From 18 November 2025, all company directors and people with significant control (PSCs) will be legally required to verify their identity at Companies House. This verification is being phased in over 12 months and Companies House is contacting companies directly with guidance regarding what needs to be done and by when.
These changes are intended to help ensure that people setting up, running and ... read more If you sell assets such as shares or land, you may need to report your Capital Gains Tax either through Self-Assessment or HMRC’s ‘real time’ CGT service; deadlines and rates depend on the type of asset sold.
If you have Capital Gains that are not related to the sale of UK residential property after 6 April 2020, there are two main ways to report them. The first is by filing a self-assessment tax ... read more Companies can reduce their Corporation Tax bill through a range of reliefs, including R&D credits, Patent Box, and creative industry tax reliefs, all of which will help to lower the overall tax on profits. Your company can also claim capital allowances for assets such as equipment, machinery and cars bought to use in your business.
The basic Corporation Tax reliefs include the ... read more If you are UK resident and receive income from abroad, such as overseas wages, rent, or investments, you may need to pay UK Income Tax and report it through Self-Assessment.
Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust ... read more If you have tenants in your home, it’s essential to understand the Capital Gains Tax (CGT) implications. Typically, there is no CGT on the sale of a property used as your main residence due to Private Residence Relief (PRR). However, if part of your home has been let out, your entitlement to PRR may be affected.
Homeowners who let out part of their property may not qualify for the full PRR, but ... read more Employees who are working at home may be entitled to claim tax relief on certain work-related expenses. Where such costs are not reimbursed by the employer, either by direct payment or an allowance, employees can submit a claim for tax relief directly to HMRC.
Eligibility to claim tax relief applies when homeworking is a requirement of the role. This may be the case if an employee's job ... read more Ms Constantine had been a veterinary surgeon since 2017. Initially, she had worked every day with two half days rest, but this increased to four full days and a weekend every three weeks. Moreover, she was required to seek permission to be absent on those days she was not required to attend work. In November 2020, Ms Constantine began a sickness absence, claiming burnout, and was certified as ... read more The UK continues to struggle with low productivity growth, a long-running challenge that shows little sign of improvement. In the three months to June 2025, output per hour worked was around 1.5% above its pre-pandemic level, but it actually fell by almost 1% compared with the same period a year earlier. The previous quarter had seen only a marginal rise and overall, the trend is one of stagnation ... read more Every successful business, no matter how innovative or fast-growing, ultimately depends on one simple measure: solvency. A solvent business is one that owns more than it owes, with sufficient assets to cover its debts and the means to continue trading. It is not just an accounting concept, but a signal of underlying financial health and resilience.
Solvency shows that a business can meet its ... read more The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme.
Under the scheme, contractors are required to deduct money from a subcontractor’s payments and pass it to ... read more The tax legislation requires the deduction of tax from yearly interest that arises in the UK. This typically refers to interest that is subject to Income Tax or Corporation Tax.
The legislation requires the deduction of tax from yearly interest, if:
paid by a company, a local authority, a firm in which a company is a partner, or
paid by any person to another person whose usual ‘place of ... read more For the current tax year, taxpayers with adjusted net income between £100,000 and £125,140 will face an effective marginal tax rate of 60%, as their £12,570 tax-free personal allowance is gradually withdrawn.
If a taxpayer earns over £100,000 in any tax year, their personal allowance is gradually reduced by £1 for every £2 of adjusted net income exceeding £100,000. This ceiling applies regardless ... read more Exports from Great Britain or Northern Ireland can be zero-rated for VAT, provided businesses obtain valid export evidence within three months of sale and meet all HMRC documentation rules; accuracy and record-keeping are key to keeping the 0% rate.
Businesses are required to charge VAT on most goods that are sold within the UK. However, there are VAT exemptions in place on goods that you export ... read more The remittance basis of taxation for non-UK domiciled individuals (non-doms) was replaced with the new Foreign Income and Gains (FIG) regime from April 2025. This new regime is based on tax residence rather than domicile. Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC, regardless of whether they had previously claimed remittance basis or ... read more Business Asset Disposal Relief (BADR) offers a significant tax benefit by reducing the rate of Capital Gains Tax (CGT) on the sale of a business, shares in a trading company or an individual’s interest in a trading partnership.
