Changes announced in the Autumn Budget have removed the use of a niche VAT scheme known as the Tour Operators Margin Scheme (TOMS) for private hire vehicle operators from January 2026. TOMS was originally designed for tour operators selling travel packages. However, some large ride-hailing firms had used it to reduce their VAT liability
More...Bonuses are treated as taxable earnings, so both employers and employees need to understand how they are taxed and reported. For cash bonuses (including vouchers that can be exchanged for cash), the rules are straightforward. The payment is added to an employee’s normal salary and taxed through the Pay As You Earn (PAYE). This means
More...If your taxable income for the 2026-27 tax year is less than £17,570, you will not pay any tax on the interest you receive. This figure combines the £5,000 starting rate for savings (taxed at 0%) with the £12,570 personal allowance. In addition, the Personal Savings Allowance (PSA) provides further tax-free savings interest: basic-rate
More...If you are self-employed or a member of a partnership, you may be able to claim tax relief when your business makes a loss. There are several ways trading losses can be used, but each loss can only be used once and specific conditions apply. For the 2025-26 tax year, losses can be set against your total income for the same year and/or
More...If you continue working after reaching State Pension age, your National Insurance position changes, but your Income Tax obligations largely remain the same. Once you reach State Pension age, you stop paying employee National Insurance contributions (Class 1) on your earnings. However, your employer must continue to pay employer
More...Transfers of assets between spouses or civil partners are usually free from Capital Gains Tax (CGT). When you give or sell an asset to your spouse or civil partner, it is treated as a disposal for CGT purposes, but on a ‘no gain, no loss’ basis. This means no immediate tax is due, and the receiving spouse effectively takes over the
More...Landlords must now comply with an important new legal requirement introduced under the Renters’ Rights Act, which brings significant reform to the private rented sector in England. The government has published an official information sheet that explains the changes and sets out the new rights available to tenants starting from 1 May
More...Rising costs and economic uncertainty have made cash flow management more important than ever. While many businesses focus on profit, it is cash that determines whether a business can meet its day to day obligations and take advantage of new opportunities. A sensible starting point is to review how quickly cash is collected from
More...Pensioners are being urged to stay vigilant for any Winter Fuel Payment scams. HMRC is starting to recover Winter Fuel Payments issued for winter 2025 from those earning over £35,000 a year. While the process will affect nearly two million people, most will see the repayment handled automatically through adjustments to their PAYE tax code
More...Employees who receive fuel from their employer for private use in a company car can avoid paying the car fuel benefit charge by reimbursing the full cost of the private fuel. This process, known as "making good," requires the employee to repay the employer for private fuel no later than 6 July following the end of the tax year.
More...For most capital gains realised in the 2026-27 tax year, Capital Gains Tax (CGT) is reported and paid by 31 January 2028 via the self-assessment system. This applies to gains on assets such as shares, investments and commercial property. However, UK residential property is an important exception. Where a residential property is sold and
More...The 2025-26 tax year ended on 5 April 2026, and attention now turns to filing your self-assessment tax return. While many leave this until the last minute, there are advantages to filing early. There are two ways to file your return. You can submit a paper return, which must be filed by 31 October 2026, or file online, with a deadline of
More...The Annual Investment Allowance (AIA) is a valuable tax relief that allows businesses to deduct the full cost of qualifying plant and machinery from their taxable profits. This means that, instead of claiming relief over several years, businesses can often obtain 100% tax relief upfront. The AIA is currently capped at £1 million per
More...The rules as to who pays Income Tax in Scotland is determined by whether an individual is considered a Scottish taxpayer or not. For most people, determining Scottish taxpayer status is straightforward. Individuals who live in Scotland are considered Scottish taxpayers, while those who live elsewhere in the UK are not. If a taxpayer has
More...Rising prices remain a concern for many UK business owners, particularly where energy, materials, labour and finance costs are unpredictable. While it is rarely possible to eliminate cost pressures entirely, a number of practical steps can reduce exposure and provide greater stability when planning ahead. One of the simplest strategies
More...The outlook for UK interest rates during 2026 remains uncertain, although current expectations suggest relative stability, with the possibility of modest reductions later in the year if inflation continues to ease. While interest rates have fallen from their recent peak levels, they remain higher than many businesses became accustomed to
