For many small business owners, getting access to funding feels like trying to squeeze water from a stone. Traditional banks have always been a bit cautious when it comes to lending to smaller enterprises, but over the past few years, it’s become even tougher. With the economic uncertainty lingering after Brexit, COVID-19, and a volatile global market, lenders are now scrutinising applications ... read more Cybersecurity might sound like something only big corporations need to worry about, but in truth, small businesses are increasingly in the firing line. In fact, many cyber criminals deliberately target smaller firms, knowing they often lack the resources and expertise to protect themselves properly.
The most common threat is phishing. These are fake emails that look convincing, aiming to trick ... read more From April 2025, more low-income workers on Universal Credit can join Help to Save. Save up to £50/month and get a 50% bonus - up to £1,200 over 4 years. A simple way to build your savings.
The eligibility rules for the Help to Save scheme were extended on 6 April 2025. This means that the scheme is now open to more than 550,000 across the UK. The scheme is now available to anyone working and ... read more Skip the phone queues. Your Personal Tax Account lets you manage everything from tax codes to refunds online. Quick, secure, and all in one place. If you haven’t signed up yet, now’s the time.
Your Personal Tax Account (PTA) is a simple and secure way to manage your tax affairs online. If you want to complete tasks like checking your tax code, claiming a refund, or updating your details, this can ... read more MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it’s time to get ready.
Designed to modernise the tax system and improve accuracy, MTD will significantly change how Income Tax is reported and paid. With less than a year until the first group of taxpayers must comply, now is the ... read more A reminder that increases to the rate of National Insurance contributions (NICs) that are paid by employers came into effect on 6 April 2025. The main rate of secondary Class 1 NICs has increased to 15% (from 13.8%). This applies to earnings above the secondary threshold for employees. In addition, both Class 1A and Class 1B employer NIC rates—typically applied to benefits-in-kind and PAYE ... read more From April 2025, holiday lets lose their special tax treatment. Landlords must prepare for new Income, Capital Gains, and Corporation Tax rules. Here's what’s changing.
The repeal of the Furnished Holiday Lets (FHL) regime, a long-standing arrangement that offered tax advantages for individuals and companies letting out properties on a short-term basis, has now come into force. The removal of ... read more The new VAT road fuel scale charges applicable from 1 May 2025 to 30 April 2026 have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices.
HMRC has released new VAT fuel scale charges effective from 1 May 2025. If your business provides fuel for private use, updated rates apply from your next accounting period. Here’s what’s ... read more A school inspector dismissed for brushing water off a pupil’s head won his unfair dismissal claim against OFSTED. Mr. Hewston worked as a Social Care Regulatory Inspector and, on the 8th of October 2019, during a school inspection, he brushed water off the head and touched the shoulder of a young boy who had been caught in a rainstorm. The school reported the incident to OFSTED as a case of ... read more Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here’s how to boost your retirement pot with generous HMRC incentives.
Tax relief on private pension contributions is generally available up to 100% of your annual earnings, subject to specific limitations. The relief is applied at your highest rate of Income ... read more Struggling with unpaid invoices? If you've paid VAT to HMRC but never received payment from your customer, you may be able to reclaim that VAT. Learn how bad debt relief works and whether switching to cash accounting could ease your VAT woes.
The VAT bad debt relief provisions enable businesses to reclaim VAT that has been paid to HMRC when a customer fails to pay for goods or services within a ... read more Use a company car for personal trips? Avoid a hefty tax charge by reimbursing your employer for private fuel by 6 July 2025. It’s called “making good” - and it could save you a chunk in tax if your private mileage is low.
To avoid the car fuel benefit charge, an employee must "make good" the cost of all fuel used for private journeys no later than 6 July following the end of ... read more Have you set up a suggestion scheme for ideas that could save or earn you money? Employee suggestion schemes can offer up to £5,000 tax-free for valuable input — and even £25 for smaller efforts. A win for innovation and your employee payslip!