On 6 April 2025, the BADR CGT rate increased from 10% to 14% for disposals made in the 2025-26 tax year. However, the rate is set to rise again from 6 April 2026, to 18%. ... read more The way we meet has changed dramatically in recent years. Technology now makes it possible to discuss projects, close deals and hold team meetings without ever leaving our desks. Yet for many, there is still something powerful about sitting across the table from another person. Both formats have their place, and the right choice often depends on purpose, people and context.
Online meetings are ... read more In today’s competitive market, many businesses feel pressured to extend generous payment terms to win new contracts. However, offering long or risky credit arrangements can strain cash flow and expose you to unnecessary financial risk. The good news is that there are other, more sustainable ways to attract and retain valuable clients.
One effective strategy is to focus on value rather than price. ... read more HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 758,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be around £2,240.
Anyone who turned 18 on or after 1 September 2020 could have unclaimed money in a dormant CTF. Parents of ... read more Certain buildings, land, works of art, and other objects of national significance may be exempt from Inheritance Tax and Capital Gains Tax (CGT) when they are transferred to a new owner. This exemption applies under a special tax relief for national heritage assets that are either gifted or bequeathed.
To qualify for this relief, the asset must meet at least one of the following ... read more When a couple is separating or undergoing divorce proceedings, tax issues are often not the first thing on their minds. However, alongside the emotional challenges, it is important to understand the tax implications of divorce can have a significant impact.
Changes to the Capital Gains Tax (CGT) rules for divorcing couples took effect on 6 April 2023. These changes extended the period during ... read more Married couples and civil partners could save up to £252 a year by transferring part of one partner’s unused personal allowance to the other, but you may need to cancel the claim if your income or relationship status changes.
The Marriage Allowance applies to married couples and civil partners where one partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax ... read more If your income exceeds £60,000 and you or your partner receive Child Benefit, you can now choose to pay the High Income Child Benefit Charge through your PAYE code instead of filing a Self-Assessment return; a simpler way to stay compliant while keeping your Child Benefit claim active.
The High Income Child Benefit Charge (HICBC) is a charge that applies to parents whose income exceeds £60,000 in ... read more Waiting to be paid but still having to hand over VAT? The VAT Cash Accounting Scheme potentially lets you pay VAT only when your customer pays you, helping to ease cash flow pressures for small and medium-sized businesses.
This approach can offer significant benefits if your business offers extended credit terms to customers or regularly deals with bad debts. Rather than having to find the money ... read more Recently, a clear legal precedent confirmed that the nature of an individual's work is determined by the reality of the actual employment relationship rather than by arbitrary titles. Mr. Gooch worked for the British Free Range Egg Producers Association (BFREPA) from 1 November 2011 until 26 April 2024, initially as a Policy Director on a "contracted services basis" for 2.5 days per ... read more 1 November 2025 - Due date for Corporation Tax due for the year ended 31 January 2025.
19 November 2025 - PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 2025.)
19 November 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 November 2025.
19 November 2025 - CIS tax deducted for the month ended ... read more Every business faces unexpected challenges. Rising costs, supply delays, late payments and sudden changes in demand can all place pressure on cash flow. The businesses that cope best are usually those that have taken time to build financial resilience.
Resilience is not simply about holding large sums of cash. It is about planning ahead and understanding the numbers that drive the business. A ... read more Many business owners make decisions based on instinct, but intuition alone can be unreliable. Having timely, accurate management information replaces guesswork with insight and leads to stronger profitability.
Management information differs from year-end accounts because it focuses on what is happening now and what is likely to happen next. A short monthly report showing key performance ... read more As of April 2025, directors of close companies and self-employed taxpayers face new mandatory reporting requirements on their Self-Assessment returns.
Up to 900,000 company directors and 1.2 million taxpayers carrying on a trade will be impacted by new rules that require them to provide more information when filing their 2025-26 self-assessment returns.
Legislation has been enacted that ... read more Business Asset Disposal Relief (BADR) still offers a valuable tax break, but the CGT rate has risen to 14% from April 2025 and will increase again to 18% in April 2026.
BADR provides a valuable tax advantage by offering a reduced rate of Capital Gains Tax (CGT) on the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership.
