HMRC has now confirmed the official rollout date for the next phase of Making Tax Digital for Income Tax Self Assessment, and if you earn over £50,000 through self-employment or property, it’s time to prepare. With over 1.75 million taxpayers facing sweeping changes by 2028, this isn’t just an upgrade, it’s a complete overhaul of… Read more »
Crypto might feel like the future, but when it comes to tax, HMRC is already playing catch-up, and winning. With more individuals trading, mining, and earning in digital currencies, understanding the UK tax rules has never been more important. Whether you’re holding tokens or flipping altcoins, knowing the tax implications can save you a lot… Read more »
Striking the right balance between salary and dividends can make a considerable difference to your tax efficiency as a director. With the 2025/26 tax year ushering in several key changes, it’s essential to reassess your remuneration strategy to ensure you’re not leaving money on the table. (Read Time: Approx. 4 minutes) Topics Discussed: No One-Size-Fits-All… Read more »
What happens when the taxman gets it wrong? For many, HMRC represents the ultimate authority, but recent blunders reveal that even this government giant makes costly mistakes. From unjust fines to phantom tax debts and an unresponsive helpline system, the consequences for taxpayers can be overwhelming. We examine three distinct cases where HMRC’s systems and… Read more »
Trusts are often misunderstood. For many, they conjure images of secretive offshore accounts or the exclusive domain of the ultra-wealthy. The reality is more grounded, and more relevant. Trusts have been a cornerstone of estate planning for centuries, offering a legally robust framework to protect assets, maintain control, and significantly reduce tax liabilities. As more… Read more »
For properties, mortgage interest relief has been slashed, creating ‘artificial profits’ and causing personal tax bills to rise drastically, resulting in negative cash flow for investors of properties. Many are considering moving their properties into a limited company. It sounds like a clever move, but without the right tax structure, it can lead to unexpected… Read more »
Running a business is no small feat, and neither is planning for what happens after you’re gone. For UK owners of a business, inheritance tax (IHT) can quietly chip away at the legacy you’ve worked hard to build. But with foresight and the right strategies, you can minimise the tax burden and secure your wealth… Read more »
As the end of the tax year approaches on 5 April 2025, businesses must take proactive steps to reduce their tax liabilities, maximise available reliefs, and avoid unnecessary financial strain. With changes to tax rates, allowances, and deductions, early planning is crucial to ensure your business takes full advantage of available opportunities. This guide outlines… Read more »
Major Benefit in Kind (BIK) tax increases and changes in VAT rules for pickups are coming on 6th April 2025. If you drive a company car, or use a double cab pickup for work, these changes will impact your tax bill. This guide covers everything you need to know about upcoming BIK changes, how to… Read more »
The upcoming fiscal changes set to take effect in April 2025 will significantly impact small businesses, particularly those in the hospitality and retail industries. With the increase in the national minimum wage and the rise in employer’s National Insurance Contributions (NICs), businesses must take proactive steps to mitigate financial strain. This article explores what’s changing… Read more »