An employee suggestion scheme can offer many advantages for businesses, not only in terms of the valuable insights and innovations employees ... read more Swapped an old fridge or carpet in your rental property? Landlords can claim tax relief on replacing domestic items - but not if it's an upgrade! Know the rules and save money by claiming what you are entitled.
The replacement of domestic items relief allows landlords to claim tax relief when they replace movable furniture, household appliances, and other domestic items in a rental property. This ... read more Redundant? You could receive up to £30,000 tax-free, whether it’s statutory pay or a better deal from your employer. Know your rights, check the 2025-26 limits, and understand how your age and service affect your payout.
There is a tax-free threshold of £30,000 for redundancy payments, regardless of whether the payment is your statutory redundancy pay, or a more generous amount offered by your ... read more The UK’s Business and Trade Secretary, Jonathan Reynolds, has set out the government's position following the United States' recent imposition of new tariffs on UK exports. These include a 10% reciprocal tariff on British goods and a separate 25% global tariff on cars — moves that have prompted concern among UK manufacturers and exporters.
Reynolds told Parliament he was disappointed by the ... read more The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This major investment is designed to drive innovation, create quality jobs, and support long-term economic growth across the country.
A large share of the funding, amounting to £8.8 billion, has been allocated to UK Research and Innovation (UKRI), which supports the ... read more Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K - but PAYE option coming this summer!
The child benefit rates for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 tax year and the weekly rate for all other children to £17.25 (from £16.95). ... read more Minimum wage rates rose on 1 April 2025. NLW now £12.21, and big increases for younger workers too. Make sure you're compliant - underpayment can cost up to £20K per worker and a director ban. Time to check your payroll!
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that ... read more Tax thresholds frozen till 2028? That’s fiscal drag in action - more tax paid without rate rises. It’s a stealthy revenue boost for HM Treasury, projected to bring in £38bn a year by 2029. Inflation and pay rises make it worse.
The freezing of tax thresholds often results in a phenomenon known as fiscal drag. When tax thresholds remain static, taxpayers find themselves paying more tax as their ... read more Do you know what your 2025-26 tax code means? It affects how much tax is taken from your pay or pension. Check now to make sure you're on the right code and not overpaying! Here's what the letters and numbers really mean.
You can find your tax code:
by checking your tax code for the current year online - you’ll need to sign in to or create an online account
on the HMRC app
on your ... read more From April 2025, updated ATED rates apply to residential properties held by companies and other Non-Natural Persons (NNPs). Make sure returns and payments are submitted by 30 April to avoid penalties. Reliefs may apply for commercial use.
The Annual Tax on Enveloped Dwellings (ATED) applies to NNPs who own interests in residential properties valued over £500,000. These provisions specifically ... read more Small gifts can mean big tax savings! Use the trivial benefits exemption in 2025-26 to reward employees with non-cash perks under £50 - no PAYE, no P11D, and no NIC. A smart, simple way to say thanks.
The rules providing trivial benefit payments provide a great opportunity to give small rewards and incentives to employees in the new 2025-26 tax year. The benefit-in-kind (BiK) trivial exemption ... read more Kau Media Group (KMG) Ltd. sought to enforce two post-termination employment restriction (PTRs) contained in a contract of employment to restrict Mr. Hart, a former employee, from working for his proposed new employer, MiSmile Media Ltd. (MML).
Mr. Hart had worked for KMG from November 2020 to late 2024 as an Account Director. From 2021, the defendant became Account Director for MML, a ... read more 1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024.
19 May 2025 - PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025).
19 May 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2025.
19 May 2025 - CIS tax deducted for the month ended 5 May 2025 is payable by today.
31 May ... read more Supply line interruptions can be a nightmare for any business. Whether it’s a delay in deliveries, a shortage of materials, or problems with international shipping, things can grind to a halt fast. But with a bit of planning and a calm approach, you can keep things ticking over and reduce the impact.