The limits for BADR ... read more The Enterprise Investment Scheme (EIS) is designed to help smaller, higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.
This scheme aims to encourage investment in early-stage businesses by providing substantial tax benefits to investors. However, in order to claim EIS tax reliefs, the issuing company must meet a ... read more Non-UK resident companies that buy, develop, or sell UK land must register for Corporation Tax within three months of a disposal.
Those non-UK resident companies that deal in or develop UK land must register for Corporation Tax if their activities involve acquiring or developing property with the intention to profit from its disposal. This requirement applies when the land is held as trading ... read more Your State Pension forecast shows how much you could receive, when you can claim it, and how to boost it by filling National Insurance gaps.
The Check Your State Pension forecast service provides a way to understand your State Pension entitlement. This is a joint service organised by HMRC and the Department for Work and Pensions (DWP) and is available to most individuals under State Pension ... read more Many people rely on state benefits, but it is not always obvious which payments are taxable and which are tax-free.
HMRC’s guidance outlines the following list of the most common state benefits on which Income Tax is payable, subject to the usual limits:
Bereavement Allowance (previously Widow’s Pension)
Carer’s Allowance or (in Scotland only) Carer Support Payment
Contribution-Based ... read more The UK’s financial regulator has proposed an increase to the level of savings protection available under the Financial Services Compensation Scheme (FSCS). If approved, the changes would take effect from 1 December 2025 and will be welcome news for individuals and businesses holding larger balances in UK banks and building societies.
Currently, the FSCS protects deposits of up to £85,000 per ... read more Running a small business can feel like juggling endless priorities, but taking time to set clear goals is essential if you want your business to grow and remain sustainable. Here are five goals that every owner should consider.
1. Strengthen cash flow management
Cash is the lifeblood of any business. Aim to forecast your cash flow regularly, monitor debtor days, and build a buffer for unexpected ... read more The standard tax treatment for couples living together, whether married or in a civil partnership, is that income from jointly held property is split equally (50:50) between them, regardless of their actual ownership shares.
However, if the ownership is unequal and the couple wishes to have the income taxed in proportion to their respective beneficial interests, they must formally notify HMRC. ... read more Homeowners can earn up to £7,500 tax-free under the rent-a-room scheme, with simple reporting and flexible tax options.
This set of special rules is designed to encourage individuals to make use of spare space in their property by providing a tax exemption on rental income of up to £7,500 per tax year.
If the total rental income from lodgers does not exceed the £7,500 threshold, the exemption ... read more Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early to avoid penalties.
Firstly, the deadline for submitting paper self-assessment tax returns is 31 October 2025. If you miss this deadline a £100 late filing penalty will usually apply, even if no tax is due, or if any tax owed is paid in full by the final deadline of 31 January ... read more Not all casual payments are tax-free; HMRC’s miscellaneous income rules may apply depending on the circumstances.
The special miscellaneous income rules sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not otherwise be charged under specific provisions to Income Tax or Corporation Tax.
A casual payment may ... read more Businesses over £90,000 turnover must register for VAT, but HMRC may grant exceptions if the increase is temporary.
A business must register for VAT if either of the following applies:
At the end of any month, its taxable turnover in the previous 12 months has exceeded £90,000; or
At any point, it is reasonable to expect that taxable turnover in the next 30 days alone will exceed ... read more When considering VAT on entertainment provided solely to directors or partners of a business it is generally not recoverable as VAT Input Tax.
HMRC considers that directors and partners are not in need of entertainment to motivate themselves, so such costs are not for business purposes. However, exceptions apply for subsistence costs (e.g., meals or accommodation during business travel), and no ... read more For many business owners, a vehicle is an essential tool. Whether it is for visiting clients, delivering goods, or simply keeping things moving, choosing how to finance a vehicle can have a big impact on cash flow and tax planning. There are several routes to consider, each with its own advantages.
Buying outright
The simplest option is to purchase the vehicle in full. This means your business ... read more During the State Visit by President Trump, the UK secured a record-breaking £150 billion of inward investment from US firms. The package is intended to boost jobs, support growth, and advance the UK’s key industrial sectors, especially life sciences, advanced manufacturing, clean energy, biotech, AI and other future-facing industries under the UK’s Modern Industrial Strategy.
