News

Company changes you must report
29/05/2025 - More...
Certain company changes—like a new registered address, email, or director—must be reported to Companies House promptly. Failure to update records risks penalties and non-compliance with UK company law. These include the following: Updating the registered office address If you change your company’s registered office, you are

Repay private fuel provided for company cars
29/05/2025 - More...
Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost to their employer by 6 July 2025. Miss the deadline, and tax becomes unavoidable. This repayment process is known as "making good," and requires the employee to repay the employer for private fuel no

Employers, don’t forget to pay Class 1A NIC
29/05/2025 - More...
Employers must pay Class 1A NICs for 2024-25 benefits by 19 July (post) or 22 July (electronic). These apply to perks like company cars and private health cover—late payment risks penalties from HMRC. Class 1A NICs are payable by employers on the value of most taxable benefits offered to employees and directors, including company

Rolling Over Capital Gains
29/05/2025 - More...
Business Asset Rollover Relief, allows taxpayers to defer Capital Gains Tax (CGT) on gains arising from the sale or disposal of certain business assets, provided the proceeds are reinvested into new business assets. Rather than paying CGT immediately, the gain is "rolled over" into the cost of the new asset, and the tax

What is a FIG?
29/05/2025 - More...
From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and Gains (FIG) regime, now determined by UK tax residence, not domicile. Reporting obligations have expanded significantly. Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC,

Employing your family
29/05/2025 - More...
Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance on pay, tax, pensions, and working conditions—just as with any other employee. When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the

A return to gender rationality in the office? What does the Supreme Court ruling mean for trans people in the workplace?
27/05/2025 - More...
In a landmark ruling, the Supreme Court clarified the legal interpretation of the words ‘sex’, ‘woman’ and ‘man’ in Sections 11 and 212(1) of the Equality Act (EA) 2010 with respect to gender reassignment and sexual discrimination following a challenge by For Women Scotland (FWS), a leading feminist organisation. FWS had challenged the

Buying a business – a simple due diligence checklist
27/05/2025 - More...
Before you agree to buy a business, it is essential to carry out due diligence. This means carefully checking the facts and risks so that you can make an informed decision. Here is a basic checklist to guide you through the process. 1. Review financial records Ask for at least three years’ worth of accounts, including profit and loss

Top 10 skills every business owner should acquire
27/05/2025 - More...
Running a business involves wearing many hats. Whether you are just starting out or looking to grow, developing the right skills can make all the difference. Here are ten practical skills that will help you manage your business with greater confidence and success. 1. Financial literacy Understanding your numbers is vital. Learn how to

Could you extend Child Benefit claim?
22/05/2025 - More...
Parents of 16-19-year-olds: confirm your child’s continued education or training by 31 August 2025 to keep Child Benefit payments going. Last year, over 870,000 families updated HMRC, most online. It only takes a few minutes and helps avoid missed payments. If your child is still in approved education, act now to stay on track. Taxpayers

How should multiple self-employed incomes be treated
22/05/2025 - More...
Running more than one self-employed business? HMRC will not always treat them as separate. Whether they are taxed as one combined trade or multiple depends on how your activities relate to each other. It is not a matter of choice, it is about how your business is run in practice. Get it right to avoid costly mistakes. When someone has

Changes to IHT from April 2025
22/05/2025 - More...
From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners entering long-term stewardship schemes will not lose IHT relief. From April 2026, a new £1 million limit will apply to combined APR and BPR claims—making timely planning more

Changes to tax status of non-UK domiciles
22/05/2025 - More...
From 6 April 2025, the remittance basis for non-doms is abolished. A new UK tax regime now applies to non-domiciled individuals, focused solely on residence. New arrivals can benefit from a 4-year exemption on foreign income and gains, but action is needed. CGT rebasing, Overseas Workday Relief, and a limited-time 12%-15% repatriation

Deferring gains using Incorporation Relief
22/05/2025 - More...
Thinking of transferring your sole trader or partnership business into a limited company? Incorporation Relief can help defer any capital gains tax on assets like goodwill. If the entire business is transferred in exchange for shares, the relief applies automatically, no claim needed. Make sure you understand the rules and deadlines,

Pension tax-free lump sums
22/05/2025 - More...
Turning 55 soon? From April 2028, the minimum pension access age rises to 57. If you are planning to draw your pension, you could take up to 25% tax-free. Make informed choices about your remaining pot, as the rest will usually be taxed as income. Get advice before you act. Most personal pensions have a minimum age for access, currently

The value of applying for trade marks
19/05/2025 - More...
A trade mark is a vital tool for protecting the identity and reputation of your business. It can take the form of a name, logo, slogan, shape, or even a sound, and once registered, gives you exclusive rights to use that mark in connection with specific goods or services. In the UK, trademarks are registered through the Intellectual

The legal responsibilities of directors
19/05/2025 - More...
When someone agrees to become a director of a UK limited company, they take on a set of legal responsibilities defined under the Companies Act 2006 and other relevant legislation. These duties are not just symbolic - directors have a legal obligation to act in the best interests of the company, its shareholders, and, in certain cases, its

The importance of discretion – don’t send inappropriate messages during working hours!
15/05/2025 - More...
An Employment Tribunal confirmed that using an employer's preferred method of communicating with employees to send offensive messages can serve as a ground for dismissal. A claimant was employed from September 2017 as a graduate trainee and then as a software developer until April 2021, at which juncture he was dismissed for gross

Why filing early makes sense
15/05/2025 - More...
Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering your tax details today. The 2024-25 tax year officially ended on 5 April 2025, with the new 2025-26 tax year beginning on 6 April 2026. While many taxpayers may be tempted to put off dealing with

Save up to £2,000 a year on childcare costs
15/05/2025 - More...
Is your child starting school this September? Tax-Free Childcare could save you up to £2,000 a year. Check your eligibility now and start planning ahead. Working families whose children are starting school for the first time September 2025 could save up to £2,000 a year per child on their childcare bills, thanks to the government’s

MTD for Income Tax deadline is approaching
15/05/2025 - More...
MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k+ income. Plan early to stay compliant and avoid disruption. MTD represents one of the most significant overhauls to the self-assessment regime since its introduction in 1997. This includes new requirements to keep digital records, using MTD-compatible

HMRC interest rates following Bank of England rate cut
15/05/2025 - More...
Following a Bank Rate cut to 4.25%, HMRC late payment and repayment interest rates will drop from 19 and 28 May 2025. Check which taxes this affects. The Bank of England’s Monetary Policy Committee (MPC) met on 8 May and, in a narrow 5-4 vote, decided to reduce the interest rate by 25 basis points, bringing it down to 4.25%. Of the four

Deadline for paying Class 1A NIC
15/05/2025 - More...
Employers must pay Class 1A NICs on 2024-25 benefits by 19 July (22 July if paying electronically). Avoid penalties by meeting deadlines and using correct references. Employers are reminded of the upcoming Class 1A National Insurance contributions (NICs) deadline, which applies to most benefits in kind provided to employees during the

The transition from FHL to Property Rental business
15/05/2025 - More...
Tax perks for Furnished Holiday Lets have ended. From April 2025, lettings fall under standard rental rules. Check the transition rules to avoid surprises. The tax advantages that were previously available to property owners letting their properties as short-term holiday lets, known as Furnished Holiday Lets (FHL), has now ended. The