Aynesley Walters Cohen Ltd - Chartered Accountants Croydon

November 12, 2026

Child Benefit overpayment tax rules clarified

A new measure introduced as part of the recent Budget will allow High Income Child Benefit Charge (HICBC) payments to be offset against Child Benefit overpayments relating to the same period. This will avoid individuals having to repay the overpaid Child Benefit and separately claim a refund of the HICBC...

November 12, 2026

New obligations to correct tax errors

New obligations requiring taxpayers to correct inaccuracies in tax returns and other documents submitted to HMRC are expected to take effect from 1 April 2028. The measures, announced in the Autumn Budget 2026, will introduce an explicit legal requirement for taxpayers to take corrective action once they become aware of...

November 12, 2026

Mandatory payrolling of benefits from 2027

The mandatory payrolling of benefits in kind (BiKs) will be introduced in phases from 6 April 2027. This measure was originally due to start from 6 April 2026 but was delayed by a year to give employers and payroll software providers more time to prepare. From April 2027, employers will...

November 12, 2026

HMRC proposes new landlord reporting rules

HMRC has published a new consultation on proposals to change how property income information is reported to it by letting agents and tenancy deposit scheme providers. The aim is to improve the quality, consistency and timeliness of data, helping HMRC identify landlords who may not be declaring rental income and...

November 9, 2026

Discount for business cyber protection

Smaller businesses considering improvements to their cyber security may benefit from a new Government-backed discount intended to make recognised security certification more affordable. Announced on 3 November 2026, the initiative offers eligible small and medium-sized businesses a 75% discount towards the cost of Cyber Essentials certification, a Government-supported scheme designed...

November 9, 2026

Britain’s changing small business population

The latest Government statistics reveal an interesting change in the make-up of Britain's business community, with fewer businesses operating overall but an increase in the number employing staff. Figures published in November show that the UK had approximately 5.59 million private sector businesses at the beginning of 2026, representing a...

November 5, 2026

Property disposal penalties are changing

The government is changing the rules on late filing penalties for individuals who fail to report a disposal of UK residential property within the statutory deadline but subsequently report it on their self-assessment tax return. The changes take effect from 28 October 2026. Currently, individuals, trustees and personal representatives who...

November 5, 2026

Business rates relief for high streets

As announced at the Autumn Budget 2026, the government is introducing a package of business rates measures to support high street businesses in England from 1 April 2027. The measures aim to reduce bills, protect jobs and support investment in the retail, hospitality and leisure (RHL) sectors. The Small Business...

November 5, 2026

Inheritance Tax changes for agricultural property

This is a reminder that changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) came into effect from 6 April 2026, restricting the availability of 100% relief for qualifying agricultural and business assets. Under the new rules, 100% relief is available on the first £2.5 million of combined...

November 5, 2026

New VAT rules for private hire

It was announced as part of the Autumn Budget 2026 measures that the government will introduce changes to the VAT treatment of passenger transport services supplied through taxi and private hire vehicle (PHV) operators. The changes will take effect from 2 January 2028. Under the new rules, qualifying private hire...

November 4, 2026

Awards for injury to feelings are not automatic

Many might view dismissal as a ritual humiliation and seek reparations for perceived psychological damages, and so it feels natural to assume that, if a dismissal is subsequently found to be unfair, any compensation will duly reflect any personal distress caused. However, as a recent appeal found, this is seldom...

November 2, 2026

New support for growing businesses

Ambitious businesses looking to expand may benefit from a new Government programme designed to help promising companies overcome some of the difficulties associated with rapid growth. Announced on 29 October 2026, Scale UK Connect will provide tailored support to 200 high-growth businesses through a network of regional partners. The programme...

November 2, 2026

Faster planning decisions for small businesses

Businesses planning improvements to their premises could benefit from changes to the planning system intended to reduce delays and make straightforward applications easier to process. The Government announced on 30 October 2026 that a new system would allow professional planning officers to decide routine applications without waiting for a planning...

November 2, 2026

Tax Diary December 2026/January 2027

December 2026 1 December 2026 - Due date for Corporation Tax payable by companies with an accounting period ended 28 February 2026, unless the company is required to pay Corporation Tax by instalments. 7 December 2026 - VAT returns and payments are normally due for VAT accounting periods ended 31...