Key components of ... read more If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory authority to ensure compliance. This article outlines who needs to register with HMRC for anti-money laundering (AML) supervision.
Your business must be registered with a supervisory authority if it operates in a sector covered by the Money Laundering Regulations. Some ... read more Employers can generally claim tax relief on contributions made to a registered pension scheme by deducting those payments as an expense when calculating their business profits. This reduces the amount of taxable profit and therefore lowers the overall tax bill.
For businesses involved in a trade or profession, employer pension contributions can usually be claimed as a business expense on the ... read more Speculation is growing that rates or allowances applied to dividend income may change in the next Budget.
The current tax rates for dividends received (in excess of the £500 dividend tax allowance) are as follows:
8.75% for basic rate taxpayers will pay tax on dividends
33.75% for higher rate taxpayers will pay tax on dividends
39.35% for additional rate taxpayers will pay tax on ... read more Bereaved spouses who lost service pensions before 2015 have until 15 October 2025 to claim a one-off £87,500 recognition payment.
This scheme was launched in October 2023 to help war widows and widowers who lost their service-attributable pensions due to remarriage or entering new relationships before 2015. Since the scheme was launched, over £21 million has been paid out to more than 240 ... read more Fraudsters are continuing to target taxpayers with scam emails as the deadline for submission of self-assessment returns for the 2024-25 tax year gets ever closer. In the 12 months to 31 July 2025, HMRC received more than 170,000 reports of suspicious contact from the public, of which more than 45,000 related to fake tax refund claims.
A number of these scams purport to tell taxpayers they are ... read more Issuing a VAT invoice without registration or authorisation can lead to HMRC penalties, even if it is done by mistake.
A penalty may be charged by HMRC when an individual or business issues an unauthorised VAT invoice showing or including VAT without being allowed to do so. The invoice does not need to be a formal VAT invoice; it only needs to show an amount that is shown as VAT or includes an ... read more Mr. Aslam, a former Metroline employee, applied to another bus company on 13 April 2019, disclosing that he suffered from partial hearing loss, depression, anxiety, insomnia and stress, and was interviewed on 14 May 2019. He disclosed that he had been dismissed by his former employer on the grounds of capability and was actively pursuing a tribunal claim.
He was conditionally offered a role and ... read more Working capital is a simple but powerful measure of a business’s financial health. It is the difference between current assets and current liabilities. In other words, it shows what is left when a business’s short-term debts are taken away from its short-term resources such as cash, stock and money owed by customers.
If the result is positive, the business has money available to cover day-to-day ... read more Every business has a duty to pay tax, whether that is Corporation Tax, VAT, PAYE, or personal tax liabilities for the owners. While these payments are predictable, many businesses still find themselves short of cash when the due dates arrive. One way to reduce this risk is to create a cash deposit reserve specifically set aside to cover past and current tax liabilities.
The idea is simple. Each ... read more Paying Corporation Tax? Always use the correct reference or risk delays and penalties.
To pay Corporation Tax via online or telephone bank transfer, you can use either a UK or overseas bank account.
UK Bank Accounts
You can transfer funds using Faster Payments, CHAPS, or Bacs, either online or by calling your bank. Faster Payments usually reach HMRC on the same or next day (including weekends), ... read more Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes.
When a VAT-registered business issues an invoice to their customer, they must ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions to be aware of. This includes the reduced VAT rate ... read more Using your own car or bike for work travel? You may be able to claim tax relief for business mileage.
If you are employed and spend your own money on items needed for your job, you may be eligible to claim tax relief on those expenses. However, you can usually only claim tax relief on items that are exclusively used for work purposes.
For example, you might be able to claim tax relief when using ... read more Not sure if a business cost is deductible? HMRC’s ‘wholly and exclusively’ rule is the key test.
When deciding whether an expense is deductible or not it is important to bear in mind that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment. This is a difficult starting point as there is often a fine line to thread between deciding whether an ... read more Thinking of gifting income to a spouse or partner? HMRC’s settlements rules may still tax it as your own.
The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property in a settlement then the income arising is treated as the settlor’s income for all tax purposes. A settlor can be said to have retained an ... read more Thinking of starting a company at 16? Know the rules, risks and responsibilities before you take the leap.
