to focus all your energy on ...
Autumn Budget 2025: What Changes Might Be on the Horizon?
As we look ahead to the Autumn Budget 2025, it is clear that the Chancellor, Rachel Reeves, will be under ...
Who is liable to Income Tax at Scottish rates?
Where you live determines if you pay Scottish Income Tax. The rules are not based on where you work, who ...
Pension contributions, net pay or relief at source?
Your pension scheme type affects your tax relief. Workplace pensions offer tax benefits, but the method used, net pay or ...
Tax returns for a deceased taxpayer
You may need to submit tax returns for someone who has died. As the personal representative, you are legally responsible ...
What if you no longer need to submit a tax return
You must tell HMRC if you no longer need to file a tax return. Whether you have stopped trading or ...
Setting up a payroll scheme
Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll processes right ensures your ...
Do you have additional income streams?
Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position ...
How AI is changing your business
Artificial intelligence (AI) is no longer something for big tech firms alone - it is becoming a practical tool for ...
Are you ready for Companies House ID checks?
From 2025, Companies House is rolling out new identity verification requirements for directors, people with significant control (PSCs), and anyone ...
Claiming for uniforms, work clothing and tools
Buying tools or clothing for your job? You could claim tax relief. Check if you qualify and how to get ...
Accounting on a cash basis
From April 2024, the cash basis is the default method for sole traders and most partnerships when preparing Self-Assessment returns ...
Using the VAT Cash Accounting Scheme
Struggling with late-paying customers? The VAT Cash Accounting Scheme helps protect cash flow by taxing only what you have received ...
Check your State Pension forecast online
Get a clear view of your future pension. Use the enhanced online service to check, boost, or track your State ...
Use HMRC app and be job-ready this summer
Starting work this summer? Download the free HMRC app to get your NI number, check your tax code and stay ...
Tax gap estimated at 5.3% for 2023-24
HMRC missed out on £46.8bn in tax last year. Small businesses and Corporation Tax make up the biggest share of ...
Pivotal role of the union Certification Officer in addressing complaints
A recent tribunal clarified the procedural powers of the Certification Officer (CO), ruling that applications from trade union members cannot ...
Redress for Post Office Capture victims
In a significant update, the UK government has unveiled a new compensation scheme targeting individuals affected by the earlier “Capture” ...
Winter Fuel Payments reinstated
The government has announced the reinstatement of Winter Fuel Payments for pensioners in England and Wales for winter 2025-26, reversing ...
VAT Annual Accounting
Streamline your VAT reporting with fewer returns and smoother cash flow. The Annual Accounting Scheme makes VAT easier to manage ...
Present rates of Corporation Tax
Corporation Tax rises with profit levels. Marginal relief bridges the gap, easing businesses from the 19% small profits rate to ...
2025 Spending Review published
The government’s 2025 Spending Review outlines a major funding boost for healthcare, defence, housing, and infrastructure to support long-term recovery ...
When do the higher rates of Income Tax apply
Once your income passes £100,000, your tax-free allowance starts to shrink. Between £100,000 and £125,140, the effective tax rate climbs ...
Who must send in a tax return
From self-employment to rental income, there are many reasons you may need to file a Self-Assessment return. Know the triggers ...
Tax rules for savings interest
You could earn up to £18,570 in tax-free savings interest in 2025-26, thanks to the personal allowance, starting rate for ...
BT Eyes Deeper Job Cuts as AI Reshapes Telecoms
BT has announced that it may exceed its previously stated target of cutting 40,000 jobs by 2030, as artificial intelligence ...
Effects of Rachel Reeves’ Spending Review
Chancellor Rachel Reeves delivered her first Spending Review to Parliament last week, setting out the government’s financial priorities for the ...
Claim for a business journey in a private vehicle
Use your own vehicle for work? You could be entitled to a tax-free mileage allowance. Make sure you are not ...
Private Residence Relief – when it applies
Selling your main residence? Private Residence Relief can exempt you from Capital Gains Tax. If you meet certain conditions, there ...
Do not forget to claim the marriage allowance
If one partner in a marriage or civil partnership earns under £12,570, you could save up to £252 a year, ...
Current IHT gift reliefs
Lifetime gifts can reduce Inheritance Tax, but survival for seven years and using key exemptions like the £3,000 annual allowance ...
Business Asset Disposal Relief – forthcoming changes
The BADR Capital Gains Tax rate has risen to 14% from April 2025 and will increase further to 18% in ...
New requirement – verifying ID at Companies House
Identity verification is now rolling out for directors, PSCs, and agents, with more filing roles to be included soon under ...
When changing a company’s name absolves a daughter company of its obligations
The Court of Appeal addressed the complexities of benefit scheme amendments and the lines of responsibility within corporate structures in ...
Four critically important KPIs
Gross profit margin This measures the profitability of your core operations by comparing gross profit (sales minus cost of goods ...
The value of tax planning for high net worth individuals
For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to ...
Tax Diary July/August 2025
1 July 2025 - Due date for corporation tax due for the year ended 30 September 2024. 6 July 2025 ...
VAT exempt supplies
Not all VAT-free sales are the same. Understanding the key difference between zero-rated and VAT-exempt supplies could save your business ...
Claiming tax relief on pension contributions
Private pension contributions can attract up to 45% tax relief, if you know how to claim it. Use your £60,000 ...
Tax write-offs for an electric car with zero emissions
Buying a zero-emission electric car through your limited company could mean 100% tax relief in year one. Understand the capital ...
Can you reduce your 31 July tax payment on account
Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on ...
VAT – advantages of the VAT Flat Rate Scheme
Small business? The VAT Flat Rate Scheme could cut paperwork and improve cash flow. Pay VAT as a set percentage ...
IHT exemption – normal expenditure out of income
Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones ...
How working capital is funded
Working capital refers to the day-to-day funds a business uses to manage its operations. It is the difference between current ...
Government sells last Nat West shares
The UK government has officially concluded its involvement with NatWest Group, formerly known as the Royal Bank of Scotland (RBS), ...
Employing your family
Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance ...
What is a FIG?
From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and ...
Rolling Over Capital Gains
Business Asset Rollover Relief, allows taxpayers to defer Capital Gains Tax (CGT) on gains arising from the sale or disposal ...