1. Know your supply chain inside out
The first step is understanding exactly where your goods ... read more Gross profit is one of the clearest indicators of how well your business is performing. It’s the amount left after deducting the cost of goods sold (COGS) from your sales revenue. Managing your gross profit returns well is crucial because it directly affects your bottom line and helps you understand whether you’re pricing correctly, controlling costs, and making enough to cover your ... read more HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late payment interest is automatically applied by HMRC and accrues on any unpaid tax ... read more HMRC has launched a campaign targeting informal money transfer networks like Hawala, aiming to combat money laundering and protect communities. Businesses must register for AML supervision or risk fines, prosecution, or closure.
It is estimated that some £2 billion is laundered annually through these networks in the UK. This is a practice that is exploited by criminals to conceal the proceeds of ... read more Following the Spring Statement, HMRC is inviting feedback on the idea of expanding the use of advance clearances for R&D tax reliefs, aiming to reduce errors and fraud, provide businesses with more certainty, and make the overall process smoother for taxpayers.
This R & D clearance consultation will explore whether an advance clearance system could achieve these objectives and how it ... read more New rules under the Economic Crime and Corporate Transparency Act mean identity checks will soon be required at Companies House. From directors to agents, all those running UK companies will need to verify who they are as part of tougher anti-fraud measures.
This Act enhances Companies House's powers to combat the abuse of corporate structures and address economic crime. Among its provisions was ... read more Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate on the sale of a business, shares in a trading company, or an individual's interest in a trading partnership. This relief can still provide substantial tax savings for business owners exiting their businesses.
As part of the Autumn 2024 Budget measures, the CGT rate for BADR gains will increase from 6 April ... read more If you're facing financial difficulties and owe tax, HMRC’s Time to Pay service may offer breathing space. From self-assessment to PAYE and VAT, eligible individuals and businesses can spread payments and avoid immediate enforcement.
Businesses and self-employed individuals experiencing financial challenges and with outstanding tax liabilities may qualify for support through HMRC's Time to Pay ... read more As of 31 March 2025, new regulations have come into effect in England, requiring workplaces to adopt simplified recycling practices. These measures aim to eliminate confusion over waste sorting, enhance recycling rates, and reduce waste sent to landfills or incineration.
Key Requirements for Workplaces:
Separation of Waste Streams: Workplaces with 10 or more employees must arrange for the ... read more In March 2025, the Pubs Code Adjudicator (PCA) wrote to all pub-owning businesses to reinforce the importance of complying with Regulation 46 of the Pubs Code. This regulation focuses on how premises insurance is handled and, crucially, the tied tenant’s right to seek a price match on insurance premiums.
Under Regulation 46, pub companies must give tenants full information about the premises ... read more Student Loans help cover the cost of university or college in the UK. Whether you're full-time, part-time, or heading into postgrad study, here’s what you need to know about applying for 2025-26 funding—even if your plans aren’t final yet.
Student Loans are an essential part of the government’s financial support system for individuals pursuing higher education in the UK. These loans are ... read more Juggling higher education and parenting? Childcare Grants can ease the pressure by covering up to 85% of your childcare costs. If you're a full-time student with young children, this grant could make a real difference—and it doesn’t need to be repaid.
Childcare Grants provide financial support to help students cover the cost of childcare while studying. These grants are aimed at students ... read more Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married or in a civil partnership, Form 17 lets you split income based on actual ownership—provided you meet HMRC's rules.
The standard tax treatment for couples living together, whether married or in a civil partnership, is that property income held jointly is split 50:50, ... read more Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system.
Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income exceeding £50,000. From 6 April 2027, the rules ... read more Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here's how the salaried member rules work, what the three-part test involves, and who’s excluded from the legislation.
The salaried member legislation can apply to certain members of a Limited Liability Partnership (LLP). This can happen where HMRC consider that a member of an LLP is not a ... read more If your employee is called for jury service, you must allow them time off—but you're not required to pay them. Here’s a clear look at your responsibilities, options, and how to handle disruptions and pay during their absence.