The Companies Act 2006 does not set a minimum age for shareholders, meaning even minors can hold shares unless a company’s articles of association explicitly state otherwise. However, the minimum age for a company director in the UK is 16 years.
Directors carry significant legal ... read more The Chancellor of the Exchequer, Rachel Reeves confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.
Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech in November.
HM Treasury is inviting written representations for the Autumn Budget ... read more 1 October 2025 - Due date for Corporation Tax due for the year ended 31 December 2024.
19 October 2025 - PAYE and NIC deductions due for month ended 5 October 2025. (If you pay your tax electronically the due date is 22 October 2025.)
19 October 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2025.
19 October 2025 - CIS tax deducted for the month ended 5 ... read more From 13 October 2025, access to Companies House WebFiling will require GOV.UK One Login. This replaces the older Government Gateway sign-in and is part of the wider move towards a single, more secure login across government services.
When you next log into WebFiling after that date, you will be prompted to connect your existing account to GOV.UK One Login. Without doing so, you will not be able ... read more Running a small business comes with plenty to juggle, and while insurance might not be the most thrilling task, it is absolutely essential. There is one policy you are legally required to have: employers' liability insurance (EL). If you employ anyone, EL covers legal and compensation costs if someone falls ill or gets injured at work. Missing it could cost you a hefty £2,500 per day in ... read more From 2024, platforms like eBay, Vinted and Airbnb must report seller data to HMRC, so check your tax responsibilities.
If you sell goods or services on a digital platform it is important to understand your tax responsibilities. This can apply whether your sales are a part-time income source or your main income. Even casual selling online may mean you need to report earnings and potentially pay ... read more The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax should be deducted from your salary.
For the current tax year, the basic personal allowance is £12,570. The tax code corresponding to this amount is 1257L, which is the most common tax code used for those with a ... read more 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 employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is £12.21. For those aged 18 to 20, the NMW is £10.00 per hour. Workers aged 16 to 17 and apprentices ... read more Gift Hold-Over Relief is a form of Capital Gains Tax (CGT) relief that allows you to defer paying CGT when certain assets, such as qualifying shares, are given away or sold for less than their market value, typically to benefit the recipient.
Instead of paying tax at the time of the gift, the gain is "held over" and passed on to the person receiving the asset. This reduces their base ... read more Gifting assets can cut inheritance tax, but traps like “gifts with reservation of benefit” may undo the plan.
The majority of gifts made during a person's lifetime are not subject to tax at the time they are made. These lifetime transfers are known as "potentially exempt transfers" (PETs). A PET becomes fully exempt from Inheritance Tax if the individual making the gift ... read more New rules mean late VAT filings and payments now trigger points, fines and interest charges.
The VAT late filing penalties regime changed for accounting periods beginning on or after 1 January 2023. Under the new system, there are now distinct and separate penalties for late filing of VAT returns and for the late payment of VAT liabilities.
The revised system operates on a points-based approach. ... read more An extended civil restraint order (ECRO) was issued against a prolific Employment Tribunal (ET) litigant for presenting repeated and baseless claims.
A Mr. Khan has been described as a prolific litigant, having issued no fewer than 42 largely unsuccessful tribunal claims since 2017. These various failed claims have typically involved allegations of disability discrimination and a failure to make ... read more Running a small business often feels like walking a financial tightrope. Cash can be flowing in nicely one month, only to dry up the next. With interest rates higher than they were for years and lenders tightening their checks, access to money has become a bigger challenge. That is why focusing on cash flow resilience is so important right now.
Cash flow is not just about survival; it is about ... read more For many small business owners, finding and keeping good staff is one of the biggest headaches. Recruitment is costly, time-consuming and uncertain. That is why focusing on staff retention is one of the smartest moves you can make.
People stay where they feel valued. Pay matters, of course, but many small businesses cannot simply compete with bigger firms on salary. The good news is that today’s ... read more Income Tax applies to earnings, pensions, savings, dividends and more, with different bands across the UK nations.
Individuals can be liable to Income Tax at any age. There are special rules to stop parents avoiding tax by putting assets into their children’s names.
The tables below shows the tax rates you pay in each band if you have a standard Personal Allowance of £12,570.
