Latest Thinking

Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as “potentially exempt transfers” (PETs), can become fully exempt if...

There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer. If you have been...

The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without...

You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of...

CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small...

The Office for Budget Responsibility (OBR) has offered the following explanation: “Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant...

The government offers the following information regarding business cashflow. If you do not have enough money coming in to pay for goods, services and taxes your company has, you are...

There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as ‘trivial,’ helping employers simplify the handling of these benefits while offering...

The Insolvency Service is a government agency that provides services to those affected by financial distress or failure by seeking to tackle financial wrongdoing and maximising returns to creditors. The...

A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with the intent to make a profit. Partnerships can take various...

HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their...

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of a self-assessment return will generate a £100 late filing penalty....

Pension Credits can provide extra income to those over State Pension age and on a low income. The Department for Work and Pensions (DWP) recently launched a Pension Credit action...

PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company law. A PSC is someone who holds significant influence or...

To apply for trademark protection in the UK, you will need to follow these steps: Check if Your Trademark is EligibleEnsure your trademark is unique and not too similar to...

Under the Companies Act 2006, dividends can only be paid from realised profits, never from capital, no matter what a company’s Articles of Association say. Dividends can only be paid...

In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most...

There are special rules to observe when employing an apprentice in the UK. Basically, an apprentice takes part in a structured training program that combines working with studying. Apprentices gain...

The higher rates of Stamp Duty Land Tax (SDLT) were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let properties and...

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and...

Asking your accountant for advice offers a range of benefits, particularly in guiding both business and personal financial decisions. Here are some key advantages: Expert Financial Guidance Accountants are trained...

Overtrading occurs when a business expands its operations at a pace that exceeds its available working capital and financial resources. This can happen when a company takes on more business...

1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 – PAYE and NIC deductions due for month ended 5...

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year...

When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their...

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless...

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available,...

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading...

The UK’s new National Wealth Fund (NWF) represents a significant shift in the government’s approach to fostering economic growth and addressing climate change. Established by the Labour government, the NWF...

A 1% reduction in the Bank Rate would reduce the UK government’s annual interest charges on the national debt, but the exact amount of the reduction depends on the proportion...