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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
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
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
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.
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
When a new employee joins your payroll, it is the employer’s responsibility to ensure they are aware of their rights and that the correct tax is deducted from their salary. This responsibility also applies when employing young people in your business.You can employ young people from the age of 13, but special rules govern how long they
Tensions in the Middle East have increased concerns about potential disruption to global oil supplies. Even where physical shortages do not arise, uncertainty can still push up fuel prices and increase operating costs for UK businesses. Planning ahead can help reduce exposure to rising costs and protect margins.
Simple changes can reduce
Cash flow remains one of the most significant challenges facing small businesses in the UK. Even profitable businesses can encounter difficulties if income is received later than expected or costs increase unexpectedly. The timing of cash movements is often more critical than overall profitability, particularly where businesses operate
A Companies House blunder has raised concerns after a flaw in the WebFiling service briefly exposed sensitive company data. The issue, identified on 13 March 2026, meant that a logged-in user could potentially access and amend limited details of another company by carrying out a specific sequence of actions.
Companies House has stated
If you are concerned by the continuing pressures on your take-home pay and need some certainty on your Income Tax liability, the HMRC calculator available at https://www.gov.uk/estimate-income-tax can be helpful. Alternatively, if you believe you may have overpaid tax, reviewing your position could help you claim a refund.
The 'Estimate
Following the deadline for submission of self-assessment tax returns for the 2024-25 tax year, it is a useful time to revisit the rules on how long you should keep your tax records. There are no strict requirements for how records must be kept, but they should be retained either on paper, digitally, or within appropriate software.
For
As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance itself. This is because any Inheritance Tax (IHT) due is normally paid out of the deceased’s estate before assets are distributed to beneficiaries. However, the recipient may be liable to Income Tax on any income generated after
You may have to pay Capital Gains Tax (CGT) tax when you sell or dispose of a property that is not your main home. This includes buy-to-let properties, business premises, land and inherited property.
Your gain is broadly the difference between what you paid for the property and what you sell it for. In some cases such as where the
The Rent a Room Scheme is a set of special rules designed to help homeowners who rent out a room in their home, creating a potentially valuable tax-free income stream. Under the scheme, rent received from lodgers during the tax year is tax-free up to £7,500. The exemption is automatic if your income from the scheme is below this
A dividend is a distribution of a company’s profits to its shareholders. Companies may pay dividends in cash or additional shares, giving investors a share of the business’s earnings. Dividends are a common way for shareholders to earn income from their investments.
Dividends received within tax-advantaged accounts are completely
The employment status of a former bricklayer was recently called into question in establishing liability for asbestos exposure. The widow of the late Mr. Eric Alger, who died from mesothelioma, sought access to historical Employer’s LiabilityInsurance. Mr. Alger had been contracted to work on a major refurbishment project in 1988.
Many business owners spend years building their companies but give far less attention to planning how they will eventually exit. In reality, a successful exit rarely happens by chance. It usually requires careful preparation several years in advance.
For most owners the business represents their largest financial asset. Without proper
Business solvency refers to a company’s ability to meet its financial obligations as they fall due and to maintain a healthy balance between its assets and liabilities. It is one of the key indicators of financial stability and is essential for the long term survival of any business.
A solvent business has sufficient resources to pay
1 April 2026 - Due date for corporation tax due for the year ended 30 June 2025.19 April 2026 - PAYE and NIC deductions due for month ended 5 April 2026 (If you pay your tax electronically the due date is 22 April 2026).19 April 2026 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2026.19 April 2026 - CIS tax
After the end of its financial year, a private limited company must prepare full annual accounts and submit a company tax return. In most cases, the tax return must be filed within 12 months of the end of the accounting period it covers, and filing must be completed online.There are penalties for the late submission of company tax
A number of changes to the taxation of dividends, property income and savings income were announced in the Autumn Budget 2025. These measures will affect the rates at which different types of income are taxed and will be introduced in stages over the next few years.From April 2026, the tax rates applying to dividend income will increase
It was confirmed as part of the Autumn Budget that the Income Tax thresholds will continue at their current levels for a further three years, extending the freeze until April 2031. This means that most tax allowances are to remain frozen for 2026-27 and beyond.
As a result, the personal allowance will stay at £12,570, while the higher
New figures published by HMRC show that more than 7 million people started a new job in 2025, an increase of around 300,000 compared with the previous year. The announcement also highlights the growing number of people moving into new roles or careers.
According to HMRC, the spring months are the busiest period for recruitment. In 2025,
Taxpayers who are self-employed or receive rental income should check whether they will be subject to Making Tax Digital for Income Tax (MTD for IT) from next month. The new rules significantly change how affected individuals report their income to HMRC.
The first cohort subject to MTD for IT from 6 April 2026 are those whose qualifying
Latest News
- VAT recovery on car leasing
26/03/2026 - More...
The VAT treatment of car leasing is an important consideration for businesses that incurs VAT on these costs. In
- MTD for Income Tax – are you affected?
26/03/2026 - 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
- Could you claim the Marriage Allowance
26/03/2026 - More...
The Marriage Allowance applies to married couples and civil partners where one partner does not pay Income Tax, usually
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