Employers, don’t forget to pay Class 1A NIC
Employers must pay Class 1A NICs for 2024-25 benefits by 19 July (post) or 22 July (electronic). These apply to ...
Repay private fuel provided for company cars
Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost ...
Company changes you must report
Certain company changes—like a new registered address, email, or director—must be reported to Companies House promptly. Failure to update records ...
A return to gender rationality in the office? What does the Supreme Court ruling mean for trans people in the workplace?
In a landmark ruling, the Supreme Court clarified the legal interpretation of the words ‘sex’, ‘woman’ and ‘man’ in Sections ...
Top 10 skills every business owner should acquire
Running a business involves wearing many hats. Whether you are just starting out or looking to grow, developing the right ...
Buying a business – a simple due diligence checklist
Before you agree to buy a business, it is essential to carry out due diligence. This means carefully checking the ...
Pension tax-free lump sums
Turning 55 soon? From April 2028, the minimum pension access age rises to 57. If you are planning to draw ...
Deferring gains using Incorporation Relief
Thinking of transferring your sole trader or partnership business into a limited company? Incorporation Relief can help defer any capital ...
Changes to tax status of non-UK domiciles
From 6 April 2025, the remittance basis for non-doms is abolished. A new UK tax regime now applies to non-domiciled ...
Changes to IHT from April 2025
From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners ...
How should multiple self-employed incomes be treated
Running more than one self-employed business? HMRC will not always treat them as separate. Whether they are taxed as one ...
Could you extend Child Benefit claim?
Parents of 16-19-year-olds: confirm your child’s continued education or training by 31 August 2025 to keep Child Benefit payments going ...
The legal responsibilities of directors
When someone agrees to become a director of a UK limited company, they take on a set of legal responsibilities ...
The value of applying for trade marks
A trade mark is a vital tool for protecting the identity and reputation of your business. It can take the ...
The importance of discretion – don’t send inappropriate messages during working hours!
An Employment Tribunal confirmed that using an employer's preferred method of communicating with employees to send offensive messages can serve ...
When can you deregister for VAT?
Considering VAT deregistration? Whether compulsory or voluntary, knowing the rules, deadlines and risks of delay can save your business from ...
The transition from FHL to Property Rental business
Tax perks for Furnished Holiday Lets have ended. From April 2025, lettings fall under standard rental rules. Check the transition ...
Deadline for paying Class 1A NIC
Employers must pay Class 1A NICs on 2024-25 benefits by 19 July (22 July if paying electronically). Avoid penalties by ...
HMRC interest rates following Bank of England rate cut
Following a Bank Rate cut to 4.25%, HMRC late payment and repayment interest rates will drop from 19 and 28 ...
MTD for Income Tax deadline is approaching
MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k+ income. Plan early to stay ...
Save up to £2,000 a year on childcare costs
Is your child starting school this September? Tax-Free Childcare could save you up to £2,000 a year. Check your eligibility ...
Why filing early makes sense
Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering ...
Still recording your accounts on spreadsheets?
For small and medium-sized enterprises (SMEs), adopting accounting software offers a range of practical benefits that help streamline financial management, ...
Landmark economic deal with United States
On 8 May 2025, the UK government announced a landmark trade agreement with the United States, aimed at reducing tariffs ...
Electronic invoicing consultation
The government wants your say on e-invoicing. Quicker payments, fewer errors, and better VAT reporting are on the table. A ...
Changes to VAT on donations to charities
The government is consulting on new VAT relief for goods donated to charities for free use. Could this fix an ...
Income reporting threshold increased
The £3,000 reporting threshold for trading, property, and other income will simplify tax returns—300,000 people could be freed from filing ...
Mandating the Payrolling of benefits in kind update
HMRC has delayed mandatory payrolling of benefits in kind by a year to April 2027, giving employers and software providers ...
Reversal of requirement to report more detailed employee hours paid
The government has scrapped plans for detailed PAYE reporting of employee hours from April 2026, citing concerns over cost, complexity, ...
How to check employment status
HMRC’s CEST tool gets a revamp from 30 April 2025, with clearer questions and updated guidance to help users decide ...
Fresh Ideas for Additional Revenue Streams
For many small and medium-sized enterprises (SMEs), the core business keeps the lights on, but additional income streams can provide ...
How to Increase Gross Profit Returns
Gross profit is one of the clearest indicators of how well your business is performing. It’s the money left after ...
Tax Diary June/July 2025
1 June 2025 - Due date for corporation tax due for the year ended 31 August 2024. 19 June 2025 ...
Definition of R&D for tax purposes
When claiming tax relief or capital allowances on R&D, it’s crucial to ensure activities meet strict statutory definitions. Understanding Section ...
Tax treatment of income after cessation
After a business closes, income can still arise. Post-cessation receipts must be properly reported and taxed under specific rules. Knowing ...
Tax refunds for dissolved companies
Dissolving a company ends its legal existence — but unresolved assets become property of the Crown under bona vacantia. Directors ...
Tax relief if required to work from home
If employees must work from home and their employer does not reimburse certain costs, they may be entitled to claim ...
Is income from hobbies taxable?
Not every money-making hobby counts as a business for tax purposes. Knowing when a hobby crosses into trading territory is ...
State Benefits – What is taxable and what is not
Not all state benefits are tax-free! Some, like the State Pension and Carer’s Allowance, are taxable, while others, like PIP ...
Cybersecurity
Cybersecurity might sound like something only big corporations need to worry about, but in truth, small businesses are increasingly in ...
Access to Funding and Credit
For many small business owners, getting access to funding feels like trying to squeeze water from a stone. Traditional banks ...
VAT Road Fuel Scale Charges
The new VAT road fuel scale charges applicable from 1 May 2025 to 30 April 2026 have been published. The ...
Repeal of furnished holiday lets regime
From April 2025, holiday lets lose their special tax treatment. Landlords must prepare for new Income, Capital Gains, and Corporation ...
Reminder of Employer NIC changes from April 25
A reminder that increases to the rate of National Insurance contributions (NICs) that are paid by employers came into effect ...
Less than a year before MTD for Income Tax starts
MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher ...
Have you set up your Personal Tax Account yet?
