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 Umbrella companies offer an easy way for freelancers and contractors to get paid without running a limited company. They handle payroll and tax via PAYE, ensuring compliance and employment rights. But are they the right choice for you? Consider the pros and cons.
Essentially, an umbrella company acts as an intermediary between the worker and the end client (or recruitment agency), handling ... read more Private pensions can be a great way to pass on wealth, but tax implications depend on the age of the deceased and the type of pension. Some beneficiaries may receive funds tax-free, while others could face significant tax charges. Knowing the rules is essential.
Private pensions can be an effective means of passing on wealth, but it is crucial to consider the potential tax implications when ... read more When someone dies, their personal representative (executor or administrator) must value their estate to determine if Inheritance Tax (IHT) is due. This involves assessing assets, debts, and handling tax obligations throughout the estate’s administration period.
In order to ascertain whether or not IHT is due, the personal representative (an executor or administrator) of the deceased must value ... read more 1 March 2025 - Due date for Corporation Tax due for the year ended 31 May 2024.
2 March 2025 - Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2025, or an agreement has been reached with HMRC under their time to pay facility by the same date.
19 March 2025 - PAYE and NIC deductions due for month ended 5 March 2025 (If you ... read more Expanding into international markets can be a game-changer for UK small businesses, opening up new revenue streams and increasing business resilience. With the right knowledge and support, even small firms can successfully sell their products and services abroad. The UK government offers various resources to help businesses navigate the complexities of exporting.
Why Exporting Matters for Small ... read more Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs across the UK. According to the Federation of Small Businesses (FSB), around 50,000 businesses close annually due to cash flow problems caused by overdue invoices. To help combat this issue, the UK government has set up the Small Business Commissioner (SBC) to support businesses in ... read more From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you're on Plan 1, Plan 2, Plan 4, or repaying a postgraduate loan, here’s a breakdown of the latest changes and what they mean for you.
Student loans are a key component of the government’s financial assistance package for individuals pursuing higher education in the United ... read more Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects your tax bill.
The reform to the self-employed tax basis period has introduced significant changes in how trading income is allocated to ... read more If you are moving goods across borders, an EORI number may be essential for customs clearance. Whether trading with the EU, Northern Ireland, or beyond, knowing which type you need—GB, XI, or EU—can save time and hassle. Here’s what you need to know.
The EORI number is required for the following situations:
Moving goods between Great Britain (England, Scotland, and Wales) or the ... read more Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters and numbers can affect how much you owe. From marriage allowance to emergency codes, here’s how to decode what HMRC assigns you.
Your tax code is basically a set of letters and numbers that show whether you are entitled to the annual tax-free personal allowance (the amount you can ... read more From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new 4-year Foreign Income and Gains regime offers tax relief for new arrivals, while transitional measures aim to ease the shift. Here’s what’s changing.
Effective from 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals will be replaced by a simplified, ... read more From 6 April 2025, employers will face a 1.2% rise in National Insurance contributions, alongside a lower NICs threshold. However, an increased Employment Allowance aims to ease the burden for small businesses. Here’s what you need to prepare for these key changes.
The main rate of secondary Class 1 NICs will rise by 1.2%, from 13.8% to 15%. This increase will also apply to the employer rates for ... read more In a significant move to enhance trust in online reviews, Google has agreed to implement substantial changes to combat fake reviews, following an investigation by the UK's Competition and Markets Authority (CMA). This initiative aims to ensure consumers can rely on genuine feedback when making purchasing decisions.
Background
The CMA launched an investigation into Google over concerns that it ... read more The UK government offers a robust safety net for savers through the Financial Services Compensation Scheme (FSCS). This scheme is designed to protect individuals, small businesses, and charities if a bank, building society, or credit union fails, ensuring greater financial security and peace of mind.
How the Scheme Works
The FSCS guarantees deposits of up to £85,000 per person, per authorised ... read more The Employment Appeal Tribunal (EAT) upheld claims of constructive dismissal and disability discrimination against Whyte & Mackay Limited (W&ML) in the case of Mr. Duployen , a former forklift truck and warehouse operator, following his termination.
W&ML had appealed the ET's decision on several grounds, seeking reinstatement or re-engagement, a higher award for injury to feelings, ... read more Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By rolling gains into the cost of new assets, tax is postponed until the new asset is sold. Learn how this relief can optimise your business investments.
Rolling over capital gains is a useful way to defer CGT when you sell or dispose of business assets.
