News

New requirement – verifying ID at Companies House
12/06/2025 - More...
Identity verification is now rolling out for directors, PSCs, and agents, with more filing roles to be included soon under new anti-fraud rules. Companies House is beginning to roll out mandatory identity verification. This is part of wider reforms introduced by the Economic Crime and Corporate Transparency Act that was granted Royal

Business Asset Disposal Relief – forthcoming changes
12/06/2025 - More...
The BADR Capital Gains Tax rate has risen to 14% from April 2025 and will increase further to 18% in April 2026. Business Asset Disposal Relief (BADR) offers a valuable tax advantage by applying a reduced rate of Capital Gains Tax (CGT) on the sale of a business, shares in a trading company or an individual’s interest in a trading

Current IHT gift reliefs
12/06/2025 - More...
Lifetime gifts can reduce Inheritance Tax, but survival for seven years and using key exemptions like the £3,000 annual allowance are crucial to making them fully tax-free. Most gifts made during a person’s lifetime are not immediately subject to Inheritance Tax (IHT). These are known as potentially exempt transfers (PETs) and can become

Do not forget to claim the marriage allowance
12/06/2025 - More...
If one partner in a marriage or civil partnership earns under £12,570, you could save up to £252 a year, and up to £1,260 if you backdate your Marriage Allowance claim for the past four years. The Marriage Allowance can be claimed by married couples and civil partners where one partner does not pay tax or does not pay tax above the basic

Private Residence Relief – when it applies
12/06/2025 - More...
Selling your main residence? Private Residence Relief can exempt you from Capital Gains Tax. If you meet certain conditions, there may be nothing to pay. In most cases, Capital Gains Tax (CGT) does not apply to the disposal of a property that has been used as your main family residence. This exemption known as Private Residence Relief

Claim for a business journey in a private vehicle
12/06/2025 - More...
Use your own vehicle for work? You could be entitled to a tax-free mileage allowance. Make sure you are not missing out on HMRC-approved rates. If you use your own car, van, motorcycle, or bicycle for business journeys, you may be entitled to a tax-free mileage allowance from your employer. This is known as a Mileage Allowance Payment

When changing a company’s name absolves a daughter company of its obligations
11/06/2025 - More...
The Court of Appeal addressed the complexities of benefit scheme amendments and the lines of responsibility within corporate structures in a complex case surrounding post-employment entitlements. A Mr. Fasano had been an employee of RB Health Ltd., a member of the Reckitt Benckiser (RB) Group of companies, until the 13th of June 2019. The

The value of tax planning for high net worth individuals
09/06/2025 - More...
For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to preserve and grow wealth. With rising scrutiny from HMRC, frozen allowances, and increasingly complex legislation, the value of well-structured planning has never been higher. HNWIs typically have multiple sources of

Four critically important KPIs
09/06/2025 - More...
Gross profit margin This measures the profitability of your core operations by comparing gross profit (sales minus cost of goods sold) to total revenue. A stable or improving gross margin indicates pricing, production, or service delivery is efficient. A declining margin may signal rising costs or pricing issues. Formula: (Gross Profit

Tax Diary July/August 2025
06/06/2025 - More...
1 July 2025 - Due date for corporation tax due for the year ended 30 September 2024. 6 July 2025 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2025 - Pay Class 1A NICs (by the 22 July 2025 if paid electronically). 19 July 2025 - PAYE and NIC deductions due for month ended

IHT exemption – normal expenditure out of income
05/06/2025 - More...
Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones and stay outside your estate without the seven-year survival rule. Wealthier individuals can benefit from a lesser-known but highly effective IHT exemption for gifts made out of surplus income. This is

VAT – advantages of the VAT Flat Rate Scheme
05/06/2025 - More...
Small business? The VAT Flat Rate Scheme could cut paperwork and improve cash flow. Pay VAT as a set percentage of turnover and enjoy simpler admin, budgeting ease, and even a 1% discount in year one of your registration for VAT. The VAT Flat Rate Scheme is designed to simplify the process of VAT accounting for small businesses. Rather

Can you reduce your 31 July tax payment on account
05/06/2025 - More...
Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on account. Act early to manage cash flow. Use your online account or we can handle it for you. Self-assessment taxpayers normally pay their income tax in three instalments each year. The first two payments on account are due on 31

Tax write-offs for an electric car with zero emissions
05/06/2025 - More...
Buying a zero-emission electric car through your limited company could mean 100% tax relief in year one. Understand the capital allowances and boost your business’s tax efficiency with smart vehicle choices. If you are considering purchasing a company car through a limited company, it’s important to understand the tax implications,

Claiming tax relief on pension contributions
05/06/2025 - More...
Private pension contributions can attract up to 45% tax relief, if you know how to claim it. Use your £60,000 annual allowance wisely and carry forward unused relief from past years to boost your retirement savings. You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the

VAT exempt supplies
05/06/2025 - More...
Not all VAT-free sales are the same. Understanding the key difference between zero-rated and VAT-exempt supplies could save your business money and prevent costly VAT mistakes. It's important to understand the distinction between zero-rated and VAT-exempt supplies. While both may appear similar, because no VAT is charged on the sale, the

Government sells last Nat West shares
03/06/2025 - More...
The UK government has officially concluded its involvement with NatWest Group, formerly known as the Royal Bank of Scotland (RBS), by selling its remaining shares. This move ends nearly 17 years of public ownership that began during the 2008 financial crisis. In 2008 and 2009, the government injected £45.5 billion into RBS to stabilise

How working capital is funded
03/06/2025 - More...
Working capital refers to the day-to-day funds a business uses to manage its operations. It is the difference between current assets (such as cash, stock, and trade debtors) and current liabilities (such as trade creditors and short-term loans). Efficient working capital management is crucial for the smooth running of any business. But

Company changes you must report
29/05/2025 - More...
Certain company changes—like a new registered address, email, or director—must be reported to Companies House promptly. Failure to update records risks penalties and non-compliance with UK company law. These include the following: Updating the registered office address If you change your company’s registered office, you are

Repay private fuel provided for company cars
29/05/2025 - More...
Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost to their employer by 6 July 2025. Miss the deadline, and tax becomes unavoidable. This repayment process is known as "making good," and requires the employee to repay the employer for private fuel no

Employers, don’t forget to pay Class 1A NIC
29/05/2025 - More...
Employers must pay Class 1A NICs for 2024-25 benefits by 19 July (post) or 22 July (electronic). These apply to perks like company cars and private health cover—late payment risks penalties from HMRC. Class 1A NICs are payable by employers on the value of most taxable benefits offered to employees and directors, including company

Rolling Over Capital Gains
29/05/2025 - More...
Business Asset Rollover Relief, allows taxpayers to defer Capital Gains Tax (CGT) on gains arising from the sale or disposal of certain business assets, provided the proceeds are reinvested into new business assets. Rather than paying CGT immediately, the gain is "rolled over" into the cost of the new asset, and the tax

What is a FIG?
29/05/2025 - More...
From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and Gains (FIG) regime, now determined by UK tax residence, not domicile. Reporting obligations have expanded significantly. Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC,

Employing your family
29/05/2025 - More...
Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance on pay, tax, pensions, and working conditions—just as with any other employee. When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the