Skip the phone queues. Your Personal Tax Account lets you manage everything from tax codes to refunds online. Quick, secure, ...
More in line for savings boost
From April 2025, more low-income workers on Universal Credit can join Help to Save. Save up to £50/month and get ...
The innocent touch – where a lack of clear guidelines and policies makes a dismissal more likely to be unfair
A school inspector dismissed for brushing water off a pupil’s head won his unfair dismissal claim against OFSTED. Mr. Hewston ...
Statutory Redundancy rights
Redundant? You could receive up to £30,000 tax-free, whether it’s statutory pay or a better deal from your employer. Know ...
Tax relief for landlords replacing domestic items
Swapped an old fridge or carpet in your rental property? Landlords can claim tax relief on replacing domestic items - ...
Tax and employee suggestion schemes
Have you set up a suggestion scheme for ideas that could save or earn you money? Employee suggestion schemes can ...
Still time to repay private fuel costs and avoid tax charge
Use a company car for personal trips? Avoid a hefty tax charge by reimbursing your employer for private fuel by ...
Understanding VAT Bad Debt Relief
Struggling with unpaid invoices? If you've paid VAT to HMRC but never received payment from your customer, you may be ...
Higher rate tax relief on pension contributions
Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus ...
£13.9bn of R&D funding
The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This ...
UK Responds to New US Tariffs
The UK’s Business and Trade Secretary, Jonathan Reynolds, has set out the government's position following the United States' recent imposition ...
Tax Diary May/June 2025
1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 ...
Employment Restrictions After Termination: Be Cautious
Kau Media Group (KMG) Ltd. sought to enforce two post-termination employment restriction (PTRs) contained in a contract of employment to ...
Make the most of trivial benefit payments 2025-26
Small gifts can mean big tax savings! Use the trivial benefits exemption in 2025-26 to reward employees with non-cash perks ...
Filing ATED return April 2025
From April 2025, updated ATED rates apply to residential properties held by companies and other Non-Natural Persons (NNPs). Make sure ...
Checking your tax code for 2025-26
Do you know what your 2025-26 tax code means? It affects how much tax is taken from your pay or ...
Frozen tax allowances and fiscal drag
Tax thresholds frozen till 2028? That’s fiscal drag in action - more tax paid without rate rises. It’s a stealthy ...
Don’t forget to update your NMW and NLW wage rates
Minimum wage rates rose on 1 April 2025. NLW now £12.21, and big increases for younger workers too. Make sure ...
Child Benefit increases April 2025
Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education ...
Managing gross profit returns
Gross profit is one of the clearest indicators of how well your business is performing. It’s the amount left after ...
Dealing with supply line interruptions
Supply line interruptions can be a nightmare for any business. Whether it’s a delay in deliveries, a shortage of materials, ...
HMRC time to pay arrangements
If you're facing financial difficulties and owe tax, HMRC’s Time to Pay service may offer breathing space. From self-assessment to ...
Business Asset Disposal Relief rates from April 2025
Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate on the sale of a business, shares ...
Verifying identity at Companies House – From April 2025
New rules under the Economic Crime and Corporate Transparency Act mean identity checks will soon be required at Companies House ...
R & D clearance consultation
Following the Spring Statement, HMRC is inviting feedback on the idea of expanding the use of advance clearances for R&D ...
Registering informal money transfer businesses
HMRC has launched a campaign targeting informal money transfer networks like Hawala, aiming to combat money laundering and protect communities ...
HMRC interest rate increases
HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025 ...
Pubs and premises insurance
In March 2025, the Pubs Code Adjudicator (PCA) wrote to all pub-owning businesses to reinforce the importance of complying with ...
Recycling changes
As of 31 March 2025, new regulations have come into effect in England, requiring workplaces to adopt simplified recycling practices ...
CGT holding over gains if you gift business assets
Gift Hold-Over Relief lets you defer Capital Gains Tax when giving away business assets or qualifying shares. It can be ...
Time off for jury service
If your employee is called for jury service, you must allow them time off—but you're not required to pay them ...
LLP salaried members
Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here's ...
Making Tax Digital for Income Tax
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed ...
Beneficial interests in jointly held property
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married ...
Childcare grants
Juggling higher education and parenting? Childcare Grants can ease the pressure by covering up to 85% of your childcare costs ...
Applying for student loans
Student Loans help cover the cost of university or college in the UK. Whether you're full-time, part-time, or heading into ...
Spring Statement Summary March 2025
Spring Statement 2025: Key Tax Measures and Modernisation Initiatives Chancellor Rachel Reeves’ Spring Statement 2025, delivered on 26 March, arrived ...
How to Approach Your Bank for a Business Loan
Asking your bank for a business loan can feel daunting, but it doesn’t have to be. With the right preparation, ...
How Small Businesses Can Survive a Recession
Recessions can be tough on small businesses, but they do not have to spell disaster. With some smart thinking and ...
Claiming professional fees and subscriptions
Did you know you may be eligible for tax relief on professional fees and subscriptions? If your membership is required ...
Rental business mortgage relief
Since April 2020, landlords can no longer deduct mortgage interest as an expense. Instead, tax relief is capped at 20% ...
VAT if you sell your business
When selling a business, the Transfer of a Business as a Going Concern (TOGC) rules can allow the transaction to ...
Records you must keep if self-employed
If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain ...
Tax liability if you sell a business asset
When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing ...
Requesting evidence of earnings
If you're self-employed, lenders may require an SA302 and tax year overview as proof of earnings for mortgages or loans ...
Why Adequate Business Insurance is Essential for Small Businesses
For small business owners, especially those operating as sole traders or in partnerships without limited liability, having adequate business insurance ...
Business Advice: An Investment, Not a Cost
Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and ...
Group relief for trading losses
Group relief helps reduce the overall Corporation Tax of a group of companies by allowing them to share losses. For ...
Self-Employed National Insurance Contributions
Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% ...
Tax and Maintenance Payments
Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one ...
How VAT Payments on Account Work
Businesses owing over £2.3 million in VAT annually must make advance payments on account. These are based on the previous ...
Child Benefits for over 16s
From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a ...
