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Mandatory payrolling of benefits in kind (BiKs) and taxable employment expenses will be introduced from 6 April 2027. This represents a major change in reporting and means that for most benefits, the annual P11D form will no longer be required from the start of the 2027-28 tax year.
The requirement to report Income Tax and Class 1A
If you have paid too much tax to HMRC, you may be able to claim a tax refund. Overpayments can happen for several reasons, such as a change in employment, being placed on the wrong tax code or failing to claim certain allowances or expenses.
The way you claim depends on your circumstances such as whether or not you complete a
Reclaiming VAT on a self-build home project can significantly reduce the overall cost of building or converting your property. The VAT DIY Housebuilders Scheme is a special VAT scheme that allows private individuals to benefit from the same VAT advantages as professional property developers. Under this scheme, the qualifying construction
Bona vacantia is Latin term meaning “ownerless goods”. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all ultimately represent the Crown.
Under company law, when a company is dissolved, any remaining rights or property automatically pass to the Crown as bona vacantia. This includes
A person with significant control (PSC) is someone who owns or exercises significant influence over a company. They can also be referred to as a “beneficial owner”.
Every UK company is required to identify its PSCs and register their details with Companies House. A company can have one or more PSCs.
A PSC is someone who
There are special rules to prevent close companies, generally companies controlled by a small group of individuals, from allowing directors or shareholders to take money out of the company without paying the appropriate tax. Under CTA10/S455, if a close company makes a loan to participators (typically a shareholder, director or someone
The Chancellor’s Spring Statement, presented to Parliament 3 March 2026, was packed with political content that has no real impact for UK taxpayers, business owners or employees. The substance of her presentation was a summary of the Office for Budget Responsibility (OBR) Economic and fiscal outlook released on the same date.Our summary
The National Minimum Wage (NMW) Act 1998 remains contentious, especially after the introduction of the NMW (Amendment) Regulations 2025, as it draws the legal line in the sand between employment and slavery, as highlighted by a recent case. The claimant was born in the Philippines in 1990 and travelled to the UAE in the employ of a
As artificial intelligence becomes embedded in everyday business activity, many clients are asking how it might affect their industry and long term prospects. While some sectors face significant disruption, healthcare and social care stand out as the most resilient major industry as AI develops.
The core reason is demand. Healthcare is
Renewed conflict in the Middle East is already having knock on effects for the global economy, and UK business owners are likely to feel the impact through higher costs and increased uncertainty rather than direct disruption.
The most immediate pressure point is energy. The Middle East remains a critical region for global oil and gas
An application to claim child benefits can usually be made 48 hours after you have registered the birth of your child, or once a child comes to live with you. An application for child benefit can be backdated for up to 3 months.
An application for child benefit is usually made online either using the government gateway. If you are
National Insurance credits can help qualifying applicants to fill contribution gaps in their National Insurance record. This can help taxpayers increase their number of qualifying National Insurance years, which may increase the number of benefits they are entitled to, such as the State Pension.
This could happen if someone
When issuing invoices, it is important to apply the correct VAT treatment. In some cases, that means not charging VAT at all. Although most UK businesses charge VAT at the standard rate of 20%, there are other rates and categories that may apply. Understanding these distinctions can help you avoid costly errors and penalties.
In addition
If you have tenants living in your property, it is important to understand the Capital Gains Tax (CGT) implications. In most cases, there is no CGT to pay when you sell a property that has been your main residence, as the gain is covered by Private Residence Relief (PRR). However, if you have let out part of your home, your entitlement to
Understanding which supplies are zero rated for VAT is essential for any business. A zero-rated supply is still a taxable supply, but it is charged at a 0% VAT rate. This distinction is important because VAT incurred in making a taxable supply can still be recovered. Therefore, a business that only makes zero-rated supplies can register
The meaning of trade for tax purposes, often referred to as HMRC’s “badges of trade” test helps determine whether an activity is a genuine business or simply a personal hobby. While the test is not definitive, it provides important guidance on how HMRC views different activities. At some point, what starts as a hobby may
When planning pension funding, inflation is often acknowledged but not always fully reflected in contribution decisions. Using an average inflation rate of around 5% over recent years helps to illustrate why this matters so much. Even when inflation appears to be easing in the short term, its long-term effect on retirement income can be
The government has announced a new package of measures designed to improve access to finance for creative businesses across the UK. The initiative aims to support firms operating in areas such as film, television, music, design, publishing, gaming and digital media, many of which face unique challenges when seeking external funding. The
If you believe that you have overpaid tax to HMRC, you may be entitled to claim a tax refund. Overpayments can occur for a variety of reasons, including changes to employment, incorrect tax codes or unclaimed allowances. The process for making a claim will depend on whether you submit a self-assessment tax return and how long ago the tax
If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, you should do so urgently. HMRC has issued a timely reminder that for many self-employed and landlords the way to report tax to HMRC will change significantly from 6 April 2026.MTD for Income Tax is a significant move away from the traditional
There are several reasons why you might need to file a self-assessment tax return. This could apply if you are self-employed, a company director, have an annual income over £150,000, or receive income from savings, investments or property.
You must file a self-assessment tax return if any of the following apply to you during the tax
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from pre-tax profits. The maximum amount that can be claimed for the AIA is limited to a £1 million annual cap on qualifying purchases.
The AIA can be claimed by an individual,
There are simplified expenses arrangements available for sole traders and business partnerships (with no corporate partner) that allow the use of fixed mileage rates instead of working out the actual costs of buying and running a vehicle (such as fuel, insurance, servicing and repairs). This simplified method is optional, but if you
Automatic enrolment for workplace pensions has helped many employees to start making provision for their retirement with employers and government also contributing to make a larger pension pot.
The law states that employers must automatically enrol workers into a workplace pension if they are aged between 22 and State Pension Age, earns
Latest News
- Changes to reporting of BiKs
05/03/2026 - More...
Mandatory payrolling of benefits in kind (BiKs) and taxable employment expenses will be introduced from 6 April 2027.
- Claiming a tax refund from HMRC
05/03/2026 - More...
If you have paid too much tax to HMRC, you may be able to claim a tax refund. Overpayments can happen for several
- Reclaiming VAT on a self-build home project
05/03/2026 - More...
Reclaiming VAT on a self-build home project can significantly reduce the overall cost of building or converting your
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