News

What is a UK property business
05/02/2026 - More...
The income generated from land or property in the UK is treated as arising from a UK property business. The underlying legislation defines this broadly to include all activities that produce rental income or similar receipts from UK land, whether the taxpayer is subject to Income Tax or Corporation Tax. Although property income is

What is a salaried member of an LLP
05/02/2026 - More...
The salaried member legislation applies to certain members of a Limited Liability Partnership (LLP) whose terms of membership are more like an employee than a partner. To be a salaried member, the individual must perform services for the LLP in their capacity as a member. The legislation uses a three-part test. If all three conditions

Car and travel costs if self employed
05/02/2026 - More...
If you are self-employed, it is important to understand which car and travel costs can be claimed. You can claim allowable business expenses for car, van, or travel costs, which reduce your taxable profit. Typical allowable costs include: Vehicle insurance Repairs and servicing Fuel Parking Hire charges Vehicle tax and licence

Eligibility for Business Asset Disposal Relief
05/02/2026 - More...
Business Asset Disposal Relief (BADR) can significantly reduce the Capital Gains Tax due when selling a business or shares, but with higher rates coming from April 2026, timing and eligibility matter more than ever. BADR applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership.

New employee starter checklist
05/02/2026 - More...
Setting up the correct tax code when a new employee starts is essential, as even small payroll errors can lead to unnecessary tax overpayments and avoidable complications later on. When hiring a new employee, employers need to ensure the correct tax code and starter declaration are set up in their payroll system. Using the wrong tax code

Do you charge VAT when you sell a company car?
05/02/2026 - More...
The question of whether or not you are required to charge VAT when selling a company car depends on how the vehicle was bought and whether VAT was recovered at the time. Understanding these distinctions can help ensure the correct VAT treatment and avoids costly errors. If your business sells a car on which VAT was recovered, such as a

Payments made into employee benefit trusts constitute taxable income
04/02/2026 - More...
A Tribunal recently ruled that payments made for work into a third-party trust constitute immediate employment earnings. This decision effectively precludes employers from using loan-based structures to obfuscate remuneration.Mr. Jack was employed by an offshore company based in the Isle of Man while living and working in the UK. Under

The rise of the silver economy
02/02/2026 - More...
The term “silver economy” is used to describe the growing economic activity linked to an ageing population. In the UK and across much of the developed world, people are living longer, healthier lives. This demographic shift is reshaping consumer demand, labour markets, and public policy, and it is creating both challenges and

Turning waste disposal into an income stream
02/02/2026 - More...
For many businesses, waste disposal is seen purely as a cost, an unavoidable expense required to stay compliant and keep operations running smoothly. However, there is growing interest in the idea that waste, when managed differently, can become a modest but meaningful source of income rather than a drain on resources. The starting point

Construction Industry Scheme: tackling fraud
29/01/2026 - More...
Tackling fraud in the Construction Industry Scheme (CIS) was one of the measures addressed in the recent Budget. The changes are intended to allow faster intervention where fraud is suspected, while also simplifying certain administrative aspects of the CIS. From 6 April 2026, HMRC will be able to act immediately where a business makes

Scottish Budget Statement 2026-27
29/01/2026 - More...
Scotland’s Finance Secretary, Shona Robison delivered her third Budget statement to the Scottish parliament on 13 January 2026. This is the final Budget before the Holyrood elections due to take place in May. There were no changes announced to the Scottish Income Tax rates. Following the UK Government’s extension of personal tax

MTD for Income Tax – check if and when you need to use it
29/01/2026 - More...
If you have not yet checked if and when you need to use Making Tax Digital (MTD) for Income Tax, you should do so as a matter of urgency. This is because from April 2026 the way many individuals report their tax to HMRC will change significantly. MTD for Income Tax represents a move away from the traditional annual self-assessment process

Welsh Budget 2026-27
29/01/2026 - More...
The Welsh Final Budget for 2026-27 was published on 20 January 2026. The Budget sets out the Welsh government’s revenue and capital spending plans, including detailed portfolio spending plans. Mark Drakeford MS, Cabinet Secretary for Finance and Welsh Language confirmed that the Final Budget provides £27.5bn for people, public services

New 40% First Year Allowance now in force
29/01/2026 - More...
The new 40% First Year Allowance came into force from 1 January 2026. This marks an important development for businesses investing in plant and machinery. The new allowance was first announced at Autumn Budget 2025 and is intended to encourage continued capital investment while changes to other capital allowance rates take effect. This

PAYE rules for labour supply chains (umbrella companies)
29/01/2026 - More...
From 6 April 2026, significant changes to PAYE rules will affect umbrella companies, recruitment agencies, and end clients, increasing shared responsibility for payroll compliance across labour supply chains. Umbrella companies are often used by freelancers, contractors, and temporary workers who prefer not to operate as limited

Check your National Insurance record
29/01/2026 - More...
It is recommended to check your National Insurance record as this can affect your future entitlement to the State Pension and other benefits. By using the online service, you can see what National Insurance contributions you have paid up to the start of the current tax year, along with any National Insurance credits you have received.

Protecting your online passwords
26/01/2026 - More...
With so many online accounts now in daily use, including banking, shopping, email and HMRC services, password security has never been more important. A weak or reused password can lead to fraud, identity theft, or unauthorised access to personal and business information. A good first step is to use strong, unique passwords for every

Do you need a company audit in the UK?
26/01/2026 - More...
Not every UK limited company needs a statutory audit. Many smaller companies qualify for audit exemption, but it is important to understand the rules, as an audit may still be required in certain situations. For financial years starting on or after 6 April 2025, a company is generally audit exempt if it qualifies as a small company and

Basis period reform – spreading rules for payment
22/01/2026 - More...
If your business has transitional profits from basis period reform, spreading over five years may reduce the cash flow impact, but it is important to understand the deadlines. The self-employed basis period reform has changed the way trading income is allocated to tax years. Under these reforms, the basis of assessment moved from a

Struggling to meet tax payments this month?
22/01/2026 - More...
With the balancing payment and first payment on account both due on 31 January 2026, it is worth checking your options early if funds are tight. The final balancing payment for the 2024-25 tax year is due by 31 January 2026, which is also the deadline for filing your self-assessment tax return. This payment will settle any remaining tax

Selling a second property?
22/01/2026 - More...
CGT on certain UK residential property sales often has a strict 60-day reporting and payment deadline, so early planning can avoid penalties. If you are selling a second property, such as a buy-to-let or a former home that is no longer your main residence, CGT will usually apply. This is different from selling your main home, which is

Saving tax using the Marriage Allowance
22/01/2026 - More...
If one partner earns under £12,570, you could transfer part of their unused personal allowance and cut your tax bill by up to £252 a year. The Marriage Allowance applies to married couples and civil partners where one partner does not pay Income Tax, usually because their income is below the personal allowance. For the 2025-26 tax year,

Annual payroll reporting chores
22/01/2026 - More...
There are a number of annual payroll reporting issues that employers are required to complete. With the tax year ending on 5 April 2026, this means there are several key payroll reporting chores that will need to be considered over the coming months. One of the main requirements is submitting a final PAYE return for the tax year. The

Corporation Tax 19% or 25%?
22/01/2026 - More...
If your company profits sit between £50,000 and £250,000, marginal relief can soften the jump from 19% to 25% Corporation Tax. The Corporation Tax main rate applies to companies with taxable profits above £250,000 and is currently set at 25%. Companies with profits of up to £50,000 are subject to the Small Profits Rate, which remains at