Government backed Start-Up Loans
The Government-backed Start-Up Loans scheme offers unsecured loans of £500 to £25,000 per person (up to £100,000 per business) to ...
Beware of rushing to judgement before terminating employment.
A Tribunal has ruled that a deputy security manager was unfairly dismissed, despite performing “no prescribed tasks” while ‘working from ...
Changes to online filing of accounts at Companies House
The Online Accounts and Company Tax Return (CATO) service is scheduled to close on 31 March 2026. This service ...
Why flexible planning is advisable
Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and ...
Tax Diary April/May 2025
1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 ...
What is a salary sacrifice?
A salary sacrifice scheme lets employees swap cash salary for non-cash benefits, saving tax and National Insurance. But earnings must ...
VAT and the goods you use in your own business
Using business goods instead of selling them is usually VAT-free, but some cases require VAT payments. These "taxable self-supplies" include ...
Inheriting spouse’s State Pension
If your spouse or civil partner has passed away, you may inherit part of their State Pension, depending on when ...
Letting out part of your home – claiming lettings relief
Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting ...
More tax on business disposals from April 25
From April 2025, the Capital Gains Tax rate on Business Asset Disposal Relief rises from 10% to 14%, increasing to ...
Making a negligible value claim with HMRC
A negligible value claim lets taxpayers declare an asset worthless for tax purposes, realising a capital loss without selling. This ...
Essential Credit Control for SMEs
A well-structured credit control system is crucial for small businesses to maintain cash flow and reduce the risk of bad ...
Sources of funding for small businesses
Starting or growing a small business often requires capital, but securing the right funding can be a challenge. Fortunately, there ...
Tax relief for structures and buildings expenditure
Maximise your tax relief with the Structures and Buildings Allowances (SBA). If you have invested in new or renovated commercial ...
Treatment of post-cessation receipts and payments
When a trade ends, income doesn’t always stop. Post-cessation receipts can still arise, and knowing how they are taxed is ...
How far back can HMRC assess under-declared taxes?
From income tax to VAT, HMRC has specific time limits for issuing tax assessments. Depending on the circumstances—whether it’s standard, ...
UK residence and tax issues
The UK's shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed ...
What’s included in your VAT return
With a £90,000 VAT registration threshold, many UK businesses might wonder whether to register voluntarily. Understanding how to balance output ...
Tax-free redundancy payments
If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding ...
The benefits of benchmarking financial results
Benchmarking financial results involves comparing a business’s financial performance against industry standards or competitors. This process offers numerous benefits, helping ...
Women in leadership roles
The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women ...
Self-employment cannot be used as a tax smokescreen for contracted employees
A complex celebrity case arose recently in which the First-tier Tax Tribunal (FTT) was asked to consider the application of ...
Gifts exempt from Inheritance Tax
Navigating the intricacies of Inheritance Tax (IHT) can be daunting, but understanding the available gift exemptions and strategic planning can ...
Business mileage with your own vehicle
Understanding the nuances of tax relief for using your personal vehicle for work can lead to significant savings. By familiarising ...
E-invoicing consultation
HMRC together with the Department for Business and Trade (DBT) have launched a new consultation on e-invoicing to encourage its ...
Claiming tax relief for job expenses
Employees working from home may be eligible to claim a tax deduction for certain job-related expenses. If your employer does ...
Probate waiting times halved
The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal ...
Is your extra income taxable?
HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if ...
Should you incorporate your business?
Deciding whether to incorporate your business in the UK involves evaluating several key factors: Limited Liability Protection Incorporating as a ...
Exploring National Insurance Credits
Even if you have never been employed, you might have been eligible for NI credits without realising it. For example, ...
CIS monthly returns obligations
The Construction Industry Scheme (CIS) requires contractors to deduct tax from subcontractor payments and file monthly returns with HMRC. Even ...
Check or update company car tax details
If you use a company car for private travel, it's taxed as a Benefit in Kind (BIK). The tax rate ...
Jointly owned property – no partnership
Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default ...
Tax when transferring assets during divorce proceedings
Separation and divorce can create tax implications, particularly Capital Gains Tax (CGT) on asset transfers. New rules from April 2023 ...
Cut in interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 5 February and in a 7-2 vote decided to reduce ...
Health services exempt from VAT
Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily ...
How to Check the Creditworthiness of New Customers
Before extending credit to new customers, it’s essential to assess their financial reliability. Checking their creditworthiness helps protect your business ...
How to Stop Future Payments on Your Debit or Credit Card
Stopping future payments from being made on your debit or credit card is crucial for avoiding unwanted charges and managing ...
Not all hurt feelings are uncapped & costly
The Employment Appeal Tribunal slashed a £10,000 award for injury to feeling by 80% after an original tribunal ruling was ...
Tax chores if managing a deceased person’s estate
When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is ...
Tax on inherited private pension pots
Private pensions can be a great way to pass on wealth, but tax implications depend on the age of the ...
How umbrella companies work
Umbrella companies offer an easy way for freelancers and contractors to get paid without running a limited company. They handle ...
31 January deadline met by more than 11.5 million people
Over 11.5 million people met the 31 January 2025 self-assessment deadline, but 1.1 million taxpayers missed it. If you're one ...
When is a hobby a business
Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity ...
Small duty cuts on draught products from 1 February 2025
From 1 February 2025, alcohol duty on draught pints has been cut for the first time in a decade, saving ...
Tax Diary March/April 2025
1 March 2025 - Due date for Corporation Tax due for the year ended 31 May 2024. 2 March 2025 ...
Late Payment Support for Small Businesses – How to Protect Your Cash Flow
Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs ...
A Small Business Guide to Exporting and International Trade
Expanding into international markets can be a game-changer for UK small businesses, opening up new revenue streams and increasing business ...
Reminder of Employer’s NIC changes from April 25
From 6 April 2025, employers will face a 1.2% rise in National Insurance contributions, alongside a lower NICs threshold. However, ...
Reforms to taxation of non-doms from April 2025
From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new ...
How to check your tax code
Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters ...
Who needs to register for an EORI number
If you are moving goods across borders, an EORI number may be essential for customs clearance. Whether trading with the ...
Self-employed must report profits on tax year basis
Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current ...
Student and postgraduate loan thresholds and rates
From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you're ...
