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
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
More...Banks must now give 90 days’ notice before closing accounts, giving customers more time to respond. Since April 2026, new government rules strengthen protections for individuals and small businesses at risk of unfair bank account closures. Under the legislation, banks and payment service providers are required to give at least 90 days’
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
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
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
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
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
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
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
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.
More...Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax bills and penalties. HMRC has issued a warning to homebuyers about rogue tax agents promoting false Stamp Duty Land Tax (SDLT) repayment claims, especially those based on the condition of properties. Following a recent Court
More...Businesses can reclaim duties on qualifying goods moved to or through Northern Ireland since 2021 The Northern Ireland Duty Reimbursement Scheme allows businesses to reclaim import duties paid on goods moved into Northern Ireland, provided specific conditions are met. It applies retrospectively, covering eligible goods moved from 1
More...With the Residence Nil Rate Band (RNRB), families can pass on up to £1 million without IHT The RNRB is an additional £175,000 Inheritance Tax (IHT) allowance that applies when a person’s main residence is passed to a direct descendant, such as a child or grandchild, after their death. The allowance is available to married couples and
More...If your property has changed or seems mis-banded, you may have the right to request a Council Tax review. Properties in England and Wales are assigned Council Tax bands based on their value as of 1 April 1991 (England) or 1 April 2003 (Wales). If you believe your property is incorrectly banded, you may challenge this through the
More...HMRC’s new Q&A tool guides you through each step of a compliance check. The free interactive online tool is designed to help individuals and businesses better understand what happens during a tax compliance check. Available on GOV.UK, the Interactive Compliance Guidance tool brings together key guidance and video content in one
More...For small businesses and growing companies alike, one of the most reliable sources of funding is often the profits they generate. While it can be tempting to extract earnings in the form of dividends, bonuses, or reinvestment elsewhere, there is a strong case for holding back a portion of those profits to strengthen the business’s
More...Many small business owners turn to family members when looking to fill roles in their team. It can seem like a natural choice, offering trust, loyalty, and a shared sense of purpose. However, employing family in your business is not without its challenges, and it is worth considering the potential pitfalls before making that
More...New digital services have been launched that aim to make filing and managing tax returns quicker and less stressful. These improvements are part of HMRC’s Transformation Roadmap, which sets out over 50 projects to modernise the UK’s tax system by 2030. Among the new features are: improvements to the digital self-assessment
More...Items discovered lying on land or buried in the soil, such as antiques or historical objects, are treated as chattels for Capital Gains Tax (CGT) purposes. This remains true even if ownership is tied to the ownership of the land where the item was found. Since these objects were not intended to be permanently affixed to the land, they are
More...Before probate begins, you must estimate the estate's value to see if Inheritance Tax applies. This includes valuing the deceased person's money, property and belongings in order to determine if Inheritance Tax (IHT) is due. This process is important even if you are not sure that any tax will be due. There is usually no IHT to pay if the
More...Many business gifts and hospitality costs are not tax-deductible under current rules. Entertainment expenses including providing hospitality and business gifts are common, but the taxation of these expenses is strictly governed by HMRC. For businesses carrying on a trade, HMRC legislation generally prohibits tax deductions for client
More...Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000 you need to be prepared for digital record keeping including making quarterly updates and for a new penalty system. You will need to use MTD for IT if all of the following
More...Shared home ownership offers a more accessible route to owning a home for those who cannot afford the full deposit or mortgage on a property that suits their needs. Under this scheme, buyers purchase a share of a property, typically between 10% and 75% of its market value and pay rent on the remaining portion to a housing provider. The
More...The Valuation Office Agency (VOA) has issued updated advice to help business owners choose and monitor business rates agents more effectively. A key message is that the name listed in the Check and Challenge service must match the name on the signed contract. If it does not, this could be a sign of misleading activity, and business owners
More...Communities and town centres across the UK are about to get a serious boost. The Government has unveiled sweeping reforms aimed at slashing red tape so new cafés, bars, music venues and outdoor dining spaces can spring up in former shops and quickly bring life back to high streets. At the heart of the plans is a new National
More...Despite intense lobbying by the farming community, the proposed reduction in IHT Business and Agricultural Property reliefs are included in the draft Finance Bill 2025-26. On 21 July 2025, the government published draft legislation for Finance Bill 2025-26. The consultation period for the draft legislation is open until 15 September
More...It was confirmed with the publication of the draft Finance Bill 2025-26 that measures first announced in the Autumn Budget 2024 to bring most unused pension funds and death benefits into the scope of Inheritance Tax (IHT) will start from 6 April 2027. This will significantly extend the IHT net, capturing pensions that were previously
More...You now need to set up a verified GOV.UK One Login to confirm your identity with Companies House. To verify your identity at Companies House, you can use the GOV.UK online verification service if you have one of several accepted photo identification documents. These include a biometric passport from any country, a full or provisional UK
More...Married couples can pass on up to £1 million tax-free if they plan their estates carefully. The Inheritance Tax (IHT) nil-rate band is currently £325,000. This means there is normally no IHT to pay if an estate is valued below this threshold. This amount can be higher if you leave everything above the £325,000 threshold to your spouse,
More...VAT relief is available on goods and services for people with long-term illnesses or disabilities. There are special VAT reliefs available for certain people living with disabilities or long-term illnesses. These reliefs are generally available on certain products and services designed specifically for their personal or domestic use.