October 29, 2026

Autumn Budget 2026 – CGT reliefs and entrepreneurs

The Chancellor, John Healey announced changes to Capital Gains Tax (CGT) reliefs for business owners and investors as part of the Budget measures. From 6 April 2027, the lifetime limit for Business Asset Disposal Relief (BADR) will be reduced from £1 million to £500,000. The change will apply to qualifying...

October 29, 2026

Autumn Budget 2026 – Personal Tax changes

The Autumn Budget 2026 saw no changes to the Income Tax thresholds. From next April, the personal allowance will remain at £12,570, while the basic rate limit remains £37,700 and the higher rate threshold remains £50,270 in England, Wales and Northern Ireland. These thresholds remain frozen under previously announced policy...

October 29, 2026

Autumn Budget 2026 – Minimum Wage increases

The Chancellor of the Exchequer, John Healey, announced increases to the National Living Wage (NLW) and National Minimum Wage (NMW) rates, confirming that the Government has accepted in full the recommendations of the Low Pay Commission (LPC) for increases from 1 April 2027. The LPC said that it had to...

October 29, 2026

Issues with workplace travel claims

HMRC is contacting individuals who have come to the UK on secondment to remind them of the rules for claiming tax relief on travel and accommodation expenses incurred when working at a temporary workplace. The letters and emails highlight two common errors and explain how to avoid them when completing...

October 29, 2026

HMRC highlights CIS filing errors

The Construction Industry Scheme (CIS) sets out how contractors deduct tax from payments to subcontractors working in construction. Contractors must submit monthly returns to HMRC detailing payments made and deductions taken. HMRC has recently highlighted some common errors in CIS returns and is asking contractors to check their figures carefully...

October 29, 2026

Inheritance Tax changes for pensions

From 6 April 2027, most unused pension funds and pension death benefits will be included in the value of a deceased person’s estate for Inheritance Tax (IHT) purposes. The changes, legislated for in the Finance Act 2026, represent a significant change to the tax treatment of pensions on death. Individuals...

October 29, 2026

HMRC targets company shareholders

HMRC is in the process of writing to some individuals defined as a ‘Person of significant control’ (PSC) to raise awareness of potential tax liabilities and to help ensure their self-assessment tax returns are completed correctly for 2025-26. The letters explain that an individual may be a PSC if they...

October 28, 2026

Budget 2026

What the announcements could mean for you and your business The Chancellor’s Budget includes changes affecting savings, property income, business disposals, payroll, pensions and the way tax is reported and paid. Some measures are new, while others confirm plans announced previously. Many will not take effect immediately, giving taxpayers time...

October 26, 2026

New opportunities to recruit young talent

Businesses experiencing difficulties recruiting suitably qualified employees may benefit from new Government plans to expand apprenticeships, work experience and vocational training across several important sectors of the economy. Announced on 19 October 2026, the Industrial Strategy Jobs Plans are intended to create more than 100,000 job and training opportunities annually,...

October 26, 2026

Easier access to public contracts

Smaller businesses may find it easier to compete for public sector contracts following new Government proposals intended to reduce unnecessary paperwork and simplify the process of dealing with public authorities. On 23 October 2026, the Government announced its response to recommendations from the Small Business Regulatory Taskforce, which was established...

October 22, 2026

Advance assurance on R&D claims

HMRC offers small and medium-sized enterprises (SMEs) two voluntary advance assurance services to help provide greater certainty about Research and Development (R&D) tax relief claims before they are submitted. You can choose either a new targeted advance assurance service (also known as the advance assurance pilot) or the existing full...

October 22, 2026

HMRC introduces faster National Insurance refunds

HMRC has introduced an automated payment process to speed up refunds for people who may have overpaid National Insurance contributions. The process has been in use since early summer, according to HMRC’s latest Agent Update. HMRC will write to people it identifies as potentially having overpaid, providing details of their...

October 22, 2026

New registration rules for payrolling benefits in kind

From 6 April 2027, employers must payroll taxable benefits in kind and expenses in real time, including company cars, car fuel, vans, van fuel, and employer-provided medical benefits. Most other benefits will become subject to mandatory payrolling from April 2028, while employment-related loans and accommodation will remain voluntary. Employers wishing...