It is not always possible to mend fences – Reinstatement is not always a practicable option where there is a breakdown in employment relations
The Employment Appeal Tribunal (EAT) upheld claims of constructive dismissal and disability discrimination against Whyte & Mackay Limited (W&ML) in ...
Understanding the UK’s Bank Deposit Guarantee Scheme
The UK government offers a robust safety net for savers through the Financial Services Compensation Scheme (FSCS). This scheme is ...
Google to Tackle Fake Reviews Following CMA Investigation
In a significant move to enhance trust in online reviews, Google has agreed to implement substantial changes to combat fake ...
How donations to charity can provide tax relief
Gift Aid transforms charitable donations by allowing charities and CASCs to claim 25p extra for every £1 given—at no additional ...
Designating a property as your main residence
Owning more than one property? You can claim Capital Gains Tax (CGT) relief on just one at a time. By ...
Beware false business rates warnings
The 2023 Revaluation updates business property rateable values, based on April 2021 valuations. While challenges are open until March 2026, ...
Claiming VAT on pre-registration purchases
Businesses can reclaim VAT on pre-registration expenses if they relate to taxable supplies made after VAT registration. The rules differ ...
Dealing with company unpaid debts
Unpaid debts can put a limited company at risk of a winding-up petition, potentially leading to liquidation. Creditors may act ...
Rolling over capital gains
Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By ...
Investing in new equipment for your business?
Making a significant investment in new equipment can be a transformative step for a business, improving efficiency, productivity, and competitiveness ...
Debt Management Plan
Navigating financial challenges can be daunting, but understanding the tools available can make a significant difference. One such tool is ...
Tax return for deceased person
Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% ...
Payrolling employee benefits
Employers can voluntarily register to report and account for tax on certain benefits and expenses via the RTI system before ...
Tax-exempt employee loans
Beneficial loans, where employees benefit from cheap or interest-free loans from their employer, can trigger tax implications. However, certain exemptions, ...
Online information about a company
A significant amount of online information about companies is available to the public on the Companies House website. The information ...
Selling online and paying tax
Selling online? Whether it’s a hobby or a business, you may need to pay tax if your earnings exceed £1,000 ...
Penalties for late filing of tax returns
HMRC reports over 63,000 taxpayers filed their returns over the New Year, but 5.4 million still need to act before ...
Beware the legal minefield of the transferring of contractual undertakings
A recent case [London United Busways Ltd. (LUB) v De Marchi and Abellio London [2024] EAT 191] revealed the complexities ...
Roll-out of new digital markets regime
The UK's Competition and Markets Authority (CMA) has initiated its new digital markets competition regime, effective from January 1, 2025, ...
Ticket touts’ days are numbered
The UK government has unveiled a series of proposals aimed at curbing exploitative practices in the ticket resale market, seeking ...
Is your trade in goods or services a business
Selling goods or services? It’s vital to know if HMRC considers this a business. From regular sales to earning commissions, ...
Tax relief for zero emission cars and electric charge points
Great news for businesses! Tax relief on zero-emission cars and EV charge points has been extended until 2026. This move ...
Future increases in CGT on sale of a business
Planning to sell your business or shares? Capital Gains Tax rates for Business Asset Disposal Relief (BADR) are set to ...
What expenses can be claimed against rental income
Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill ...
Finding your National Insurance number
Misplaced your National Insurance number? Do not worry! From checking payslips to using the HMRC app, there are many ways ...
Last month to file 2023-24 tax return
The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your ...
What to Expect from the Chancellor’s Spring Statement 2025
The Chancellor’s Spring Statement, scheduled for 26 March 2025, is expected to focus on navigating the challenges of public finances, ...
Perseverance is the key to sales success
The average number of touchpoints needed to secure a sale, or appointment generally falls between 7 and 12. However, this ...
The UK economic outlook for 2025
The economic outlook for the UK in 2025 presents a mixed picture, with expectations of modest growth tempered by persistent ...
WASPI claims – apology but no compensation
The UK government has recently addressed the Parliamentary and Health Service Ombudsman's (PHSO) report concerning the communication of changes to ...
Making Tax Digital for Income Tax volunteers
From April 2026, Making Tax Digital for Income Tax (MTD for ITSA) will transform tax compliance for businesses, self-employed individuals, ...
Inheritance Tax thresholds and the RNRB
Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning ...
Using the car fuel rates
Advisory fuel rates for company cars help employers and employees manage fuel costs without triggering tax liabilities. Learn how to ...
Advising HMRC of employees’ company car details
Ensure compliance with HMRC rules when providing company cars. From P46(Car) submissions to benefit reporting, learn what steps to take ...
Capital Gains Tax – the new rates
Capital Gains Tax rates have increased for disposals from 30 October 2024, with further changes ahead. Stay informed on the ...
Cash-basis default position for self-employed
The cash basis is now the default for self-employed income reporting. Learn about the key updates, opt-out options, and how ...
Tax Diary February/March 2025
1 February 2025 - Due date for Corporation Tax payable for the year ended 30 April 2024. 19 February 2025 ...
VAT Reverse Charge in Construction: What You Need to Know
Navigating VAT in the construction industry can feel like untangling scaffolding. Enter the VAT reverse charge—special rules that mean sub-contractors ...
The Substantial Shareholdings Exemption
For companies selling shares, the Substantial Shareholdings Exemption (SSE) can mean significant tax relief. Introduced in 2002 and simplified in ...
When can you recover VAT on a car purchase
Reclaiming VAT on company cars isn’t as simple as it sounds. Generally, businesses can’t recover VAT unless the car is ...
New online tax tools for the self-employed
Navigating tax obligations can be daunting for small business owners and sole traders. To make life easier, HMRC has introduced ...
Spreading tax payments by using Time to Pay
Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers ...
Claiming Child Benefits online
Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims ...
Why Protecting Intellectual Property is Important
Intellectual property (IP) refers to creations of the mind, such as inventions, literary works, designs, brand names, and artistic outputs ...
Government Forces Water Companies to Double Compensation
The UK government has announced significant reforms to enhance compensation for customers affected by water service failures. Under new regulations, ...
