News

Have you verified your ID at Companies House?
23/10/2025 - More...
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

Report and pay Capital Gains Tax
23/10/2025 - 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

Reliefs and allowances for Corporation Tax purposes
23/10/2025 - 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

Reporting foreign income to HMRC
23/10/2025 - 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,

Claiming lettings relief
23/10/2025 - 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

Claiming for working at home
23/10/2025 - 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

Don’t be tempted to withhold pay as a form of leverage
22/10/2025 - 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

UK productivity remains disappointingly weak
20/10/2025 - 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

Why solvency is the true test of business strength
20/10/2025 - 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

CIS – qualifying for gross payment status
17/10/2025 - 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

Deduction of tax on yearly interest
16/10/2025 - 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

Loss of personal allowance – the £100k ceiling
16/10/2025 - 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

VAT on goods you export
16/10/2025 - 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,

Claiming 4-years Foreign Income and Gains relief
16/10/2025 - 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

Business Asset Disposal Relief changes
16/10/2025 - 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.

Business meetings - Face to face or online?
13/10/2025 - 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

Winning new contracts without offering punitive credit terms
13/10/2025 - 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

Check if you can cash in a Child Trust Fund
09/10/2025 - 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

Inheritance Tax and CGT relief for national heritage assets
09/10/2025 - 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

Understanding the tax implications of divorce
09/10/2025 - 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

The Marriage Allowance if circumstances change
09/10/2025 - 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

What is the High Income Child Benefit Charge?
09/10/2025 - 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

Benefits of the VAT Cash Accounting Scheme
09/10/2025 - 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

Risks of engaging employees as sham contractors
08/10/2025 - 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