October 22, 2026

New HMRC tax assessments for savings interest

HMRC is beginning to issue tax calculation letters (P800) and Simple Assessment notices (PA302) to collect any tax owed on bank and building society interest earned during the 2025-26 tax year. Some taxpayers may already have received a Simple Assessment for the 2025-26 tax year that did not include their...

October 21, 2026

Outsourced Payroll is not a TUPE Transfer: Lessons from a costly VAT ruling

A recent tribunal decision shows that calling an arrangement a "TUPE transfer" does not make it one. For accounting firms and their HR teams, the case reminds them that employment status turns on legal realities and not administrative assumptions. A specialist engineering and inspection business with around two dozen staff...

October 19, 2026

Could businesses get more choice over software?

Most businesses now depend on several software systems to manage everyday activities such as email, accounting, document preparation, customer records and internal communication, and as these systems become increasingly integrated it can become difficult and expensive to move from one supplier to another. The Competition and Markets Authority announced in...

October 19, 2026

New proposals could change self-employment rules

Businesses that engage freelancers, contractors and other self-employed workers may need to review their arrangements following a new Government consultation aimed at tackling bogus self-employment and improving protections for people who are genuinely self-employed. Bogus self-employment can arise where an individual is described as self-employed, but the practical working relationship...

October 15, 2026

HMRC reveals £42.8 billion outstanding tax debt

HMRC has revealed that it had £42.8 billion in outstanding tax debt at the end of March 2025, equivalent to 5% of total tax receipts. The figures appear in its corporate report, The HMRC tax debt strategy – update. The report also highlighted progress in recovering unpaid tax, with HMRC...

October 15, 2026

Tax to pay when you get a pension

You may have to pay Income Tax on your pension if your total annual taxable income exceeds your Personal Allowance. This applies whether you receive the State Pension, a workplace pension or a personal pension. Your total taxable income can include the basic or new State Pension, Additional State Pension,...

October 15, 2026

Paying the 2025-26 Child Benefit tax charge

Taxpayers who need to pay the High Income Child Benefit Charge (HICBC) for 2025-26 may be able to pay it through PAYE rather than completing a self-assessment tax return solely to report the charge. The HICBC applies where an individual or their partner receives Child Benefit and the individual’s adjusted...

October 15, 2026

New tax return requirements for company directors

Company directors who complete a self-assessment tax return should be aware of new mandatory reporting requirements that came into effect from the 2025-26 tax year. The changes mainly affect directors of close companies, including many owner-managed and family businesses. Previously, directors could voluntarily identify themselves as directors of close companies...

October 12, 2026

Business confidence rises but is it time to invest?

Business confidence across the UK is showing signs of improvement, although many smaller businesses remain reluctant to commit money to new investment. The latest British Chambers of Commerce Quarterly Economic Survey, published in October 2026, found that 47% of businesses expect their turnover to increase over the next 12 months....

October 12, 2026

Late payments: Is your business at risk?

Late payment of invoices remains one of the most persistent problems facing UK small businesses, and recent research suggests the situation is becoming increasingly difficult. 60% of UK small and medium-sized businesses report that customers are taking longer to settle invoices than they were a year ago. The average amount...

October 8, 2026

Reporting property gains

Anyone selling a UK residential property usually needs to report the disposal to HMRC within 60 days of completion. The requirement applies even where the individual is not normally required to report Capital Gains Tax (CGT) through a tax return. Any CGT due must normally be paid within the same...

October 8, 2026

Capital allowances restricted for project development costs

The tax treatment of predevelopment costs has been the subject of a recent Supreme Court decision. This is likely to mean that capital allowances will be restricted for some predevelopment costs. The government has consulted on the impact of the decision and whether the current rules could affect investment decisions....

October 8, 2026

HMRC targets undeclared medical consultancy income

HMRC is writing to individuals it believes may have failed to declare consultancy income from private healthcare providers on their self-assessment tax returns. The letters follow information received from private healthcare providers and form part of an HMRC campaign specifically targeting the medical sector. The letter asks recipients to check...

October 8, 2026

New vaping tax now in force

A new excise duty on vaping products came into force on 1 October 2026. Vaping Products Duty (VPD) applies to vaping liquids manufactured in, or imported into, the UK, whether or not they contain nicotine. The duty is charged at £2.20 per 10ml of vaping liquid. It is paid by...