Essentially, ... read more Unpaid debts can put a limited company at risk of a winding-up petition, potentially leading to liquidation. Creditors may act via court judgments or statutory demands, forcing companies to settle debts. Learn how this process works and the consequences for the business.
A limited company that has unpaid debts, beyond their normal agreed payment terms, can face a precarious future. The people or ... read more Businesses can reclaim VAT on pre-registration expenses if they relate to taxable supplies made after VAT registration. The rules differ for goods and services, with time limits of 4 years for goods and 6 months for services. Proper understanding ensures you don't miss out.
VAT can only be reclaimed if the pre-registration costs relate to taxable goods or services that will be supplied by the ... read more The 2023 Revaluation updates business property rateable values, based on April 2021 valuations. While challenges are open until March 2026, beware of false claims about earlier deadlines and unscrupulous agents pushing for quick decisions or upfront payments.
The Valuation Office Agency (VOA) periodically reassesses the rateable values of business properties through a process known as ... read more Owning more than one property? You can claim Capital Gains Tax (CGT) relief on just one at a time. By formally electing your main residence within two years of property changes, you can optimise your CGT exemption and make the most of key tax benefits.
Taxpayers who own more than one property should be aware of a number of important considerations. An individual, married couple, or civil ... read more Gift Aid transforms charitable donations by allowing charities and CASCs to claim 25p extra for every £1 given—at no additional cost to you. Higher and additional rate taxpayers can also claim valuable tax relief, making giving even more rewarding.
Higher and additional rate taxpayers can claim tax relief on the difference between the basic rate of tax and their highest rate. This can be ... read more Navigating financial challenges can be daunting, but understanding the tools available can make a significant difference. One such tool is a Debt Management Plan (DMP), designed to help individuals regain control over their finances.
What is a Debt Management Plan?
A DMP is an informal agreement between you and your creditors to repay your non-priority, unsecured debts at an affordable rate. ... read more Making a significant investment in new equipment can be a transformative step for a business, improving efficiency, productivity, and competitiveness. However, such a decision requires careful planning and analysis to ensure the investment aligns with the business's long-term goals.
1. Cost and Financing
The upfront cost of new equipment can be substantial, so businesses must assess their ... read more HMRC reports over 63,000 taxpayers filed their returns over the New Year, but 5.4 million still need to act before the looming 31 January 2025 deadline. File now to avoid penalties, pay your 2023-24 tax, and set up payment plans if needed to stay compliant.
The deadline for submitting your 2023-24 self-assessment tax return online is fast approaching—31 January 2025. This date is not just ... read more Selling online? Whether it’s a hobby or a business, you may need to pay tax if your earnings exceed £1,000. From services to content creation, it’s vital to understand self-assessment rules and new reporting obligations for online platforms starting in 2024.
If you are selling anything through an online marketplace, it is important to know that you might be liable to pay tax, whether it is your ... read more A significant amount of online information about companies is available to the public on the Companies House website. The information available through Companies House can be an important resource for anyone looking to research a company. What makes this particularly valuable is that a significant portion of the data is freely available to the public.
The range of publicly available information ... read more Beneficial loans, where employees benefit from cheap or interest-free loans from their employer, can trigger tax implications. However, certain exemptions, like loans under £10,000 or qualifying loans, eliminate the need for employers to report or pay tax on them.
An employee can receive a benefit when they are provided with a loan from their employer that is either cheap or interest-free. The ... read more Employers can voluntarily register to report and account for tax on certain benefits and expenses via the RTI system before the start of the tax year. This process, known as payrolling, eliminates the need to submit P11D forms for the selected benefits at the end of the tax year.
The deadline for submitting P11D, P11D(b), and P9D forms for the 2024-25 tax year is 6 July 2025. These forms can be ... read more Inheritance Tax (IHT) impacts estates over £325,000, with rates of 40% on death and 20% on certain gifts. A 36% reduced rate applies if 10% of the estate is left to charity. Executors must value estates and may need to file tax returns for the deceased and their estate.
The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on ... read more A recent case [London United Busways Ltd. (LUB) v De Marchi and Abellio London [2024] EAT 191] revealed the complexities of working under the Transfer of Undertakings (Protection of Employment) Regulations 2006, or TUPE.
A Mr. De Marchi had been working as a bus driver for two decades by LUB from his local bus depot, even though his contract contained a clause to the effect that employees may be ... read more The UK government has unveiled a series of proposals aimed at curbing exploitative practices in the ticket resale market, seeking to protect consumers from exorbitant prices and enhance transparency in ticket sales.
