Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K - but PAYE option coming this summer! The child benefit rates for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 tax year and the
More...Minimum wage rates rose on 1 April 2025. NLW now £12.21, and big increases for younger workers too. Make sure you're compliant - underpayment can cost up to £20K per worker and a director ban. Time to check your payroll! Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW).
More...Tax thresholds frozen till 2028? That’s fiscal drag in action - more tax paid without rate rises. It’s a stealthy revenue boost for HM Treasury, projected to bring in £38bn a year by 2029. Inflation and pay rises make it worse. The freezing of tax thresholds often results in a phenomenon known as fiscal drag. When tax thresholds remain
More...Do you know what your 2025-26 tax code means? It affects how much tax is taken from your pay or pension. Check now to make sure you're on the right code and not overpaying! Here's what the letters and numbers really mean. You can find your tax code: by checking your tax code for the current year online - you’ll need to sign in to or
More...From April 2025, updated ATED rates apply to residential properties held by companies and other Non-Natural Persons (NNPs). Make sure returns and payments are submitted by 30 April to avoid penalties. Reliefs may apply for commercial use. The Annual Tax on Enveloped Dwellings (ATED) applies to NNPs who own interests in residential
More...Small gifts can mean big tax savings! Use the trivial benefits exemption in 2025-26 to reward employees with non-cash perks under £50 - no PAYE, no P11D, and no NIC. A smart, simple way to say thanks. The rules providing trivial benefit payments provide a great opportunity to give small rewards and incentives to employees in the new
More...Kau Media Group (KMG) Ltd. sought to enforce two post-termination employment restriction (PTRs) contained in a contract of employment to restrict Mr. Hart, a former employee, from working for his proposed new employer, MiSmile Media Ltd. (MML). Mr. Hart had worked for KMG from November 2020 to late 2024 as an Account Director. From 2021,
More...1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 - PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025). 19 May 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2025. 19 May 2025 - CIS tax deducted
More...Supply line interruptions can be a nightmare for any business. Whether it’s a delay in deliveries, a shortage of materials, or problems with international shipping, things can grind to a halt fast. But with a bit of planning and a calm approach, you can keep things ticking over and reduce the impact. 1. Know your supply chain inside
More...Gross profit is one of the clearest indicators of how well your business is performing. It’s the amount left after deducting the cost of goods sold (COGS) from your sales revenue. Managing your gross profit returns well is crucial because it directly affects your bottom line and helps you understand whether you’re pricing correctly,
More...HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late payment interest is
More...HMRC has launched a campaign targeting informal money transfer networks like Hawala, aiming to combat money laundering and protect communities. Businesses must register for AML supervision or risk fines, prosecution, or closure. It is estimated that some £2 billion is laundered annually through these networks in the UK. This is a
More...Following the Spring Statement, HMRC is inviting feedback on the idea of expanding the use of advance clearances for R&D tax reliefs, aiming to reduce errors and fraud, provide businesses with more certainty, and make the overall process smoother for taxpayers. This R & D clearance consultation will explore whether an advance
More...New rules under the Economic Crime and Corporate Transparency Act mean identity checks will soon be required at Companies House. From directors to agents, all those running UK companies will need to verify who they are as part of tougher anti-fraud measures. This Act enhances Companies House's powers to combat the abuse of corporate
More...Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate on the sale of a business, shares in a trading company, or an individual's interest in a trading partnership. This relief can still provide substantial tax savings for business owners exiting their businesses. As part of the Autumn 2024 Budget measures,
More...If you're facing financial difficulties and owe tax, HMRC’s Time to Pay service may offer breathing space. From self-assessment to PAYE and VAT, eligible individuals and businesses can spread payments and avoid immediate enforcement. Businesses and self-employed individuals experiencing financial challenges and with outstanding tax
More...As of 31 March 2025, new regulations have come into effect in England, requiring workplaces to adopt simplified recycling practices. These measures aim to eliminate confusion over waste sorting, enhance recycling rates, and reduce waste sent to landfills or incineration. Key Requirements for Workplaces: Separation of Waste Streams:
More...In March 2025, the Pubs Code Adjudicator (PCA) wrote to all pub-owning businesses to reinforce the importance of complying with Regulation 46 of the Pubs Code. This regulation focuses on how premises insurance is handled and, crucially, the tied tenant’s right to seek a price match on insurance premiums. Under Regulation 46, pub
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
More...A Tribunal has ruled that a deputy security manager was unfairly dismissed, despite performing “no prescribed tasks” while ‘working from home’, many hundreds of miles from his place of work. Mr. Kitaruth travelled from London to Cornwall to visit with his parents for four days, during which the hearing found no evidence that
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
More...The Online Accounts and Company Tax Return (CATO) service is scheduled to close on 31 March 2026. This service has enabled businesses to file their company accounts and tax returns simultaneously with both Companies House and HMRC. However, due to its outdated nature and misalignment with modern digital standards and recent changes in
More...1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 - PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025). 19 April 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2025. 19 April 2025 -
More...A negligible value claim lets taxpayers declare an asset worthless for tax purposes, realising a capital loss without selling. This can be backdated up to two years, offering flexibility in managing tax liabilities. A negligible value claim is a claim made by a taxpayer when an asset they own has significantly decreased in value,
More...From April 2025, the Capital Gains Tax rate on Business Asset Disposal Relief rises from 10% to 14%, increasing to 18% in 2026. Business owners planning to sell may benefit from acting before these changes take effect. Currently, Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate of 10% on the sale of a
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