October 6, 2026

Flat fees and part-time workers: why “sole cause” no longer protects employers

A part-time private hire driver challenged a flat weekly fee his company charged for access to its booking and dispatch system. Because the fee did not vary with hours worked, part-timers paid far more per hour than full-timers for the same service. He claimed less favourable treatment because of his...

October 5, 2026

Are grid delays holding back investment?

A business may have the finance, premises and customers for an expansion project, yet still face another obstacle: obtaining enough electricity. The Government has announced Great British Grid, a new publicly owned organisation intended to help accelerate investment in Britain’s electricity network. The issue is becoming increasingly important as businesses...

October 5, 2026

New digital rules for tracking waste

A new system for recording waste movements came into operation on 1 October 2026. The first phase of mandatory digital waste tracking applies to permitted or licensed sites receiving controlled waste in England and Wales. Affected organisations must record details of every load they receive through the Government’s new digital...

October 1, 2026

Voluntary National Insurance contributions could be reformed

The government is considering changes to the voluntary National Insurance contributions (NICs) system following a call for evidence published earlier this year. Voluntary NICs allow individuals to fill gaps in their National Insurance record where they have not built up a qualifying year through compulsory contributions or National Insurance credits....

October 1, 2026

Need proof of UK tax residence?

HMRC has updated its guidance on how individuals and organisations can apply for a certificate of residence or letter of confirmation to prove UK tax residence. A certificate of residence can be used to claim tax relief in another country where UK residents pay tax on foreign income. It confirms...

October 1, 2026

Share scheme returns – penalties are now being issued

Employers operating employee share schemes may now be receiving penalties from HMRC for failing to submit their employment related securities (ERS) end of year returns on time. ERS schemes are used to provide employees with shares, options and other securities as rewards or incentives. Employers must submit an annual ERS...

October 1, 2026

Company distribution rules and share buybacks

HMRC has been consulting on proposals to modernise the tax rules governing distributions and repayments of capital from companies. The consultation was published on 23 June 2026 and closed on 14 September 2026. The proposals look at the treatment of ‘new consideration’ and ‘repayments of capital’, distributions from non-UK companies...

September 28, 2026

Could better workplace health reduce staff losses?

When an employee develops a health problem, the consequences can extend far beyond a few days of absence. The Government published an update to its Keep Britain Working programme on 23 September, setting out plans for what it describes as Britain’s first Workplace Health System. The scale of the problem...

September 28, 2026

Ready for the October employment law changes?

Several employment law changes are approaching that businesses need to understand. The first arrives on 1 October 2026, when the normal period in which an employee can bring a claim to an Employment Tribunal increases from three months to six months. The change has a practical consequence for employers. Employment...

September 24, 2026

HMRC contacting trusts over tax return errors

HMRC is contacting some trustees after identifying possible errors in recent Trust and Estate tax returns relating to the type of trust being reported. The latest HMRC compliance campaign focuses on trusts where box 8.15 of the Trust and Estate Tax Return was ticked to indicate that the trust is...

September 24, 2026

Check your State Pension forecast now

A new press release from HMRC is highlighting the fact that almost 7 million UK adults could be heading towards retirement without knowing how much State Pension they may be entitled to. New research has found that around one in eight adults (12.5%) have never checked their State Pension forecast. ...

September 24, 2026

Could your area introduce a tourist tax?

Mayors and local leaders in England are to be given powers to introduce an overnight visitor levy, creating a new charge for people staying in short-term visitor accommodation. The government announced the plans on 10 September 2026 following a consultation which closed on 18 February 2026. The levy will be...

September 24, 2026

HMRC sending 1.8m Simple Assessment letters

Some taxpayers have already started to receive Simple Assessment letters from HMRC for the 2025-26 tax year, with a further tranche due to be sent between October and December 2026. Simple Assessment is used where HMRC cannot collect income tax through PAYE or self-assessment. The PA302 letter sets out HMRC’s...

September 22, 2026

Is your business ready for a cyber incident?

Cyber security is sometimes treated as a problem for large organisations with specialist IT departments. In reality, smaller businesses can be particularly vulnerable because they often have fewer resources available to detect an attack and recover afterwards. The Government continues to strengthen its approach to cyber resilience, including the planned...

September 22, 2026

Interest rates may not be coming down soon

Businesses waiting for cheaper borrowing may need to reconsider their plans. The Bank of England kept Bank Rate unchanged at 3.75% in September, but three members of the Monetary Policy Committee voted for an immediate increase to 4%. The concern is inflation. UK inflation has moved above the Bank’s 2%...