More...Annual leave & holiday pay (effective April 2026) From 6 April, the Employment Rights Act (ERA) 2025 has introduced strict new record-keeping duties, requiring employers to maintain detailed records of annual leave, carried-over holiday, and holiday pay. Employers must keep these records for six years, with failure to do so
More...Those responsible for the accounts and tax compliance of private limited companies must ensure they are fully aware of the relevant obligations and statutory deadlines. Following the end of each financial year, a private limited company is required to prepare full annual accounts and submit a Company Tax Return. The deadline for filing
More...When a sole trader or partnership transfers a business to a company, a chargeable gain may arise. This is calculated by reference to the market value of the business assets at the date of incorporation (including goodwill), compared with their original base cost. The resulting gain would ordinarily be subject to Capital Gains Tax. In
More...If you are self-employed, it is important to understand which car and travel costs are allowable for tax purposes. You may claim allowable business expenses for car, van, and travel costs, which will reduce your taxable profits. Typical allowable costs include: Vehicle insurance Repairs and servicing Fuel Parking Hire
More...The settlements legislation is designed to ensure that where a settlor retains an interest in settled property, the income arising is treated as the settlor’s income for all tax purposes. A settlor will be treated as having retained an interest where the settlor, or their spouse or civil partner, can benefit from either the income or the
More...The VAT Flat Rate Scheme is designed to simplify the way a business accounts for VAT and, in doing so, reduce the administrative burden associated with VAT compliance. The scheme is available to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000. The concept of a “limited cost
More...Employers providing employees with expenses or benefits in kind must comply with specific reporting, filing, and payment obligations each tax year. These requirements are designed to ensure that benefits are correctly reported, and that the appropriate tax and National Insurance contributions are accounted for. For the 2025-26 tax year,
More...1 May 2026 - Due date for corporation tax due for the year ended 30 July 2025. 19 May 2026 - PAYE and NIC deductions due for month ended 5 May 2026. (If you pay your tax electronically the due date is 22 May 2026). 19 May 2026 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2026. 19 May 2026 - CIS tax
More...From April 2026, the National Minimum Wage and National Living Wage rates have increased, and businesses should ensure payroll systems are updated immediately so that employees receive the correct statutory pay. These changes apply from the start of the 2026-27 tax year and form part of the Government’s ongoing policy of maintaining
More...Energy costs remain a significant pressure on household budgets, and reducing consumption continues to be one of the most reliable ways to control expenditure. Fortunately, many practical steps can lower usage without reducing comfort. A structured approach often produces the best results, starting with quick wins and then considering
More...The government has announced new support measures to allow affordable debt repayment for government debt. The new measures set out a clearer and more practical approach to helping individuals and businesses manage what they owe. Announced during Debt Awareness Week 2026, the plans aim to ensure repayments are realistic, tailored and,
More...Your Personal Tax Account (PTA) is an easy and secure way to manage your tax online. You can use it to check your tax code, claim a refund and update your details, all in one place, without needing to contact HMRC by phone or post. Every UK taxpayer has a PTA, but you will need to register through the Government Gateway or GOV.UK One
More...Private Residence Relief (PRR) is a valuable Capital Gains Tax relief that can eliminate the tax due when you sell your home. In simple terms, it applies to periods when a property has been your only or main residence. However, if you spend time living away from home, the position becomes less clear, and CGT may well be due. The starting
More...The new Vaping Products Duty (VPD) and Vaping Duty Stamps (VDS) are being introduced from 1 October 2026. In advance of the launch of the new schemes, HMRC opened applications for approval for manufacturers, importers and warehouse keepers on 1 April 2026. This means that businesses affected by these changes should act now. Early
More...Making Tax Digital (MTD) for Income Tax began on 6 April 2026 for qualifying taxpayers. Those with qualifying income over £50,000 are now required to maintain digital records and submit updates of trading or property income and expenses using compatible software. Under MTD for Income Tax, quarterly updates are required every three months
More...The rules on claiming tax relief for working from home are changing for the new 2026-27 tax year. In most cases, employees will no longer be able to claim relief for homeworking, although claims can still be made for the previous four tax years. The removal of the tax relief was announced in the Autumn Budget last year and it is estimated
