News

Applying for student loans
27/03/2025 - More...
Student Loans help cover the cost of university or college in the UK. Whether you're full-time, part-time, or heading into postgrad study, here’s what you need to know about applying for 2025-26 funding—even if your plans aren’t final yet. Student Loans are an essential part of the government’s financial support system for

Childcare grants
27/03/2025 - More...
Juggling higher education and parenting? Childcare Grants can ease the pressure by covering up to 85% of your childcare costs. If you're a full-time student with young children, this grant could make a real difference—and it doesn’t need to be repaid. Childcare Grants provide financial support to help students cover the cost of

Beneficial interests in jointly held property
27/03/2025 - More...
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married or in a civil partnership, Form 17 lets you split income based on actual ownership—provided you meet HMRC's rules. The standard tax treatment for couples living together, whether married or in a civil

Making Tax Digital for Income Tax
27/03/2025 - More...
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an

LLP salaried members
27/03/2025 - More...
Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here's how the salaried member rules work, what the three-part test involves, and who’s excluded from the legislation. The salaried member legislation can apply to certain members of a Limited Liability Partnership (LLP). This can

Time off for jury service
27/03/2025 - More...
If your employee is called for jury service, you must allow them time off—but you're not required to pay them. Here’s a clear look at your responsibilities, options, and how to handle disruptions and pay during their absence. If your staff members are called to serve on a jury, you are required to grant them the necessary time off

CGT holding over gains if you gift business assets
27/03/2025 - More...
Gift Hold-Over Relief lets you defer Capital Gains Tax when giving away business assets or qualifying shares. It can be a tax-smart move for passing on wealth, but strict rules apply. Here’s what you need to know to claim it properly. Gift Hold-Over Relief is essentially a deferral of Capital Gains Tax (CGT) when assets, including

Spring Statement Summary March 2025
26/03/2025 - More...
Spring Statement 2025: Key Tax Measures and Modernisation Initiatives Chancellor Rachel Reeves’ Spring Statement 2025, delivered on 26 March, arrived at a critical point for the UK economy. With the Office for Budget Responsibility downgrading growth forecasts to just over 1% for the year and borrowing costs climbing, the tone of the

How Small Businesses Can Survive a Recession
24/03/2025 - More...
Recessions can be tough on small businesses, but they do not have to spell disaster. With some smart thinking and a bit of planning, many firms can keep going and even emerge stronger once the economy picks up. Here are some practical ways to stay afloat when times are hard. 1. Cut back on unnecessary spending Now is the moment to go

How to Approach Your Bank for a Business Loan
24/03/2025 - More...
Asking your bank for a business loan can feel daunting, but it doesn’t have to be. With the right preparation, you can give yourself the best possible chance of getting a positive outcome. Start with a clear purpose Banks want to know why you need the money. Are you looking to grow, cover short-term cash flow gaps, or invest in new

Requesting evidence of earnings
20/03/2025 - More...
If you're self-employed, lenders may require an SA302 and tax year overview as proof of earnings for mortgages or loans. These documents verify income declared on your self-assessment tax return and are easily accessible via HMRC. Learn how to obtain them. The use of these forms has become more widespread since mortgage regulations began

Tax liability if you sell a business asset
20/03/2025 - More...
When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face unexpected tax liabilities. Learn how to handle asset disposals correctly. Typically, the value of the asset sold is considered to be the amount

Records you must keep if self-employed
20/03/2025 - More...
If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain suitable business records as well as separate personal income records for tax purposes. For tax compliance, these business records must be kept for at least five years from the 31 January submission deadline of the relevant tax

VAT if you sell your business
20/03/2025 - More...
When selling a business, the Transfer of a Business as a Going Concern (TOGC) rules can allow the transaction to be VAT-free if key conditions are met. This prevents unnecessary VAT charges and ensures compliance with HMRC. Learn how TOGC applies to your sale. A TOGC is defined as "neither a supply of goods nor a supply of

Rental business mortgage relief
20/03/2025 - More...
Since April 2020, landlords can no longer deduct mortgage interest as an expense. Instead, tax relief is capped at 20%. This change affects UK and non-UK resident landlords, trustees, and partnerships but excludes companies. Learn how this impacts your tax bill. In April 2017, new rules were introduced that limited the tax relief on

Claiming professional fees and subscriptions
20/03/2025 - More...
Did you know you may be eligible for tax relief on professional fees and subscriptions? If your membership is required for your job and the organisation is HMRC-approved, you could claim back tax for up to four years. Find out if you qualify and how to apply. You may be eligible to claim tax relief on certain professional fees and

Business Advice: An Investment, Not a Cost
17/03/2025 - 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

Why Adequate Business Insurance is Essential for Small Businesses
17/03/2025 - More...
For small business owners, especially those operating as sole traders or in partnerships without limited liability, having adequate business insurance is not just a safeguard—it’s a necessity. Without the legal protection of a limited company structure, personal assets such as your home and savings are directly at risk if the

Government backed Start-Up Loans
13/03/2025 - More...
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

Child Benefits for over 16s
13/03/2025 - 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

How VAT Payments on Account Work
13/03/2025 - 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

Tax and Maintenance Payments
13/03/2025 - 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

Self-Employed National Insurance Contributions
13/03/2025 - 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

Group relief for trading losses
13/03/2025 - 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