If your staff members are called to serve on a jury, you are required to grant them the necessary time off for jury service. If their absence would significantly ... read more Gift Hold-Over Relief lets you defer Capital Gains Tax when giving away business assets or qualifying shares. It can be a tax-smart move for passing on wealth, but strict rules apply. Here’s what you need to know to claim it properly.
Gift Hold-Over Relief is essentially a deferral of Capital Gains Tax (CGT) when assets, including certain shares, are either given away or sold for less than their ... read more Spring Statement 2025: Key Tax Measures and Modernisation Initiatives
Chancellor Rachel Reeves’ Spring Statement 2025, delivered on 26 March, arrived at a critical point for the UK economy. With the Office for Budget Responsibility downgrading growth forecasts to just over 1% for the year and borrowing costs climbing, the tone of the statement was more pragmatic than bold. The Chancellor focused ... read more Recessions can be tough on small businesses, but they do not have to spell disaster. With some smart thinking and a bit of planning, many firms can keep going and even emerge stronger once the economy picks up. Here are some practical ways to stay afloat when times are hard.
1. Cut back on unnecessary spending
Now is the moment to go through all your costs. Cancel anything you no longer use, ... read more Asking your bank for a business loan can feel daunting, but it doesn’t have to be. With the right preparation, you can give yourself the best possible chance of getting a positive outcome.
Start with a clear purpose
Banks want to know why you need the money. Are you looking to grow, cover short-term cash flow gaps, or invest in new equipment? Be specific. A well-defined reason gives your request ... read more If you're self-employed, lenders may require an SA302 and tax year overview as proof of earnings for mortgages or loans. These documents verify income declared on your self-assessment tax return and are easily accessible via HMRC. Learn how to obtain them.
The use of these forms has become more widespread since mortgage regulations began requiring self-employed individuals to provide verifiable ... read more When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face unexpected tax liabilities. Learn how to handle asset disposals correctly.
Typically, the value of the asset sold is considered to be the amount for which it was sold. However, if the asset was given away, ... read more If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain suitable business records as well as separate personal income records for tax purposes.
For tax compliance, these business records must be kept for at least five years from the 31 January submission deadline of the relevant tax year. For instance, for the 2023-24 tax year, where online ... read more When selling a business, the Transfer of a Business as a Going Concern (TOGC) rules can allow the transaction to be VAT-free if key conditions are met. This prevents unnecessary VAT charges and ensures compliance with HMRC. Learn how TOGC applies to your sale.
A TOGC is defined as "neither a supply of goods nor a supply of services” meaning it falls outside the scope of VAT and no VAT ... read more Since April 2020, landlords can no longer deduct mortgage interest as an expense. Instead, tax relief is capped at 20%. This change affects UK and non-UK resident landlords, trustees, and partnerships but excludes companies. Learn how this impacts your tax bill.
In April 2017, new rules were introduced that limited the tax relief on mortgage costs for residential landlords to the basic rate of ... read more Did you know you may be eligible for tax relief on professional fees and subscriptions? If your membership is required for your job and the organisation is HMRC-approved, you could claim back tax for up to four years. Find out if you qualify and how to apply.
You may be eligible to claim tax relief on certain professional fees and subscriptions, provided they meet specific ... read more Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and rigid plans can quickly become outdated. Whether in business or personal life, flexibility ensures resilience and long-term success.
Unexpected events such as economic shifts, technological advancements, or personal changes can derail strict plans. A ... read more For small business owners, especially those operating as sole traders or in partnerships without limited liability, having adequate business insurance is not just a safeguard—it’s a necessity. Without the legal protection of a limited company structure, personal assets such as your home and savings are directly at risk if the business faces legal claims or financial losses.
One of the most ... read more The Government-backed Start-Up Loans scheme offers unsecured loans of £500 to £25,000 per person (up to £100,000 per business) to help entrepreneurs grow. With a fixed 6% interest rate and mentoring support, it's a great funding option for new businesses.
Securing financing to start or grow a business is one of the most vital steps in ensuring success. Finding funding can often feel challenging, ... read more From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions.
Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August following a child’s 16th Birthday. ... read more Businesses owing over £2.3 million in VAT annually must make advance payments on account. These are based on the previous year’s VAT liability and paid in instalments. Late payments incur penalties, but adjustments may be possible for fluctuating liabilities.
The payments are usually based on the previous year’s VAT liability, and businesses are required to pay 1/24th of their estimated annual ... read more Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one party must have been born before 6 April 1935. The relief is 10% of payments, up to £428 per year.
To qualify for this relief, all of the following conditions must apply:
Either you or your ex-spouse/civil partner must have been born before 6 April 1935.
You ... read more Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% on profits up to £50,270 and 2% above this. Certain groups are exempt, and voluntary Class 2 NICs may be beneficial.
Class 4 NIC rates for the tax year 2024-25 are 6% for chargeable profits between £12,570 and £50,270 plus 2% on any profits over £50,270. ... read more Group relief helps reduce the overall Corporation Tax of a group of companies by allowing them to share losses. For example, if a parent company has profits of £1,000 and its subsidiary has losses of £100, the group is treated as making £900 in total profits for tax purposes, instead of paying tax on the full £1,000. The group would then pay tax on the £900.
Group relief lets one company transfer ... read more A Tribunal has ruled that a deputy security manager was unfairly dismissed, despite performing “no prescribed tasks” while ‘working from home’, many hundreds of miles from his place of work. Mr. Kitaruth travelled from London to Cornwall to visit with his parents for four days, during which the hearing found no evidence that he did any work.
When his line manager, Mr. Stride of OCS ... read more Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and rigid plans can quickly become outdated. Whether in business or personal life, flexibility ensures resilience and long-term success.
Unexpected events such as economic shifts, technological advancements, or personal changes can derail strict plans. A ... read more The Online Accounts and Company Tax Return (CATO) service is scheduled to close on 31 March 2026.
This service has enabled businesses to file their company accounts and tax returns simultaneously with both Companies House and HMRC. However, due to its outdated nature and misalignment with modern digital standards and recent changes in UK company law under the Economic Crime and Corporate ... read more 1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024.
19 April 2025 - PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025).
19 April 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2025.
19 April 2025 - CIS tax deducted for the month ended 5 April 2025 is payable ... read more A negligible value claim lets taxpayers declare an asset worthless for tax purposes, realising a capital loss without selling. This can be backdated up to two years, offering flexibility in managing tax liabilities.
A negligible value claim is a claim made by a taxpayer when an asset they own has significantly decreased in value, essentially becoming worthless or worth next to nothing.
In such a ... read more From April 2025, the Capital Gains Tax rate on Business Asset Disposal Relief rises from 10% to 14%, increasing to 18% in 2026. Business owners planning to sell may benefit from acting before these changes take effect.
Currently, Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate of 10% on the sale of a business, shares in a trading company, or an individual's ... read more Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability.
If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, there is no CGT on the sale of a property used as your ... read more If your spouse or civil partner has passed away, you may inherit part of their State Pension, depending on when you reached pension age. Find out what you could claim, from basic pension boosts to deferred benefits and top-ups.
If you reached State Pension age before 6 April 2016, you might be able to inherit some of your spouse or civil partner’s State Pension when they pass away.
To find out ... read more Using business goods instead of selling them is usually VAT-free, but some cases require VAT payments. These "taxable self-supplies" include cars taken from stock and certain buildings. Read on to see how to stay compliant.
If your business makes products or buys and sells them, you might end up using some goods in your own business instead of selling them.
Usually, you do not have to ... read more A salary sacrifice scheme lets employees swap cash salary for non-cash benefits, saving tax and National Insurance. But earnings must not fall below the National Minimum Wage, and life events may impact eligibility. Learn how to navigate these rules.
If an employee wants to join or leave a salary sacrifice arrangement, the employer must update their contract to clearly reflect the changes in cash ... read more Starting or growing a small business often requires capital, but securing the right funding can be a challenge. Fortunately, there are various funding sources available to entrepreneurs, each with its own benefits and drawbacks.