Bands: ... read more With a £50bn shortfall looming, the Chancellor may need to revisit last year’s Corporation Tax roadmap commitments.
As this year’s Autumn Budget approaches, it is an interesting time to revisit the Corporation Tax Roadmap published alongside last year’s Budget on 30 October 2024.
The roadmap sets out the government’s plans for Corporation Tax and a small number of other business taxes over the ... read more From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases.
If you are self-employed or a landlord with income over £50,000, you will need to prepare for digital record keeping, quarterly updates and a new penalty system. While most affected taxpayers will be required to comply, there are limited exemptions available.
You can apply for an ... read more You can claim tax relief on pension contributions up to 100% of earnings, but exceeding the annual allowance may trigger charges. Tax relief is paid on pension contributions at the highest rate of income tax paid.
The first 20% of tax relief is usually automatically applied by your employer with no further action required if you are a basic-rate taxpayer. If you are a higher rate or additional ... read more From 6 April 2027, new measures first announced in the Autumn Budget 2024 will come into force. These changes will bring most unused pension funds and death benefits into the scope of Inheritance Tax (IHT) from April 2027. This represents a major change to the tax treatment of pensions on death and will significantly broaden the IHT net by capturing assets that were previously excluded from ... read more Employers must report pay and deductions correctly to HMRC, but errors can usually be fixed in your next FPS.
Employers need to use payroll software or other payroll services to record employees pay, deductions and national insurance contributions on or before each payday. They also need to consider other deductions such as pension contributions and student loan payments.
These payments are ... read more Many business owners see their bank overdraft as a flexible safety net. When cash runs short, the temptation is to ask the bank for a higher limit to keep things moving. While this can provide breathing space in the short term, relying on overdrafts to cover trading losses is one of the riskiest financial strategies a business can adopt.
The key problem is that an overdraft is designed for ... read more In every market, businesses face competition. Some competitors may be larger, others may have deeper pockets, but gaining a competitive advantage is not always about size or spending power. It is about finding ways to stand out, deliver value, and build loyalty in ways that others cannot easily copy.
The starting point is understanding what your customers really want. Many businesses assume they ... read more 1 September 2025 - Due date for corporation tax due for the year ended 30 November 2024.
19 September 2025 - PAYE and NIC deductions due for month ended 5 September 2025. (If you pay your tax electronically the due date is 22 September 2025)
19 September 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 September 2025.
19 September 2025 - CIS tax deducted for the month ... read more Company directors have a legal duty to act responsibly and in the best interests of their business. If a director fails to meet these responsibilities, they can face disqualification from acting as a company director for up to 15 years.
Disqualification can result from ‘unfit conduct,’ which includes actions such as trading while insolvent, failing to maintain proper accounting records, ... read more If you cannot pay your tax bill, it’s crucial to contact HMRC as soon as possible. They may offer support through a Time to Pay arrangement, allowing you to repay your debt in instalments based on your financial situation. Ignoring the debt can lead to enforcement action, including visits to your home or business by HMRC or the use of debt collection agencies. The debt collection agencies are ... read more The Money Purchase Annual Allowance (MPAA) is a pension rule designed to prevent individuals from gaining double tax relief on pension contributions. It targets situations where someone withdraws money from their defined contribution pension pot and then reinvests it, effectively receiving tax relief on the same funds twice.
The normal annual pension contribution limit is currently £60,000. ... read more Under the Companies Act 2006, dividends can only be paid from realised profits, never from capital, no matter what a company’s Articles of Association say.
Dividends can only be paid by a company out of profits available for distribution, not from capital, even if the company’s Articles of Association suggest otherwise. This rule is established under Companies Act 2006, section 830, and forms a ... read more If a call from your bank feels suspicious, just hang up and dial 159 to be connected safely to your bank’s fraud team.
The 159 helpline was launched in September 2021. The helpline is designed to help consumers quickly and safely reconnect with their bank when they receive a suspicious or unexpected call about a financial matter. 159 now works for over 99% of UK retail bank customers, providing ... read more Did you know a missing Home Responsibilities Protection (HRP) record could reduce your State Pension, but you may still have time to put it right.