September 17, 2026

Tax rules for cryptoassets set to change

The tax treatment of some crypto assets is set to change under draft legislation for Finance Bill 2026–27. The proposed changes include new rules for qualifying stablecoins, crypto asset loans and liquidity pools. Eligible stablecoins are expected to be treated more like money for Capital Gains Tax (CGT), Income Tax...

September 17, 2026

New duty on vaping products starts in October

Businesses in the vaping sector are reminded that the new Vaping Products Duty and the Vaping Duty Stamps Scheme will take effect from 1 October 2026. HMRC is urging manufacturers, importers, wholesalers and retailers to make sure they are ready for the introduction of the Vaping Products Duty and the...

September 17, 2026

HMRC targets persistent tax debts

HMRC is reviewing proposals to introduce new powers for recovering lower-value, persistent tax debts from individuals and businesses that repeatedly fail to engage with collection efforts. The proposals, set out in a public consultation earlier this year, would allow HMRC to recover debts through affordable monthly instalments taken directly from...

September 17, 2026

New self-assessment registration service launched

HMRC has launched an improved online service to make it easier for individuals to register for self-assessment. Anyone who needs to submit a tax return for the first time for the 2025–26 tax year should notify HMRC by 5 October 2026 to avoid a potential penalty. The new service is...

September 16, 2026

Training clawbacks can constitute an unlawful restraint of trade

Seeking to claw back training costs from wages is common practice. However, a recent ruling has set clearer boundaries as to how this can become an unenforceable restraint of trade. An appellant joined an IT services provider as a trainee quality assurance engineer and entered into an employment contract alongside...

September 14, 2026

New funding opens for growing businesses

The British Business Bank has launched a £210 million investment fund to help smaller businesses in the South East of England start, develop and grow. The South East Investment Fund will offer loans ranging from £25,000 to £2 million, together with equity investments of up to £5 million. The area...

September 14, 2026

Could simpler reporting reduce business paperwork?

The Government has announced plans to simplify corporate reporting and reduce the administrative burden placed on UK businesses. It estimates that the proposed reforms could save businesses more than £450 million each year. The measures are expected to include replacing some paper-based reporting with digital alternatives, simplifying existing requirements and...

September 11, 2026

Tax diary: October and November 2026

1 October 2026 – Corporation Tax payment is due for companies with an accounting period ending 31 December 2025, unless the company is required to make quarterly instalment payments. 5 October 2026 – Deadline for notifying HMRC of a new liability to Income Tax or Capital Gains Tax for the...

September 10, 2026

Are you paying your staff the correct minimum wage?

Employers must make sure their staff receive at least the National Minimum Wage or National Living Wage rate that applies to them. The correct rate depends on the worker's age and, in some cases, whether they are an apprentice. Since 1 April 2026, workers aged 21 and over are entitled...

September 10, 2026

When is a company dormant for Corporation Tax?

A company does not have to be formally closed to become dormant for Corporation Tax. A company is usually considered dormant if it has stopped trading and has no other income, such as investment income. A new limited company that has not yet started trading can also be dormant for...

September 10, 2026

When can a trading loss generate a tax refund

Making a trading loss whilst not ideal can sometimes generate a tax refund. If you are a self-employed individual or a member of a trading partnerships, a trading loss can potentially be set against other income or capital gains. This can reduce the amount of tax payable and, where tax...

September 10, 2026

Is your company paying Corporation Tax at the right rate?

The rate of Corporation Tax payable depends mainly on the level of a company’s taxable profits. The main rate is 25% and applies where profits exceed £250,000. Companies with profits of £50,000 or less generally pay Corporation Tax at the small profits rate of 19%. But note, these two thresholds...

September 7, 2026

Could company dividend rules be changing?

The Government has announced plans to consider major changes to the rules governing when companies can make distributions to shareholder. As part of a wider corporate reporting overhaul announced on 6 September 2026, the Government is considering replacing the existing rules on distributable profits and capital maintenance with a solvency-based...

September 7, 2026

Nearly 660 employers named for minimum wage failures

The Government has named nearly 660 employers for failing to pay workers the National Minimum Wage, highlighting how costly National Minimum Wage compliance failures can become. The latest naming round, published on 3 September 2026, involved around £4 million being repaid to more than 27,000 workers. Employers were also issued...