Personal Savings
Many small business owners start with their own savings. This avoids debt and interest costs but can be risky if the business struggles.
Friends and ... read more A well-structured credit control system is crucial for small businesses to maintain cash flow and reduce the risk of bad debts. Without proper controls, late payments can disrupt operations and put financial strain on the business.
Clear Credit Terms
Setting clear credit terms at the outset ensures customers understand their payment obligations. This includes defining payment deadlines, interest ... read more If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances.
There is a tax-free threshold of £30,000 for redundancy payments, regardless of whether the payment is your statutory redundancy pay, or a more generous amount ... read more With a £90,000 VAT registration threshold, many UK businesses might wonder whether to register voluntarily. Understanding how to balance output and input VAT can help optimise cash flow and avoid costly mistakes with HMRC.
The current VAT registration threshold for businesses is £90,000 in taxable turnover. However, businesses below this threshold can still opt for voluntary VAT ... read more The UK's shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings—no more non-dom remittance basis.
UK Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions ... read more From income tax to VAT, HMRC has specific time limits for issuing tax assessments. Depending on the circumstances—whether it’s standard, careless, offshore, or deliberate behaviour—these limits can stretch from 4 to 20 years.
HMRC’s time limits apply in different ways to various taxes, including income tax, capital gains tax, corporation tax, VAT, insurance premium tax, aggregates ... read more When a trade ends, income doesn’t always stop. Post-cessation receipts can still arise, and knowing how they are taxed is crucial. Whether it’s Income Tax or Corporation Tax, the recipient—not necessarily the original trader—bears the responsibility.
There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the ... read more Maximise your tax relief with the Structures and Buildings Allowances (SBA). If you have invested in new or renovated commercial structures, you could claim 3% relief annually—saving you money for the next 33 years!
The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential, commercial structures and buildings. The relief ... read more The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy nearly 43% of board positions across FTSE 350 companies, totalling 1,275 roles. Additionally, women hold 35% of leadership roles, equating to 6,743 positions.
This progress indicates that the voluntary target of 40% women's representation ... read more Benchmarking financial results involves comparing a business’s financial performance against industry standards or competitors. This process offers numerous benefits, helping businesses identify strengths, weaknesses, and opportunities for improvement.
Firstly, benchmarking provides a clear understanding of a company’s position in the market. By comparing key financial metrics such as profit ... read more A complex celebrity case arose recently in which the First-tier Tax Tribunal (FTT) was asked to consider the application of the intermediaries’ legislation (IR35), otherwise known as off-payroll working, to payments made by Manchester United Football Club (MUFC) to Bryan Robson Ltd.
This appeal was in relation to determinations of income tax made under Reg. 80 of the PAYE Regulations and s31 of ... read more HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply:
I’m buying or making things to sell.
I’ve got a side gig.
I work for myself with multiple jobs.
I’m a content creator or ... read more The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal Services, has announced significant improvements in probate waiting times. Probate is a legal process through which a deceased person’s will is validated and is the starting point for the distribution of funds to beneficiaries.
According to newly published data, the average ... read more Employees working from home may be eligible to claim a tax deduction for certain job-related expenses. If your employer does not cover these costs or allowances, you have the option to claim tax relief directly from HMRC.
You may qualify for tax relief if you are required to work from home. This could apply if your job necessitates living far from the office or if your employer does not have an ... read more HMRC together with the Department for Business and Trade (DBT) have launched a new consultation on e-invoicing to encourage its broader adoption among UK businesses and government departments. The consultation will run for 12-weeks and aims to cut paperwork for businesses and help improve productivity.
This is the first time that UK businesses have been invited to have their say on the ... read more Understanding the nuances of tax relief for using your personal vehicle for work can lead to significant savings. By familiarising yourself with HMRC's approved mileage rates you can ensure you are adequately reimbursed and compliant with current regulations.
