MTD Self Assessment Penalty Changes: What You Need to Know
If you are within the scope of Making Tax Digital for Income Tax, or approaching the threshold that will bring you into scope, there is an important change to the penalty regime that you need to understand. The way HMRC charges penalties for late submissions and late payments is changing under MTD for Self Assessment, […]
Increase to Mileage Allowance
Following the Chancellor’s announcement on 21 May 2026, the Government has confirmed an increase to the approved mileage rates for cars and vans. The rate has been increased to 55p per mile for the first 10,000 business miles travelled in a tax year, up from the previous rate of 45p, which had remained unchanged since […]
What is an Employee Ownership Trust?
An employee ownership trust (EOT) is a legal structure that allows a business owner to sell their company to their employees, with partial exemption from Capital Gains Tax. Introduced through the Finance Act 2014, EOTs have grown in popularity as a succession route for UK owner-managed businesses. In this guide, we share exactly how an […]
Furnished Holiday Lettings (FHL) tax regime: what property owners need to know
The abolition of the Furnished Holiday Lettings (FHL) tax regime, confirmed in the Spring Budget 2024, will take effect from 6 April 2025. This means property owners (individuals) currently benefiting from the scheme must understand how these changes will impact them. What this means for property owners The abolition of the FHL regime will […]
Making tax digital for income tax: essential insights for sole traders and landlords
The UK tax landscape is evolving, and with it, the obligations of sole traders and landlords with gross income in excess of £50,000. From April 2026, the introduction of Making Tax Digital (MTD) for Income Tax (IT) will redefine the way income and expenditure is reported to HMRC. Understanding the implications of MTD for IT […]
Maximising your business tax deductions: post-festive season financial strategies
The festive season often brings a flurry of expenses, end-of-year tasks, and forward planning for business owners. Once the celebrations are over, it’s the ideal time to refocus on your finances and take proactive steps to free up valuable resources for reinvestment, business growth, and tax efficiency. Optimising your tax deductions is one of the […]
Impact of the 2024 Autumn Budget on vehicle benefit-in-kind taxation
The recent Autumn Budget, delivered by Chancellor Rachel Reeves, introduced changes to benefit-in-kind (BIK) taxation that will affect a range of vehicles, including hybrid and electric cars as well as double cab pick-up trucks. The new policies reflect the government’s push to advance the transition to fully electric vehicles (EVs) while discouraging plug-in hybrid electric […]
Updates on tipping law changes for the UK hospitality industry
A significant change in tipping practices came into effect on 1 October 2024 with the Employment (Allocation of Tips) Act 2023. This new legislation requires all service-based businesses, including restaurants, cafes, pubs, and hotels, to ensure that 100% of tips and service charges go directly to the employees who earned them. Previously, employers had no […]
Understanding Simple Assessments and the impact of the Triple Lock
In recent months, the issue of tax liabilities from the Government’s Triple Lock policy has gathered significant attention from pensioners receiving the state pension. With annual increases, some pensioners are now surpassing their tax-free personal allowances, leaving many who have not faced tax liabilities for years suddenly receiving a Simple Assessment from HMRC. While this […]
Christmas bonuses: a guide for employers
As the festive season approaches, employers often seek ways to acknowledge their employees’ hard work throughout the year, with Christmas bonuses being a common method. This article explores key considerations for giving these bonuses to help you make informed decisions about rewarding your team. Understanding Christmas bonuses and their role A Christmas bonus can be […]
HMRC redesign IHT100 forms to simplify reporting
HMRC recently introduced a redesigned IHT100 suite of forms, aimed at simplifying the reporting of chargeable lifetime transfers by individuals and transfers made by trusts. Previously, individuals needed to complete both an IHT100 form and a separate ‘event’ form, depending on the type of transfer. This system was complex, involving different forms for various charges, […]
The FHL regime is coming to an end: what this means for property owners
The recent confirmation of the abolishment of the Furnished Holiday Lettings (FHL) regime has brought significant changes for property owners to consider. It was announced by then-chancellor, Jeremy Hunt, in the 2024 Spring Budget, that the FHL regime will officially end from 6 April 2025 for Income Tax and Capital Gains tax and from 1 […]