Just because an employee is a lawful resident of the UK does not give them the right to work
A restaurant in Middlesborough recently challenged a civil penalty notice of £15,000 issued by the Secretary of State for the ...
Could you claim R&D relief?
From April 2024, UK businesses can access enhanced R&D tax relief through the merged RDEC and new ERIS schemes. With ...
Are you eligible to claim the Marriage Allowance?
Could you save up to £1,260 in tax this year? If one of you earns less than £12,570, the Marriage ...
IHT nil rate band reduction for large estates
Married couples and civil partners may be able to pass on up to £1 million of their estate tax-free with ...
Self-assessment scam warning
Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns that HMRC never emails or texts about tax ...
No tax changes for online sellers
Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a ...
Scottish Budget Statement 2025-26
Scotland’s 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, ...
Launch Your Dream Business: 10 Must-Know Steps
Starting your own business is exciting but can be overwhelming if you’re not prepared. To help you navigate the journey, ...
Government Unlocks Success for Small Businesses
Small businesses across the UK can now access streamlined support and advice through the newly launched Business Growth Service, designed ...
Tax if you live abroad and sell UK home
One of the most commonly used and valuable exemptions from Capital Gains Tax (CGT) is for the sale of a ...
Protect your land and property from fraud
It is important to take the necessary steps to protect your land and property from fraud. You are at a ...
Transfers of assets abroad
A new rule aimed at preventing individuals from using companies to avoid taxes through the Transfer of Assets Abroad (ToAA) ...
VAT Flat Rate Scheme overview
The VAT Flat Rate Scheme allows businesses to pay VAT as a fixed percentage of their total turnover, which includes ...
Apply for or locate a National Insurance number
If you have lost or forgotten your National Insurance number, there are several ways to retrieve it. You can find ...
How to interpret your tax code
The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are ...
Tax Diary January/February 2025
1 January 2025 - Due date for Corporation Tax due for the year ended 31 March 2024 19 January 2025 ...
When it comes to pensions, it is of paramount importance to Re-DOC on time!
A tribunal recently ruled on the failure of a private limited company, El Recruitment Ltd., to submit its Re-DOC before ...
The Likely Effects of Employers’ NIC Increases in 2025
The upcoming increase in Employers’ National Insurance Contributions (NICs) is set to have significant repercussions for UK businesses. Employers’ NICs ...
Fuel prices report by Competition and Markets Authority (CMA)
Fuel margins of retailers - the difference between what a retailer pays for its fuel and what it sells at ...
How Council Tax is calculated
To calculate your Council Tax, you need to know the following: The valuation band of your property in England, Wales, ...
Changes to CGT Investors’ Relief
The rate of Capital Gains Tax (CGT) for Investors’ Relief will rise from 10% to 14% for disposals made on ...
Gifts of land and buildings to charities
There are special rules in place for taxpayers who make gifts of land and buildings to charity. This can include ...
Seven year rule still applies – IHT PETs
There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person's lifetime. In most ...
Landlords with undeclared Income
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
Approaching the VAT registration threshold
When approaching the VAT registration threshold there are important matters to consider. The VAT registration threshold is the point at ...
What are your concerns?
According to the Office for National Statistics as of October 2024, the primary concerns among individuals in the UK are: ...
What does EBITDA stand for?
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortisation. It's a widely used financial metric that provides a measure ...
Car and van fuel benefit charges from 6 April 2025
The vehicle benefit charges for 2024-25 were announced at Autumn Budget 2024. The government will introduce legislation by statutory instrument ...
What is a discretionary trust?
A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as ...
Close company anti-avoidance measure
As part of the Autumn 2024 Budget measures, the government introduced new anti-avoidance provisions to prevent the abuse of the ...
Changes to rates of tax on carried interest
The 18% and 28% Capital Gains Tax (CGT) rates currently applied to carried interest gains remain unchanged for the current ...
Applying for business start-up loans
Securing funding for a new startup is one of the most critical steps in ensuring the success of a business ...
Making Tax Digital – the next step
The mandatory rollout of Making Tax Digital (MTD) for Income Tax is set to begin in April 2026. MTD for ...
Bolt ruling seals the case against sham contracts
Despite an appeal, the Courts recently found against Bolt in relation to their attempts to evade the statutory entitlements of ...
What is an acceptable pensions income?
Determining an acceptable level of pension income for retirement depends on individual circumstances, including lifestyle expectations, health, and financial commitments ...
Subscription scams
New proposals to crack down on subscription traps, have been unveiled by the Department for Business and Trade as the ...
Types of tax allowances for capital expenditure
Capital allowances enable businesses to claim tax relief on certain capital expenditures. Different rules apply to various types of capital ...
An overview of salary sacrifice arrangements
A salary sacrifice arrangement involves an agreement by an employee to lower their cash salary in exchange for non-cash benefits ...
Tax changes for Furnished Holiday Lets property owners
The current tax benefits for the letting of properties as short-term holiday lets (known as Furnished Holiday Lets - FHL) ...
Limits on Income Tax reliefs
The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation ...
How to claim a tax refund
If you believe you have overpaid tax to HMRC, you can typically claim a tax refund for the excess amount ...
HMRC promotes its app
HMRC has been busy promoting the benefits of using its app. A new advertising campaign launched by HMRC is targeted ...
EV or diesel – for and against
When evaluating the annual running costs of electric vehicles (EVs) compared to diesel cars, several key factors come into play: ...
Bank of England eases base rate to 4.75%
The Bank of England's recent decision to reduce the base rate to 4.75% brings several potential benefits to various sectors ...
Tax Diary December 2024/January 2025
1 December 2024 - Due date for Corporation Tax payable for the year ended 28 February 2024. 19 December 2024 ...
Changes to HICBC
It was announced as part of the Autumn Budget measures that the government will not now proceed with the reform ...
Help to Save scheme extended
As part of the recent Budget measures, it has been confirmed that the Help to Save scheme is to be ...
Changes to Agricultural and Business Property Relief
It was announced as part of the Budget measures that the government will reform these reliefs from 6 April 2026 ...
Taxation of double cab pick-ups
The tax treatment of double cab pick-up vehicles (DCPUs) has been clarified as part of the recent Budget announcements. This ...