Home Responsibilities Protection (HRP) was a scheme designed to help individuals, mainly those with caring responsibilities, to build entitlement to the basic State Pension by reducing the number of qualifying years required. HRP applied between 6 ... read more The question was raised as to whether, in a tripartite agency relationship, an employment relationship exists between an employee and their intermediary agency. For instance, Ryanair DAC employs some pilots directly, while subcontracting others. A Mr. Lutz successfully applied to an advertisement for pilots and was contracted on 10 August 2017 by MCG Aviation Ltd. (now Storm Global Ltd.). From ... read more Why cash flow matters
Profit is important, but cash pays wages, suppliers and loan repayments. Even strong businesses can struggle if money arrives late. A few disciplined habits around invoicing and collections can shorten the time it takes to get paid, reduce borrowing costs, and create headroom for growth.
Set clear expectations upfront
Agree payment terms in writing before work starts, ... read more A management buyout keeps the business in familiar hands. The team that already understands customers, systems, and culture steps into ownership, which reduces disruption and protects service quality. For founders, a management buyout allows a planned transition with clear handover milestones and an agreed role after completion if required. This continuity reassures clients, employees, lenders, ... read more HMRC’s Time to Pay lets eligible taxpayers spread tax bills over time, avoiding immediate enforcement.
If you owe tax to HMRC, you may be able to set up an online ‘Time to Pay’ payment plan depending on the type of tax debt and your circumstances. For self-assessment, you can create a payment plan online if you’ve filed your latest tax return, owe £30,000 or less, are within 60 days of the ... read more SMI loans can help pay mortgage interest for those on benefits, but repayment is due when the home is sold.
Support for Mortgage Interest (SMI) is a government-backed loan provided by the Department for Work and Pensions (DWP) designed to assist homeowners receiving certain benefits in covering the interest on their mortgage or home loans. The loan is intended solely to help with interest ... read more Banks will have to give 90 days’ notice before closing accounts, giving customers more time to respond.
From April 2026, new government rules will strengthen protections for individuals and small businesses at risk of unfair bank account closures. Under the legislation, banks and payment service providers will be required to give at least 90 days’ written notice before closing an account or ... read more Trustees must manage assets, follow tax rules, and register with HMRC where required.
A trust is a legal arrangement in which a trustee, either an individual or a company, is entrusted with managing assets such as land, money, or shares on behalf of others. These assets, placed into the trust by a settlor, are managed for the benefit of one or more beneficiaries.
Trustees are responsible for ... read more HMRC requires businesses to maintain accurate VAT records to ensure correct tax payments. While all businesses must retain general records (such as invoices, bank statements, and receipts), a key requirement under the Making Tax Digital for VAT initiative is keeping specific VAT records digitally.
Businesses must maintain digital records of VAT charged and paid, including:
The VAT on all goods ... read more Know the rules for contractors & subs under CIS to avoid issues with HMRC.
Under the Construction Industry Scheme (CIS), HMRC applies specific tax rules to contractors and subcontractors in the construction industry. Contractors are responsible for deducting tax from payments made to subcontractors and forwarding it to HMRC. These deductions act as advance payments toward the subcontractor’s ... read more A recent ruling has provided a timely reminder that substance trumps form in employment status disputes, and the mere insertion of a clause does not automatically change the employment status of workers. This case concerns an appeal by BCAL, a company that provides vehicle collection, inspection, delivery, and transportation services. The core dispute revolves around the employment status of ... read more With the next UK Budget approaching, there is speculation about changes to tax rates, allowances, and reliefs. Acting now can help secure current benefits before any new rules take effect.
Key areas to review:
Personal allowances - make sure you are using your Personal Allowance, savings allowance, dividend allowance, and Capital Gains Tax (CGT) exemption. Consider transferring assets between ... read more For many small business owners, the focus is on day-to-day operations. However, building long-term value is just as important, whether your aim is to sell in the future, attract investors, or secure better financing.
Focus on profitability and cash flow
Strong profits are essential, but reliable cash flow is often more important to potential buyers or lenders. Keep tight control over expenses, ... read more The Bank of England has knocked the main interest rate down to 4% today, cutting it by a quarter‑point from 4.25%. It’s the fifth cut in a year and brings the rate to its lowest since March 2023.
