Latest Thinking

Working capital is a simple but powerful measure of a business’s financial health. It is the difference between current assets and current liabilities. In other words, it shows what is...

Thinking of gifting income to a spouse or partner? HMRC’s settlements rules may still tax it as your own. The settlements legislation is contained in s.624 ITTOIA 2005. The legislation...

The Chancellor of the Exchequer, Rachel Reeves confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025. Details of all the Budget...

Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes. When a VAT-registered business issues an invoice to their customer, they must ensure...

Not sure if a business cost is deductible? HMRC’s ‘wholly and exclusively’ rule is the key test. When deciding whether an expense is deductible or not it is important to...

Thinking of starting a company at 16? Know the rules, risks and responsibilities before you take the leap. The Companies Act 2006 does not set a minimum age for shareholders,...

Paying Corporation Tax? Always use the correct reference or risk delays and penalties. To pay Corporation Tax via online or telephone bank transfer, you can use either a UK or...

Using your own car or bike for work travel? You may be able to claim tax relief for business mileage. If you are employed and spend your own money on...

1 October 2025 – Due date for Corporation Tax due for the year ended 31 December 2024. 19 October 2025 – PAYE and NIC deductions due for month ended 5...

From 13 October 2025, access to Companies House WebFiling will require GOV.UK One Login. This replaces the older Government Gateway sign-in and is part of the wider move towards a...

Running a small business comes with plenty to juggle, and while insurance might not be the most thrilling task, it is absolutely essential. There is one policy you are legally...

Gifting assets can cut inheritance tax, but traps like “gifts with reservation of benefit” may undo the plan. The majority of gifts made during a person’s lifetime are not subject...

Gift Hold-Over Relief is a form of Capital Gains Tax (CGT) relief that allows you to defer paying CGT when certain assets, such as qualifying shares, are given away or...

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that...

From 2024, platforms like eBay, Vinted and Airbnb must report seller data to HMRC, so check your tax responsibilities. If you sell goods or services on a digital platform it...

The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax...

New rules mean late VAT filings and payments now trigger points, fines and interest charges. The VAT late filing penalties regime changed for accounting periods beginning on or after 1...

An extended civil restraint order (ECRO) was issued against a prolific Employment Tribunal (ET) litigant for presenting repeated and baseless claims. A Mr. Khan has been described as a prolific...

Running a small business often feels like walking a financial tightrope. Cash can be flowing in nicely one month, only to dry up the next. With interest rates higher than...

For many small business owners, finding and keeping good staff is one of the biggest headaches. Recruitment is costly, time-consuming and uncertain. That is why focusing on staff retention is...

From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases. If you are self-employed or a landlord with income over £50,000,...

With a £50bn shortfall looming, the Chancellor may need to revisit last year’s Corporation Tax roadmap commitments. As this year’s Autumn Budget approaches, it is an interesting time to revisit...

From 6 April 2027, new measures first announced in the Autumn Budget 2024 will come into force. These changes will bring most unused pension funds and death benefits into the...

Income Tax applies to earnings, pensions, savings, dividends and more, with different bands across the UK nations. Individuals can be liable to Income Tax at any age. There are special...

Employers must report pay and deductions correctly to HMRC, but errors can usually be fixed in your next FPS. Employers need to use payroll software or other payroll services to...

You can claim tax relief on pension contributions up to 100% of earnings, but exceeding the annual allowance may trigger charges. Tax relief is paid on pension contributions at the...

In every market, businesses face competition. Some competitors may be larger, others may have deeper pockets, but gaining a competitive advantage is not always about size or spending power. It...

Many business owners see their bank overdraft as a flexible safety net. When cash runs short, the temptation is to ask the bank for a higher limit to keep things...

If a call from your bank feels suspicious, just hang up and dial 159 to be connected safely to your bank’s fraud team. The 159 helpline was launched in September...

Did you know a missing Home Responsibilities Protection (HRP) record could reduce your State Pension, but you may still have time to put it right. Home Responsibilities Protection (HRP) was...