Payrolling of benefits in kind
At Autumn Budget 2024, the government confirmed that it will go ahead with a simplification measure first announced in January ...
Budget confirms change in non-dom tax status
It was confirmed as part of the Autumn Budget measures that changes announced by the previous government at the Spring ...
R&D receives a welcome boost in the Budget
As part of the October Budget the Chancellor announced the highest ever level of government investment of £20.4 billion in ...
Keeping an eye on competitors
Keeping an eye on competitors offers crucial advantages, especially in a dynamic market. Here’s why it pays off: Improving Market ...
Autumn Budget 2024 – Alcohol and Tobacco Duty
As part of the Autumn Budget measures the Chancellor announced that the duty rates on tobacco products were increased by ...
Autumn Budget 2024 – Fuel Duty rates
In the Autumn Budget, the Chancellor had been widely expected to increase fuel duty rates. However, in a surprise announcement ...
Autumn Budget 2024 – Higher rates of SDLT
It was announced as part of the Budget measures that the higher rates of Stamp Duty Land Tax (SDLT) on ...
Autumn Budget 2024 – Inheritance Tax changes
A number of changes to Inheritance Tax (IHT) were announced as part of the Budget measures. We have covered each ...
Autumn Budget 2024 – Capital Gains Tax
In the Budget it was announced that the rates of Capital Gains Tax (CGT) are to be increased with immediate ...
Autumn Budget 2024 – NIC changes
As had been widely predicted, the Chancellor announced increases to the rate of National Insurance contributions (NICs) that are paid ...
Autumn Budget 2024 – Minimum Wage increases
The Chancellor of the Exchequer, Rachel Reeves announced significant increases to the Minimum Wage rates on the eve of the ...
Budget summary 30 October 2024
The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today - ...
Is Income Tax morphing into a stealth tax?
It is rumoured that the Chancellor will delay any increase in the Income Tax higher rate tax threshold beyond the ...
Crackdown on insurance fraud
Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market ...
Due date for paper self-assessment tax return
A final reminder that the 2023-24 tax return deadline for taxpayers who continue to submit paper self-assessment returns is 31 ...
Changing your tax return
If you have submitted a self-assessment return and later realise you need to make changes, there are specific rules to ...
VAT recovery from car leasing payments
The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, ...
Take goods with you to sell abroad
There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any ...
Changing a company’s year end date
There are specific rules that restrict changing a company’s year-end date, also known as the "accounting reference date". Initially, this ...
HMRC shares 5 common reasons for helpline calls
There are a little over three months remaining to file your self-assessment tax return online for 2023-24. The deadline is ...
Recent speculation on forthcoming Budget
There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October ...
Managing business cashflow
Cash Flow Forecasting Creating a cash flow forecast helps you predict your inflows and outflows, allowing you to anticipate any ...
Deferring Class 1 NIC contributions
Employees with more than one job may be eligible to defer or delay paying Class 1 National Insurance in certain ...
Pension fund withdrawal options
Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some ...
Who qualifies for Tax-Free Childcare?
The Tax-Free Childcare (TFC) scheme helps working families manage childcare costs by providing support through a wide network of registered ...
Class 4 National Insurance payments
Self-employed individuals are usually required to pay Class 4 National Insurance contributions (NICs) if their annual profits exceed £12,570. For ...
Payments on account for self-assessment
Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on ...
Boosting your State Pension
HMRC has issued a new press release reminding readers of a limited-time opportunity to enhance their State Pension. Currently, there ...
An outline of the Employment Rights Bill
Legislation has been introduced in Parliament to upgrade UK workers’ rights. The legislation is wide ranging with the intention of ...
New brooms to deliver better pension frameworks
The Department for Work and Pensions has published an outline of the new Pensions Scheme Bill. There are three main ...
Will 10% tax on business disposals survive?
While there have been no specific announcements regarding changes to Business Asset Disposal Relief (BADR), the Chancellor may consider modifying ...
Chancellor unveils new measures
Chancellor Rachel Reeves has recently introduced a series of new measures aimed at advancing the priorities of the new government ...
Construction industry – VAT reverse charge
There are special VAT reverse charge rules in place for certain building contractors and sub-contractors. These regulations, which came into ...
Using the GOV.UK ID Check app
The GOV.UK ID Check app is used to allow applicants to verify their identify when they sign in to a ...
Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on ...
New powers for banks to combat fraudsters
Banks will be granted new powers to delay and investigate payments suspected of fraud, enhancing consumer protection against scammers. Under ...
New residence-based relief for non-doms
A reminder that the government has stated that it will remove preferential tax treatment based on domicile status for all ...
Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, ...
Tax Diary November/December 2024
1 November 2024 - Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 ...
When you must register for VAT
The taxable turnover threshold for VAT registration is currently £90,000 and has applied since April 2024. Businesses must register for ...
Tracing lost pension details
An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds. You can use ...
Relief for company tax losses
Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale ...
Starter checklist for PAYE
When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using ...
Check your State Pension age
HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y. The online tool allows taxpayers to check the following: ...
Cash in Child Trust Funds
HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) ...
Beware fake parking fine texts
The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty ...
Setting up a Civil Partnership
Civil Partners enjoy the same tax and other advantages as married couples. To set up a civil partnership in England ...
Redundancy pay and tax
There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or ...
VAT group registration
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies ...
What is fiscal drag?
The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers ...
Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain ...
Current rates for Capital Gains Tax (CGT)
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are ...
Gifts and Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known ...
Business cashflow
The government offers the following information regarding business cashflow. If you do not have enough money coming in to pay ...
What is fuel duty?
The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel duties are levied on purchases of petrol, diesel ...
Is there a partnership in place?
A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with ...
Not so Trivial Tax Benefits
There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as 'trivial,' ...
Two October self-assessment deadlines
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of ...
Pension Credit action week
Pension Credits can provide extra income to those over State Pension age and on a low income. The Department for ...
Fraudsters impersonating Insolvency Service staff
The Insolvency Service is a government agency that provides services to those affected by financial distress or failure by seeking ...
Don’t miss out on Home Responsibilities Protection
HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of ...
What is a PSC?
PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company ...
Trade Mark protection
To apply for trademark protection in the UK, you will need to follow these steps: Check if Your Trademark is ...