If you are an employee you may qualify for tax relief if you use your own vehicle, whether it's a car, van, motorcycle, or bike. As a ... read more Navigating the intricacies of Inheritance Tax (IHT) can be daunting, but understanding the available gift exemptions and strategic planning can significantly reduce potential liabilities. By effectively utilising annual allowances, small gift exemptions, and planning for special occasions, you can ensure more of your wealth is passed on to your loved ones tax-free.
There is an annual Inheritance ... read more Even if you have never been employed, you might have been eligible for NI credits without realising it. For example, if you have been a carer for a sick or disabled person for more than 20 hours a week, you could have claimed Carer's Credit. Similarly, if you have been receiving certain benefits, such as Jobseeker's Allowance or Employment and Support Allowance, you might have automatically ... read more Deciding whether to incorporate your business in the UK involves evaluating several key factors:
Limited Liability Protection
Incorporating as a limited company creates a separate legal entity, safeguarding your personal assets from business debts and liabilities. This means your personal finances remain protected if the business faces financial difficulties.
Tax Implications
Operating as a ... read more Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment.
The VAT liability of goods and services provided by registered health, medical, and paramedical professionals, can be a complex area of tax ... read more The Bank of England’s Monetary Policy Committee (MPC) met on 5 February and in a 7-2 vote decided to reduce interest rates by 25 basis points to 4.5%. The two remaining members voted to reduce the rate further to 4.25%. This was the third interest rate cut since August 2024.
This means that the late payment interest rate applied to the main taxes and duties that HMRC charges interest will be ... read more Separation and divorce can create tax implications, particularly Capital Gains Tax (CGT) on asset transfers. New rules from April 2023 extend the ‘no gain/no loss’ period, helping spouses manage tax efficiently. Private Residence Relief may also apply.
When a couple separate or divorce, their focus is typically directed towards the emotional and practical aspects of the process. However, it is ... read more Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default to a 50/50 split unless they notify HMRC of a different income allocation based on actual ownership proportions.
When property is jointly owned with one or more individuals, the taxation of rental income depends on whether the rental activity is considered a ... read more If you use a company car for private travel, it's taxed as a Benefit in Kind (BIK). The tax rate depends on the car’s list price and CO2 emissions—low-emission vehicles get tax breaks. Use HMRC’s online tool to check and update your company car tax details.
If you are provided with a company car that has private use (including commuting), it is considered a "benefit in kind" (BIK) ... read more The Construction Industry Scheme (CIS) requires contractors to deduct tax from subcontractor payments and file monthly returns with HMRC. Even if no payments are made, nil returns must be submitted to avoid penalties.
The CIS is a specialised set of rules governing tax and national insurance for individuals working within the construction industry. This scheme specifically applies to businesses ... read more The Employment Appeal Tribunal slashed a £10,000 award for injury to feeling by 80% after an original tribunal ruling was deemed not to be Meek compliant as it failed to provide adequate reasons for the quantum awarded. A Miss Graham was employed by Eddie Stobart Ltd. for just over ten months as a planner when she became pregnant and immediately notified her line manager. Miss Graham asserted her ... read more Stopping future payments from being made on your debit or credit card is crucial for avoiding unwanted charges and managing your finances effectively. Here’s how you can do it:
The first step is to contact the company taking the payments. Request that they cancel the recurring charge and provide confirmation in writing or via email.
If the merchant refuses to stop the payments, you can contact ... read more Before extending credit to new customers, it’s essential to assess their financial reliability. Checking their creditworthiness helps protect your business from potential losses and late payments. Here’s how to do it:
Start by requesting basic financial information from the customer, including company details, trading history, and references from suppliers. Established businesses should be able ... read more From 1 February 2025, alcohol duty on draught pints has been cut for the first time in a decade, saving drinkers 1p per pint. Small breweries also benefit from tax relief. However, duty on non-draught alcohol has risen with inflation, impacting bottled and canned drinks.
Small alcohol duty cuts on draught pints came into effect on 1 February 2025. This change was announced as part of last year’s ... read more Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings.