The decision was a close call: the nine‑member Monetary Policy Committee split 5‑4, requiring an unusual second round of voting to reach agreement. Bank governor Andrew Bailey cautioned that future cuts ... read more Fit and proper test fee to jump from £150 to £700 under HMRC’s proposed AML supervision changes
Many businesses are monitored by the Financial Conduct Authority (FCA) or certain professional bodies for Anti-Money Laundering (AML) purposes. However, HMRC is responsible for supervising more than 36,000 businesses in 9 business sectors. There are registration and annual fees that are charged for ... read more
Have you verified your ID at Companies House?
Report and pay Capital Gains Tax
Reliefs and allowances for Corporation Tax purposes
Reporting foreign income to HMRC
Claiming lettings relief
Claiming for working at home
Don’t be tempted to withhold pay as a form of leverage
UK productivity remains disappointingly weak
Why solvency is the true test of business strength
CIS – qualifying for gross payment status
Deduction of tax on yearly interest
Loss of personal allowance – the £100k ceiling
VAT on goods you export
Claiming 4-years Foreign Income and Gains relief
Business Asset Disposal Relief changes
Business meetings - Face to face or online?
Winning new contracts without offering punitive credit terms
Check if you can cash in a Child Trust Fund
Inheritance Tax and CGT relief for national heritage assets
Understanding the tax implications of divorce
The Marriage Allowance if circumstances change
What is the High Income Child Benefit Charge?
Benefits of the VAT Cash Accounting Scheme
Risks of engaging employees as sham contractors
Tax Diary November/December 2025
Building financial resilience in uncertain times
Profitability through better management information
Heads up for company directors
The present limits for Business Assets Disposal Relief
The Enterprise Investment Scheme tax benefits
Register an offshore property developer for Corporation Tax
Check your State Pension forecast
State benefits taxable and non-taxable
Bank deposit protection limits set to rise
Five goals every small business owner should set
Sharing income from jointly held property
Tax-free income from letting a room in your home
Two important 2025 self-assessment deadlines
Are casual payments taxable?
Exception from VAT registration
VAT - Entertainment provided to directors and partners of a business
Choosing the right way to buy a vehicle for your business
What is the recent £150bn tech investment deal?
Who needs to register for anti-money laundering supervision
Tax relief for employer contributions to a pension scheme
Dividend taxes will they increase?
War Widows Recognition Payments Scheme
Beware scams pretending to be HMRC
Unauthorised issue of a VAT invoice
Don’t rush to judgement over pending tribunal claims
Understanding working capital and why it matters
Why you should maintain a tax reserve
How to pay corporation tax online
When you cannot charge VAT
Using your own car for work purposes
How do HMRC define “wholly and exclusively” for tax purposes
What is the settlement legislation?
16 years old – the minimum age for a company director
Budget date announced
Tax Diary October/November 2025
GOV.UK One Login – enhanced security from 13 Oct 2025
What insurance cover should a company consider?
Are you selling goods or services on a digital platform?
Why your tax code might change
What counts as working time for minimum wage purposes
Holding over gains on gifts
Gifts with reservation of benefit
VAT late filing penalties
Balancing access to justice and abuse of process
Cash flow resilience and access to funding
Keeping your best people with flexible working
What are the current Income Tax bands and allowances?
Corporation tax roadmap
MTD for IT taxpayer exemption
What if your pension contributions are excessive?
Unused pension funds and IHT from April 2027
Fixing problems with running payroll
Why increasing an overdraft to fund losses is a dangerous game
How to gain a competitive advantage
Tax Diary September/October 2025
Company director disqualification
What happens if you cannot pay your tax bill?
What is the pension’s Money Purchase Annual Allowance?
When dividends cannot be paid
Using the 159 helpline
Applying for Home Responsibilities Protection
Tripartite arrangements don’t necessarily enable an agency to escape accountability
Improve cash flow with smarter invoicing habits
Management buyouts: benefits for owners and teams
Help with outstanding tax bills
What is Support for Mortgage Interest?
Rules to protect effects of debanking
Trusts and Income Tax
VAT – digital record keeping
Definition of a building sub-contractor
A magical clause does not necessarily nullify employment status
Pre-Budget tax planning – act now
Building value in your business
Bank Rate trimmed to 4%
HMRC to increase anti-money laundering fees