Higher rates of SDLT on residential property
The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of ...
When dividends cannot be paid
There is a basic principle that dividends or other distributions must not be paid out of capital even if the ...
Employing an apprentice
There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a ...
MTD for Income Tax draws closer
The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026 ...
Myths about self-assessment
In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the ...
Claims to reduce payments on account
Self-assessment taxpayers are usually required to pay their Income Tax liabilities in three instalments each year. The first two payments ...
Ask for advice
Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here ...
Beware overtrading
Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources ...
Tax Diary October/November 2024
1 October 2024 - Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 ...
Qualifying for Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s ...
Claiming Child Trust Fund cash
If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant ...
Present self-employed NIC rates
Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more ...
Employing under 16-year-olds and young workers
When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ ...
Self-assessment deadlines 2023-24
The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return ...
Penalties for late filing of company accounts
There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All ...
Could an interest rate reduction reduce government expenditure?
A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but ...
What is the new National Wealth Fund
The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach to fostering economic growth and ...
CGT Gift Hold-Over Relief
Gift Hold-Over Relief is a tax relief that defers the payment of Capital Gains Tax (CGT). It can be claimed ...
Medical and dental care for employees
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions ...
Carry forward a company trading loss
There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not ...
Could you claim Pension Credits?
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were ...
Claim tax deduction for working from home
Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their ...
Advising HMRC about additional income
There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about ...
Negative equity
Negative equity occurs when the value of an asset, typically a property, falls below the outstanding balance on the loan ...
Business sectors subject to AML regulation
In the UK, certain business sectors are required to register with a regulatory body, such as HM Revenue & Customs ...
Tips at work
Tips received at work do not count towards your earning for the purposes of the National Minimum Wage. However, you ...
Definition of living together
There are many tax reliefs available to married couples or civil partners. In many cases, these reliefs are only available ...
Late filing penalties VAT returns
The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for ...
No change to Corporation Tax rates?
The Corporation Tax Main Rate applies to companies with profits exceeding £250,000 and is currently set at 25%. For companies ...
Update on High Income Child Benefit Charge
Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at ...
What is an appropriate address for a company?
One of the key changes introduced as part of the Economic Crime and Corporate Transparency Act (ECCTA) was the introduction ...
Persistence pays off
Persistence in following up leads is a crucial trait in many fields, especially in sales and practice business development. It ...
Business leaders collaborate to Make Work Pay
British workers are set for better working conditions as the Government takes its first steps towards its Plan to Make ...
Paying tax via your tax code
You may be able to have tax underpayments collected via your tax code when you are in employment or in ...
What is Gift Hold-Over Relief?
Gift Hold-Over Relief defers the payment of Capital Gains Tax (CGT). It can be claimed when assets, including certain shares, ...
IHT unused Residence Nil Rate Band (RNRB)
The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when ...
Do you have a personal tax account?
HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in ...
Checking employees DBS certificates
The Disclosure and Barring Service (DBS) is an executive non-departmental public body sponsored by the Home Office. The DBS helps ...
Check your State Pension forecast
The enhanced Check Your State Pension forecast service is available online. The service can be found on GOV.UK at the ...
Guidance for charities on managing public disorder
The charity commission has offered the following guidance to charities following the recent public disorder events. The main points are ...
£32m for AI projects
Companies developing artificial intelligence (AI) to improve safety on construction sites, reduce time spent repairing the railways and cut emissions ...
Don’t forget to report property gains
A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence) ...
Tax relief for goodwill purchases
Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the ...
Corporate claims for charitable donations
When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered ...
More detail on VAT charge on private school fees
More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The ...
Holiday Lets – the demise of tax concessions
It was announced as part of the Spring Budget measures that the present favourable tax benefits presently allowed for the ...
Pension contributions – claiming higher rate tax relief
You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to ...
Road fuel costs still too high
The Competition and Markets Authority (CMA) has published an update on the widespread action it is taking to ensure that ...
Living Wage rates to be overhauled
In a move to put more money in working people’s pockets, the government has overhauled the remit of the Low ...
First interest rates cut in over four years
The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided ...
Using the VAT Annual Accounting Scheme
The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key ...
Sharing your home with tenants
If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital ...
Review your State Pension estimate
You can access the Check Your State Pension forecast service on GOV.UK via this link: https://www.gov.uk/check-state-pension. This digital service is ...
What qualifies for IHT Business Relief
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be ...
HMRC launches VAT registration tool
A new digital VAT registration tool has been launched by HMRC that can be used to help businesses work out ...
Government to deal with £22bn “black hole” in finances
The new Chancellor of the Exchequer, Rachel Reeves, delivered her widely anticipated House of Commons statement on 29 July 2024 ...
Tax Diary September/October 2024
1 September 2024 - Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 ...
Labour market stats not encouraging
The number of people classed as economically inactive has spiraled to 9.4 million. Data published by the Office for National ...
AI expert to lead action plan
New UK Science Secretary, Peter Kyle, has put Artificial Intelligence or AI at the heart of the government’s agenda to ...
Register for VAT One Stop Shop Scheme
The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or ...
Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with ...
The marginal rate of Corporation Tax
The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25% ...
Current CGT rates
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable ...
Considering a significant gift?
There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts ...
Thinking of selling your business?
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s ...
Your stake in your business
Ever wondered how your stake in your business is represented in your accounts? The answer can be found at the ...
The ‘fiscal’ goal posts will be moving
In the coming months we will start to see how our new government intends to change the UK tax rules ...
Ordering documents from Companies House
Companies House offers interested parties the ability to order certified copies of certificates and documents held on the Companies House ...
Taxable and non-taxable State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable ...
Gains on sale of shares
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% (but see comments below) when you ...
Child benefit for 16 to 19 year olds
The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate ...
The NIC Employment Allowance
The Employment Allowance benefits eligible employers by reducing their National Insurance liability. The current allowance is £5,000. An employer can ...
When you cannot use the Property or Trading Allowances
Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types ...
The new Chancellor’s first speech
The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every ...
Responding to a personal data breach
The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following ...
Restarting a dormant company
HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies ...
Company filing obligations
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of ...
Inheritance and tax
As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the ...
Labour win landslide election result
As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 ...