Key Proposals:
Capping Resale Prices: The government is considering implementing a cap on ticket resale prices, potentially limiting them to the original face value or allowing a ... read more The UK's Competition and Markets Authority (CMA) has initiated its new digital markets competition regime, effective from January 1, 2025, following the Digital Markets, Competition and Consumers Act's Royal Assent in May 2024.
Strategic Market Status (SMS) Designations
Under this regime, the CMA can designate firms with "Strategic Market Status" (SMS) concerning specific digital ... read more The 31 January 2025 deadline for self-assessment tax returns is fast approaching. Avoid penalties and last-minute stress by filing your return and paying any tax due promptly. Don’t forget, first-time filers need to register for HMRC’s online service without delay.
You should also be aware that payment of any tax due should also be made by this date. This includes the remaining self-assessment ... read more Misplaced your National Insurance number? Do not worry! From checking payslips to using the HMRC app, there are many ways to recover it. If all else fails, you can request it via post. Here is everything you need to know to locate or apply for your NI number.
Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60. You can also use your personal tax ... read more Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief, understanding allowable deductions is key to smart property management.
If you are a landlord, it is important to be aware of the expenses that can and cannot be claimed from rental income. As a general rule, allowable ... read more Planning to sell your business or shares? Capital Gains Tax rates for Business Asset Disposal Relief (BADR) are set to rise from 10% to 14% on 6 April 2025, and to 18% from 6 April 2026. Selling before these dates could result in significant tax savings.
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading ... read more Great news for businesses! Tax relief on zero-emission cars and EV charge points has been extended until 2026. This move aligns with the UK’s ambitious Zero Emission Vehicle mandate, driving the shift to sustainable transport.
It was announced as part of the recent Autumn Budget measures that the tax relief for businesses acquiring zero-emission cars or installing electric vehicle charge points ... read more Selling goods or services? It’s vital to know if HMRC considers this a business. From regular sales to earning commissions, their rules on ‘trading’ impact your tax obligations. Here’s a simple guide to help you stay compliant and avoid pitfalls.
If you are selling goods or services, you need to determine whether this constitutes a business. According to HMRC’s guidance, you are required to ... read more The average number of touchpoints needed to secure a sale, or appointment generally falls between 7 and 12. However, this varies by industry, target audience, and product or service type. Here’s why multiple touchpoints are necessary and how they work:
Why Multiple Touchpoints Are Necessary
Building Trust: Buyers need to trust the seller, and trust develops over time through consistent and ... read more The Chancellor’s Spring Statement, scheduled for 26 March 2025, is expected to focus on navigating the challenges of public finances, economic growth, and household pressures.
Economic Context
The UK economy is forecast to grow by 2% in 2025, though inflation is projected to remain above the Bank of England's 2% target for several more years. This economic backdrop follows significant tax ... read more The cash basis is now the default for self-employed income reporting. Learn about the key updates, opt-out options, and how this simplified method can ease your self-assessment obligations with HMRC.
The cash basis is used by sole traders and other unincorporated businesses to determine their income and expenses for self-assessment. This simplified method can ease record-keeping and income ... read more Capital Gains Tax rates have increased for disposals from 30 October 2024, with further changes ahead. Stay informed on the updated rates for assets, property, and reliefs to optimise your tax planning.
We would like to remind our readers of the updated Capital Gains Tax (CGT) rates that apply to gains realised on or after 30 October 2024. The main CGT rates for assets other than residential ... read more Ensure compliance with HMRC rules when providing company cars. From P46(Car) submissions to benefit reporting, learn what steps to take for private use and specific exemptions.
Here are the steps you need to follow to inform HMRC if you make any cars available for private use by company directors or employees. Private use of a car includes employees’ journeys between home and work, unless they ... read more Advisory fuel rates for company cars help employers and employees manage fuel costs without triggering tax liabilities. Learn how to use these rates to avoid tax, especially car fuel benefit charges.
HMRC's fuel rates also known as advisory fuel rates are intended to reflect average fuel costs and are updated quarterly. These rates only apply to employees using a company car.
The rates can be ... read more Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning opportunities to maximise tax-free inheritance for loved ones.
The Inheritance Tax (IHT) nil-rate bands have been frozen for a number of years and had been set to remain at current levels until 5 April 2028. As part of the Budget measures, it was confirmed that ... read more From April 2026, Making Tax Digital for Income Tax (MTD for ITSA) will transform tax compliance for businesses, self-employed individuals, and landlords, mandating digital record-keeping and online submissions. Get prepared!