More...Who values goodwill when a business is sold? HMRC's Shares and Assets Valuation team takes the lead. Whether the goodwill belongs to a sole trader, partnership or limited company, HMRC’s SAV team will either accept the submitted valuation, give their own open market estimate, or state they need more information. For non-corporate
More...A recent ruling affirms that an employer is directly liable for the unauthorised disclosure of an employee's private information. An employee worked at a JD Wetherspoon pub for approximately eighteen months, during which time she provided her contact details, including her mother's mobile number as an "emergency contact phone
More...UK Export Finance (UKEF) is the UK’s export credit agency and government-backed financier. Its mission is to ensure that no viable UK export fails simply due to lack of funding or insurance. What UKEF offers Working capital support: Through schemes such as the General Export Facility, Export Working Capital Scheme, and Export
More...The UK Government has unveiled a landmark plan to reduce electricity network charges for the country’s most energy intensive industries, such as steel, ceramics, glass and chemicals, slashing costs by up to 90% from 2026. What is changing? The current 60% rebate under the Network Charging Compensation (NCC) scheme will rise to 90%,
More...New UK transfer pricing rules could mean more reporting and fewer exemptions for mid-sized businesses. The government is consulting on proposals to tighten compliance and align with global standards. One key change would remove the transfer pricing exemption for medium-sized enterprises, keeping it only for small businesses. Another would
More...Making Tax Digital for Income Tax will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000 you need to start preparing to submit quarterly updates, keeping digital records and a new penalty system will apply. Initially, MTD for IT will apply to businesses, self-employed individuals, and
More...Need to help a relative or friend with tax? HMRC’s Trusted Helper service makes it quick and easy to support someone online. Whether it is checking Income Tax, updating their personal details or reviewing taxable benefits like company cars or medical insurance, you can do it all with their permission. After registering as a trusted
More...Working or claiming benefits in the UK? You may need to apply for a National Insurance number first. If you do not already have one, your NI number is essential for tracking tax, National Insurance contributions and accessing certain government services. While most UK residents receive their number at age 16, newcomers or those starting
More...Overseas property owners must now report earlier ownership changes or risk penalties from 31 July 2025. Under new rules introduced by the Economic Crime and Corporate Transparency Act 2023, entities that registered on the UK’s Register of Overseas Entities must disclose any changes in beneficial ownership that occurred during their
More...Double tax on estates can still hit families hard, even with treaties in place. When someone dies with ties to more than one country, their estate may face inheritance tax in both jurisdictions. Fortunately, the UK has Double Taxation Conventions with several countries to help reduce or eliminate this burden. Understanding how these
More...Key Performance Indicators (KPIs) are not just numbers on a dashboard; they are tools to help business owners make better decisions. But with so many metrics available, how do you know which ones matter most for your business? The answer is simple: start with your goal. KPIs should always support what you are trying to achieve, whether
More...Starting your own business can be an exciting and liberating decision. But passion and ambition alone are rarely enough. One of the most overlooked factors in business failure is a lack of direct experience or knowledge in the chosen industry. Put simply, someone who has spent their working life as a plumber is unlikely to make a success
More...As of April 2025, more employers can claim the increased £10,500 Employment Allowance thanks to relaxed eligibility rules. This increase will help employers reduce some of the impact of the recent increases in employers' NIC. The Employment Allowance allows eligible employers to reduce their National Insurance liability. The current
More...The impact of frozen personal allowances often leads to fiscal drag, a situation where individuals pay more tax as their earnings rise without a corresponding increase in allowances. This occurs because tax thresholds remain fixed while wages increase, thus pushing more people into higher tax brackets or causing them to pay tax for the
More...Since 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals (non-doms) has been replaced by the Foreign Income and Gains (FIG) regime. This shift marks a significant change, as the new FIG regime is based on tax residence rather than domicile. Under the revised rules, almost all UK-resident individuals must
More...The second 2024-25 payment on account for self-assessment taxpayers is due on 31 July 2025. If you are finding it difficult to meet this tax bill, there are options available to ease the burden. Taxpayers with liabilities of up to £30,000 can use the online Time to Pay (TTP) service to set up instalment payments. This service is
More...Capital Gains Tax on certain residential property sales must be reported and paid within 60 days to avoid penalties and interest. The annual exempt amount applicable to Capital Gains Tax (CGT) is currently £3,000. CGT is normally charged at a simple flat rate of 24% and this applies to most chargeable gains made by individuals. If
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