The 'badges of trade' tests, although not definitive, serve as important tools for HMRC in determining whether an activity constitutes a legitimate ... read more Over 11.5 million people met the 31 January 2025 self-assessment deadline, but 1.1 million taxpayers missed it. If you're one of them, expect a £100 penalty. Learn about late fees and HMRC’s payment plan options to avoid further charges.
There are an estimated 1.1 million taxpayers that missed the deadline. Are you among those that missed the 31 January 2025 filing deadline for your 2023-24 ... read more
Access to Funding and Credit
Cybersecurity
More in line for savings boost
Have you set up your Personal Tax Account yet?
Less than a year before MTD for Income Tax starts
Reminder of Employer NIC changes from April 25
Repeal of furnished holiday lets regime
VAT Road Fuel Scale Charges
The innocent touch – where a lack of clear guidelines and policies makes a dismissal more likely to be unfair
Higher rate tax relief on pension contributions
Understanding VAT Bad Debt Relief
Still time to repay private fuel costs and avoid tax charge
Tax and employee suggestion schemes
Tax relief for landlords replacing domestic items
Statutory Redundancy rights
UK Responds to New US Tariffs
£13.9bn of R&D funding
Child Benefit increases April 2025
Don’t forget to update your NMW and NLW wage rates
Frozen tax allowances and fiscal drag
Checking your tax code for 2025-26
Filing ATED return April 2025
Make the most of trivial benefit payments 2025-26
Employment Restrictions After Termination: Be Cautious
Tax Diary May/June 2025
Dealing with supply line interruptions
Managing gross profit returns
HMRC interest rate increases
Registering informal money transfer businesses
R & D clearance consultation
Verifying identity at Companies House – From April 2025
Business Asset Disposal Relief rates from April 2025
HMRC time to pay arrangements
Recycling changes
Pubs and premises insurance
Applying for student loans
Childcare grants
Beneficial interests in jointly held property
Making Tax Digital for Income Tax
LLP salaried members
Time off for jury service
CGT holding over gains if you gift business assets
Spring Statement Summary March 2025
How Small Businesses Can Survive a Recession
How to Approach Your Bank for a Business Loan
Requesting evidence of earnings
Tax liability if you sell a business asset
Records you must keep if self-employed
VAT if you sell your business
Rental business mortgage relief
Claiming professional fees and subscriptions
Business Advice: An Investment, Not a Cost
Why Adequate Business Insurance is Essential for Small Businesses
Government backed Start-Up Loans
Child Benefits for over 16s
How VAT Payments on Account Work
Tax and Maintenance Payments
Self-Employed National Insurance Contributions
Group relief for trading losses
Beware of rushing to judgement before terminating employment.
Why flexible planning is advisable
Changes to online filing of accounts at Companies House
Tax Diary April/May 2025
Making a negligible value claim with HMRC
More tax on business disposals from April 25
Letting out part of your home – claiming lettings relief
Inheriting spouse’s State Pension
VAT and the goods you use in your own business
What is a salary sacrifice?
Sources of funding for small businesses
Essential Credit Control for SMEs
Tax-free redundancy payments
What’s included in your VAT return
UK residence and tax issues
How far back can HMRC assess under-declared taxes?
Treatment of post-cessation receipts and payments
Tax relief for structures and buildings expenditure
Women in leadership roles
The benefits of benchmarking financial results
Self-employment cannot be used as a tax smokescreen for contracted employees
Is your extra income taxable?
Probate waiting times halved
Claiming tax relief for job expenses
E-invoicing consultation
Business mileage with your own vehicle
Gifts exempt from Inheritance Tax
Exploring National Insurance Credits
Should you incorporate your business?
Health services exempt from VAT
Cut in interest rates
Tax when transferring assets during divorce proceedings
Jointly owned property – no partnership
Check or update company car tax details
CIS monthly returns obligations
Not all hurt feelings are uncapped & costly
How to Stop Future Payments on Your Debit or Credit Card
How to Check the Creditworthiness of New Customers
Small duty cuts on draught products from 1 February 2025
When is a hobby a business
31 January deadline met by more than 11.5 million people