The mandatory signup for Making Tax Digital (MTD) for Income Tax is set to commence from April 2026. MTD for ITSA will fundamentally change the way relevant businesses, the ... read more The UK government has recently addressed the Parliamentary and Health Service Ombudsman's (PHSO) report concerning the communication of changes to women's State Pension age. The PHSO identified maladministration by the Department for Work and Pensions (DWP) due to a 28-month delay in informing women born in the 1950s about these changes. In response, the government has acknowledged this finding ... read more The economic outlook for the UK in 2025 presents a mixed picture, with expectations of modest growth tempered by persistent inflationary pressures.
Growth Projections
The Organisation for Economic Co-operation and Development (OECD) has revised its forecast for UK economic growth in 2025 upward to 1.7%, citing increased government spending as a key driver.
This adjustment reflects the UK's ... read more 1 February 2025 - Due date for Corporation Tax payable for the year ended 30 April 2024.
19 February 2025 - PAYE and NIC deductions due for month ended 5 February 2025. (If you pay your tax electronically the due date is 22 February 2025)
19 February 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 February 2025.
19 February 2025 - CIS tax deducted for the month ended ... read more Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims using this speedy service. If you've recently had a baby or a child joins your family, applying online ensures you get support quickly—right when you need it most.
HMRC’s Director General for Customer Services, said:
"Having a baby is a busy and expensive time but claiming Child ... read more Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible option can help you avoid late payment penalties.
Those eligible for the self-serve option can arrange payments online without needing to contact an HMRC adviser. HMRC has ... read more Navigating tax obligations can be daunting for small business owners and sole traders. To make life easier, HMRC has introduced new interactive tools, including a Sole Trader Setup Guide and VAT Registration Estimator, helping businesses understand taxes step by step.
The new resources include:
Sole Trader Setup Guide: A step-by-step guide to help people who are self-employed understand when ... read more Reclaiming VAT on company cars isn’t as simple as it sounds. Generally, businesses can’t recover VAT unless the car is used exclusively for business purposes. But there are exceptions—like taxis, driving schools, and commercial vehicles. Here’s what you need to know.
There are complex VAT rules that determine how much VAT can be reclaimed when buying a new car. Generally, businesses cannot ... read more
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
How umbrella companies work
Tax on inherited private pension pots
Tax chores if managing a deceased person’s estate
Tax Diary March/April 2025
A Small Business Guide to Exporting and International Trade
Late Payment Support for Small Businesses – How to Protect Your Cash Flow
Student and postgraduate loan thresholds and rates
Self-employed must report profits on tax year basis
Who needs to register for an EORI number
How to check your tax code
Reforms to taxation of non-doms from April 2025
Reminder of Employer’s NIC changes from April 25
Google to Tackle Fake Reviews Following CMA Investigation
Understanding the UK’s Bank Deposit Guarantee Scheme
It is not always possible to mend fences – Reinstatement is not always a practicable option where there is a breakdown in employment relations
Rolling over capital gains
Dealing with company unpaid debts
Claiming VAT on pre-registration purchases
Beware false business rates warnings
Designating a property as your main residence
How donations to charity can provide tax relief
Debt Management Plan
Investing in new equipment for your business?
Penalties for late filing of tax returns
Selling online and paying tax
Online information about a company
Tax-exempt employee loans
Payrolling employee benefits
Tax return for deceased person
Beware the legal minefield of the transferring of contractual undertakings
Ticket touts’ days are numbered
Roll-out of new digital markets regime
Last month to file 2023-24 tax return
Finding your National Insurance number
What expenses can be claimed against rental income
Future increases in CGT on sale of a business
Tax relief for zero emission cars and electric charge points
Is your trade in goods or services a business
Perseverance is the key to sales success
What to Expect from the Chancellor’s Spring Statement 2025
Cash-basis default position for self-employed
Capital Gains Tax – the new rates
Advising HMRC of employees’ company car details
Using the car fuel rates
Inheritance Tax thresholds and the RNRB
Making Tax Digital for Income Tax volunteers
WASPI claims – apology but no compensation
The UK economic outlook for 2025
Tax Diary February/March 2025
Claiming Child Benefits online
Spreading tax payments by using Time to Pay
New online tax tools for the self-employed
When can you recover VAT on a car purchase