More...Paternity Leave As of Monday, 6 April 2026, the Employment Rights Act (ERA) 2025 will fundamentally transform the UK workplace by introducing several "Day One" entitlements. Now, paid paternity leave and unpaid parental leave are Day One Rights, granted immediately upon joining a firm. Fathers will also be permitted to take
More...The government has announced a package of measures designed to tackle unfair price increases and strengthen the United Kingdom’s long term energy security. The Chancellor has set out proposals to give regulators additional powers to intervene where businesses are considered to be charging excessive prices during periods of market
More...Businesses that collect or use personal information must comply with UK data protection law. Personal data includes any information that can identify a living individual, such as names, addresses, contact details, financial information or online identifiers. The rules apply whether information relates to customers, employees or suppliers,
More...The Chancellor has set out a package of measures aimed at reducing cost of living pressures for households and at the same time strengthening the UK’s longer-term economic resilience. The announcement focuses on tackling rising prices, improving energy security and ensuring markets work fairly for consumers.A key element is the
More...The tax rate for Business Asset Disposal Relief (BADR) will increase to 18% (from 14%) on 6 April 2026. BADR offers a reduced Capital Gains Tax (CGT) rate on qualifying disposals such as the sale of a business, shares in a trading company or an individual’s stake in a trading partnership.These rate increases are accompanied by new
More...The rate of Corporation Tax payable depends on the level of a company’s taxable profits. The main rate is 25% and applies where profits exceed £250,000. At the other end of the scale, companies with profits of £50,000 or less benefit from the Small Profits Rate, which remains at 19%.For businesses with profits between these thresholds,
More...There are a variety of services available to assist UK exporters that can be found at https://www.business.gov.uk/export-from-uk/ There you can find a range of government-backed tools and support to help businesses begin or expand their export activity. The GOV.UK platform brings together guidance, training and financial support in one
More...While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free.HMRC’s guidance outlines the following list of the most common state benefits which are taxable, subject to the usual limits:Bereavement Allowance (previously Widow’s Pension)Carer’s Allowance or (in Scotland only) Carer
More...It is important to understand both when VAT registration is required and the ongoing obligations that follow. The VAT registration threshold is currently £90,000 of taxable turnover, although businesses below this level can choose to register voluntarily.Once VAT registered you must ensure you meet your required responsibilities.
More...Stock turnover management is one of the most important drivers of business profitability, cash flow strength and resilience during periods of rising costs. Stock represents cash that has been converted into goods, and if those goods are not sold promptly the business can experience avoidable financial pressure.Slow moving stock ties up
More...Many businesses have spare capacity that could generate additional income with relatively little additional cost. Spare capacity may arise where premises, staff time, equipment or intellectual property are not fully utilised throughout the working week or year. Identifying and using this capacity can improve profitability without
More...The VAT treatment of car leasing is an important consideration for businesses that incurs VAT on these costs. In general, leasing companies are able to recover the VAT incurred on the purchase of cars, provided the vehicles are leased out at a commercial rate. For businesses leasing a car, however, the position is more restrictive. Where
More...If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, now is the time to urgently see if you are affected. The Income Tax reporting requirements for some self-employed individuals and landlords will change significantly from 6 April 2026. MTD for Income Tax changes the traditional annual
More...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, this means the lower-earning partner must earn less than £12,570. The figures remain the same for the upcoming 2026-27 tax year.The
More...Rolling over capital gains can be an effective way for business owners to defer Capital Gains Tax (CGT) when selling or disposing of certain business assets. This is done using Business Asset Rollover Relief which allows taxpayers to postpone the tax on gains if all or part of the proceeds are reinvested in new business assets.
More...The 7-year gift rule is still an available option for those making lifetime gifts, offering a way to potentially reduce Inheritance Tax (IHT) liability. Most gifts made during a person’s lifetime are not immediately subject to tax. These transfers, known as 'potentially exempt transfers' (PETs), become fully exempt if the donor survives
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