Blog
What is the most tax-efficient way to take funds out of my company?
This is one of the most frequent questions we're asked by our owner-managed company clients. Unfortunately, the stock answer, "Take a salary up to your Personal Allowance and take the rest as dividends" is not always the answer. The truth is, without performing...
If you are earning extra income to make ends meet, do you need to file a Tax Return?
With the rise of side hustles—from selling online and tutoring to freelancing, content creation, crypto trading, and dog walking—many people are topping up their income. But if your extra earnings exceed £1,000 a year, there's something else you might need to add to...
What is ‘The Tax Gap’?
The 'Tax Gap'—the difference between the tax HMRC expects to collect and what it actually receives—is widening. According to new data published on 19 June 2025, a staggering £46.8 billion went uncollected in the 2023–24 fiscal year. That’s 5.3% of all tax due, edging...
State Pension changes in 2025
The State Pension remains a cornerstone of retirement income for millions across the UK. While private pensions and personal investments contribute to financial security in later years, the State Pension provides a reliable foundation of support. However, with...
HMRC Stops Issuing UTR Numbers Over the Phone – What You Need to Know
From 6 May 2025, HMRC will no longer confirm a taxpayer’s Unique Taxpayer Reference (UTR) number over the phone. This change affects individual taxpayers as well as agents calling on behalf of clients. Instead, UTR numbers will now be accessible exclusively through...
2024/25 Employment-Related Securities Return – Due by 6 July 2025
Employers must report shares, securities, and share options issued to employees for the 2024/25 tax year by 6 July 2025—the same deadline as the 2024/25 P11D submission. These annual returns must be submitted online via HMRC's reporting system. If employers have...
New Benefit in Kind Rules for Double-Cab Pickups
A recent Court of Appeal ruling is set to reshape the tax treatment of double-cab pickups (DCPUs). From 6 April 2025, their classification will depend on an assessment of the vehicle’s overall construction and primary suitability at the point it is made available.For...
It’s P11D Season – Are you ready?
It's that time of year again! P11D forms for reporting expenses and benefits in kind for the 2024/25 tax year must be submitted by 6 July 2025. Paper forms are no longer accepted, so all submissions must be made online via PAYE Online for employers or commercial...
Tax Reporting Made Easier: New £3,000 Self Assessment Thresholds Unveiled
The UK government has announced a key update to Income Tax Self Assessment thresholds, aligning trading, property, and ‘other taxable’ income limits at £3,000 (gross) each. This change aims to simplify tax reporting and could exempt up to 300,000 individuals from...
Lower interest rates for those owing HMRC
Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC lowered its late payment and repayment interest rates from 25 February. The late payment interest rate dropped from 7.25% to 7.0%, while the repayment interest rate decreased from 3.75% to 3.5%....
How taxing will 2025 be?
As the new year begins planning is essential especially with the current tax year ending on 5 April 2025. The effects of announcements made last October are still to be seen. Although Rachel Reeve’s Spring Forecast on 26 March 2025 isn't a fiscal event, it might still...
The Tax Treatment of Joint Property Income
The taxation of joint property income depends on the relationship between the individuals holding the income-generating asset. It is important to note that it is necessary to look at the beneficial ownership (not the legal ownership) for tax purposes. It is possible...
Should you be paying tax on your side hustle?
Conventional approaches to work and earning an income are changing and with the cost of living rising, many of us now use various ways to make some extra cash outside of their main job. Do you need to pay tax on these earnings? Our guidance below looks at five...
Would you benefit from a top up contribution to your State Pension?
HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach retirement age. The amount of State Pension you will...
Secure Your Time To Pay Arrangement with HMRC
Paying tax can result in financial difficulties, particularly where cash flow can be a problem. HMRC therefore offer ‘Time To Pay (TTP)’ arrangements, where the liabilities are paid in agreed instalments over a set period. It is important to note that interest does...
If you’ve submitted your 2024 Tax Return, please don’t forget to pay your tax bill on 31 January 2025!
…but if you are struggling to pay, did you know that H M Revenue and Customs (HMRC) provide an option to pay monthly under their ‘Time to Pay’ arrangement? Providing you owe less than £30,000 under self-assessment, you might be able to set up a payment plan...
Were you peeling brussels or completing your 2023-24 Tax Return on Christmas morning?
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their 2023-24 Tax Return. In fact, 40,072 taxpayers submitted their Tax Returns over the Christmas break, proving that even amidst the festive cheer there’s always time for a...
Beware of Scams – A warning for Taxpayers
HMRC has warned taxpayers to stay vigilant as the Self Assessment season gets underway. In the past year, nearly 145,000 scam attempts were reported, marking a 16.7% increase from the previous year. Fraudsters often impersonate HMRC, offering fake tax refunds or...
The Spring Statement confirmed that Making Tax Digital for Income Tax (MTD for IT) will be further extended to bring in sole traders and property landlords from 6 April 2028; with income of £20,000 or more from 2026/27. It has also been confirmed that if you are... The Construction Industry Scheme (CIS) plays a key role in ensuring proper tax compliance within the construction sector. Under this scheme, contractors deduct a portion of payments made to subcontractors and transfer these deductions to HMRC as advance contributions... With just over a year to go before Making Tax Digital for Income Tax (MTD for IT) is mandated, now is the ideal time to assess whether your business will need to comply with the new regulations starting 6 April 2026. If you are a sole trader or run an unincorporated... Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC lowered its late payment and repayment interest rates from 25 February. The late payment interest rate dropped from 7.25% to 7.0%, while the repayment interest rate decreased from 3.75% to 3.5%.... As a small business owner, your payroll year-end is a crucial time to finalise payroll records for the tax year. It's all about reporting your total payments and deductions to HMRC, ensuring everything is squared away before stepping into a new tax year. Key Steps to... Is your business on the right path for 2025? Have you recently evaluated your performance and future direction? Managing a business often involves dealing with urgent tasks, making it easy to lose sight of bigger objectives. That’s why it’s essential to carve out time... If you run a business, managing finances can quickly become overwhelming. From keeping track of expenses to ensuring tax compliance, the responsibilities pile up. This is where a bookkeeper comes in. But what exactly do they do, and why should you hire one? A... Cloud accounting software allows you to manage your finances online, giving you instant access to your financial data from anywhere, anytime. Unlike traditional systems tied to a single computer, cloud-based solutions keep everything stored securely in the cloud. You... Xero is a cloud-based accounting platform designed to simplify financial management for small and medium-sized businesses. With over 1,000 third-party apps available, Xero offers tools to enhance business operations beyond just accounting. These apps help with...
Making Tax Digital for Income Tax regime extended to smaller businesses
CIS – The Smart Approach to Construction Tax
Making Tax Digital for Income Tax
Lower interest rates for those owing HMRC
Navigating HMRC Payroll Year-End for Small Business Owners
Refresh Your Business Goals
Why You Should Use a Bookkeeper and What They Do
Thinking of making the move to Cloud Accounting?
Xero – Boosting efficiency with key app integrations
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