News
HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 758,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be around £2,240.
Anyone who turned 18 on or after 1 September 2020
Certain buildings, land, works of art, and other objects of national significance may be exempt from Inheritance Tax and Capital Gains Tax (CGT) when they are transferred to a new owner. This exemption applies under a special tax relief for national heritage assets that are either gifted or bequeathed.
To qualify for this relief, the
When a couple is separating or undergoing divorce proceedings, tax issues are often not the first thing on their minds. However, alongside the emotional challenges, it is important to understand the tax implications of divorce can have a significant impact.
Changes to the Capital Gains Tax (CGT) rules for divorcing couples took effect on
Married couples and civil partners could save up to £252 a year by transferring part of one partner’s unused personal allowance to the other, but you may need to cancel the claim if your income or relationship status changes.
The Marriage Allowance applies to married couples and civil partners where one partner does not pay tax or does
If your income exceeds £60,000 and you or your partner receive Child Benefit, you can now choose to pay the High Income Child Benefit Charge through your PAYE code instead of filing a Self-Assessment return; a simpler way to stay compliant while keeping your Child Benefit claim active.
The High Income Child Benefit Charge (HICBC) is a
Waiting to be paid but still having to hand over VAT? The VAT Cash Accounting Scheme potentially lets you pay VAT only when your customer pays you, helping to ease cash flow pressures for small and medium-sized businesses.
This approach can offer significant benefits if your business offers extended credit terms to customers or regularly
Recently, a clear legal precedent confirmed that the nature of an individual's work is determined by the reality of the actual employment relationship rather than by arbitrary titles. Mr. Gooch worked for the British Free Range Egg Producers Association (BFREPA) from 1 November 2011 until 26 April 2024, initially as a Policy Director on a
1 November 2025 - Due date for Corporation Tax due for the year ended 31 January 2025.
19 November 2025 - PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 2025.)
19 November 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 November
Every business faces unexpected challenges. Rising costs, supply delays, late payments and sudden changes in demand can all place pressure on cash flow. The businesses that cope best are usually those that have taken time to build financial resilience.
Resilience is not simply about holding large sums of cash. It is about planning ahead
Many business owners make decisions based on instinct, but intuition alone can be unreliable. Having timely, accurate management information replaces guesswork with insight and leads to stronger profitability.
Management information differs from year-end accounts because it focuses on what is happening now and what is likely to happen
As of April 2025, directors of close companies and self-employed taxpayers face new mandatory reporting requirements on their Self-Assessment returns.
Up to 900,000 company directors and 1.2 million taxpayers carrying on a trade will be impacted by new rules that require them to provide more information when filing their 2025-26
Business Asset Disposal Relief (BADR) still offers a valuable tax break, but the CGT rate has risen to 14% from April 2025 and will increase again to 18% in April 2026.
BADR provides a valuable tax advantage by offering a reduced rate of Capital Gains Tax (CGT) on the sale of a business, shares in a trading company, or an individual’s
The Enterprise Investment Scheme (EIS) is designed to help smaller, higher-risk trading companies raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.
This scheme aims to encourage investment in early-stage businesses by providing substantial tax benefits to investors. However, in
Non-UK resident companies that buy, develop, or sell UK land must register for Corporation Tax within three months of a disposal.
Those non-UK resident companies that deal in or develop UK land must register for Corporation Tax if their activities involve acquiring or developing property with the intention to profit from its disposal.
Your State Pension forecast shows how much you could receive, when you can claim it, and how to boost it by filling National Insurance gaps.
The Check Your State Pension forecast service provides a way to understand your State Pension entitlement. This is a joint service organised by HMRC and the Department for Work and Pensions (DWP)
Many people rely on state benefits, but it is not always obvious which payments are taxable and which are tax-free.
HMRC’s guidance outlines the following list of the most common state benefits on which Income Tax is payable, subject to the usual limits:
Bereavement Allowance (previously Widow’s Pension)
Carer’s Allowance or (in
The UK’s financial regulator has proposed an increase to the level of savings protection available under the Financial Services Compensation Scheme (FSCS). If approved, the changes would take effect from 1 December 2025 and will be welcome news for individuals and businesses holding larger balances in UK banks and building
Running a small business can feel like juggling endless priorities, but taking time to set clear goals is essential if you want your business to grow and remain sustainable. Here are five goals that every owner should consider.
1. Strengthen cash flow management
Cash is the lifeblood of any business. Aim to forecast your cash flow
The standard tax treatment for couples living together, whether married or in a civil partnership, is that income from jointly held property is split equally (50:50) between them, regardless of their actual ownership shares.
However, if the ownership is unequal and the couple wishes to have the income taxed in proportion to their
Homeowners can earn up to £7,500 tax-free under the rent-a-room scheme, with simple reporting and flexible tax options.
This set of special rules is designed to encourage individuals to make use of spare space in their property by providing a tax exemption on rental income of up to £7,500 per tax year.
If the total rental income from
Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early to avoid penalties.
Firstly, the deadline for submitting paper self-assessment tax returns is 31 October 2025. If you miss this deadline a £100 late filing penalty will usually apply, even if no tax is due, or if any tax owed is
Not all casual payments are tax-free; HMRC’s miscellaneous income rules may apply depending on the circumstances.
The special miscellaneous income rules sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not otherwise be charged under specific
Businesses over £90,000 turnover must register for VAT, but HMRC may grant exceptions if the increase is temporary.
A business must register for VAT if either of the following applies:
At the end of any month, its taxable turnover in the previous 12 months has exceeded £90,000; or
At any point, it is reasonable to expect that taxable
When considering VAT on entertainment provided solely to directors or partners of a business it is generally not recoverable as VAT Input Tax.
HMRC considers that directors and partners are not in need of entertainment to motivate themselves, so such costs are not for business purposes. However, exceptions apply for subsistence costs
Latest News
- Check if you can cash in a Child Trust Fund
09/10/2025 - More...
HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so
- Inheritance Tax and CGT relief for national heritage assets
09/10/2025 - More...
Certain buildings, land, works of art, and other objects of national significance may be exempt from Inheritance Tax and
- Understanding the tax implications of divorce
09/10/2025 - More...
When a couple is separating or undergoing divorce proceedings, tax issues are often not the first thing on their minds.
Newsletter
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!
