As a sole trader, it is only natural to look for opportunities to save money and maximise your earnings. One effective strategy is to consider buying a van, as sole traders can benefit from tax deductions on business-related expenses through Government reliefs like Capital Allowances. Why are Capital Allowances beneficial? Capital Allowances are the tax…
HM Revenue & Customs (HMRC) has clarified that if your earnings from interest exceed £10,000, tax may apply depending on the account type. This clarification came when a customer reached out to the tax authority on X to see if they needed to file a tax return after earning more than £2,000 in interest. HMRC…
With Christmas right around the corner, many of you might be looking into ways to spread the holiday cheer among your employees. Maybe you want to give a box of chocolates to your executive assistant or a bottle of wine to your line managers – small gestures that brighten up the workplace. Unfortunately, it is…
Directors have the ability to draw income from a business in several ways, including through the extraction of profits from the business, which can create significant opportunities to manage tax liabilities. Key tax rates and allowances for 2025/26 Here is what directors in England, Wales, and Northern Ireland need to keep in mind for the new tax…
Sometimes, paying your tax bill on time can be difficult when costs are high. If you miss a payment deadline or think you will miss one because you are unable to pay your tax bill, you must contact HM Revenue & Customs (HMRC) as soon as possible. You may have the option to set up…
If you are looking to plan your exit from your business, whether for retirement or to start your next venture, we know you want to achieve this as tax-efficiently as possible. Employee Ownership Trusts (EOTs) are an increasingly popular way for business owners to exit while securing the future of their company and employees –…
In this year’s Autumn Budget, Chancellor Rachel Reeves announced that the majority of unspent pension funds will form part of an estate from April 2027 This move is expected to affect around eight per cent of estates each year. In practice, this means when an individual dies, they will still be able to pass on…
In Chancellor Rachel Reeves’ 2024 Autumn Budget, she announced over £40 billion of tax increases, as the Government attempts to fill a £22 billion gap in public finances. The headline measure was a rise in employer National Insurance Contributions (NICs), from 13.8 per cent (where applicable) to 15 per cent. The Chancellor also reduced the…
Capital Gains Tax (CGT) was a significant target for the Chancellor in the Autumn Budget – with an immediate rise put in place for both the basic and higher rate of CGT. The basic rate paid by basic rate taxpayers rose immediately to 18 per cent – up from 10 per cent. Meanwhile, the higher…