September 3, 2026

Predevelopment costs on major developments

Businesses planning major infrastructure and development projects should be aware of a new government consultation on the tax treatment of predevelopment costs. The consultation follows the conclusion of recent litigation at the Supreme Court. The Court found that certain early-stage surveys and studies for offshore wind farms did not qualify...

September 3, 2026

UK employers with overseas employees

UK employers with employees who normally work overseas may have PAYE and National Insurance obligations when those employees come to the UK to carry out their duties in the UK on a short-term basis. Employers should consider the position whenever an overseas employee visits the UK to work. The fact...

September 3, 2026

Received a P800 from HMRC?

HMRC is currently carrying out its annual reconciliation of PAYE for the 2025-26 tax year. Between June and November, HMRC calculates the Income Tax paid by individuals and checks whether the correct amount has been collected. Where HMRC identifies a difference, it may issue a tax calculation letter, known as...

September 3, 2026

Summer VAT relief has ended

The temporary 5% reduced rate of VAT introduced for certain children’s meals, tickets and family attractions ended on 1 September 2026. The relief applied from 25 June 2026 and was intended to reduce the cost of selected activities and services for families during the summer holidays. The relief covered qualifying...

September 2, 2026

When a discretionary bonus becomes enforceable

Where an employee is promised a discretionary bonus as an incentive, an employer may be held liable for the full figure if the preconditions have been met and the chain of authorisation is fully satisfied. Indeed, a recent ruling by a tribunal has made it clear that employers cannot unilaterally...

September 1, 2026

Company accounts are going fully digital

An important change is coming to the way companies file their annual accounts. From 1 April 2028, all UK-registered companies will be required to file their annual accounts with Companies House using commercial software. The existing web and paper filing routes for company accounts will close. The change will affect...

September 1, 2026

How Is Your Business Performing?

The latest figures from the Office for National Statistics suggest that conditions remain challenging for many UK businesses. In July 2026, 15% of trading businesses reported an increase in turnover compared with the previous month. However, 22% reported that turnover had fallen. Economic uncertainty remains an important concern, while businesses...

August 27, 2026

Benefits of claiming the Annual Investment Allowance

Businesses investing in qualifying assets may be able to claim the Annual Investment Allowance (AIA) and deduct the full cost of eligible purchases from their profits before tax. This can help by reducing the amount of taxable profit in the period the investment is made. The AIA can generally be...

August 27, 2026

Tax relief for uniforms and protective clothing

Employers providing uniforms or protective clothing to employees need to understand the tax and National Insurance rules that apply. The treatment depends on whether the clothing is required for the employee’s job, is a uniform worn only at work, or is simply additional clothing provided by the employer. Most uniforms...

August 27, 2026

What is a reasonable excuse for missing a tax deadline?

Missing a tax deadline can result in penalties from HMRC, but a taxpayer may be able to appeal if they have a genuine reasonable excuse. Whether an excuse is accepted depends on the individual facts and whether the taxpayer took action to put things right without unnecessary delay. HMRC does...

August 27, 2026

Recovering VAT on pre-registration costs

Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration. There are specific time limits for claiming pre-registration VAT. VAT on goods can generally be reclaimed where the goods are still held by the business or have been used...

August 24, 2026

Are your employment policies ready for workplace reforms?

Employment law continues to evolve, and businesses should keep a close eye on forthcoming changes that may affect the way they recruit, manage and retain staff. Although many of the proposed reforms are still being developed, employers should not wait until new legislation comes into force before reviewing their existing...

August 24, 2026

Could your business survive a cyberattack?

Cybercrime is no longer a problem that only affects large organisations. Increasingly, small and medium-sized businesses are becoming targets because criminals often see them as having weaker security and fewer resources to recover from an attack. A successful cyberattack can have serious consequences. Customer information may be stolen, computer systems...

August 20, 2026

Official rate of interest for beneficial loans

Employers providing loans to employees or directors need to ensure they correctly calculate any taxable benefit using HMRC’s official rate of interest. Where a loan is provided at no interest or at a rate below the official rate, a taxable benefit may arise. These types of loans are referred to...

August 20, 2026

Incorporation Relief may reduce your CGT bill

When a sole trader or the partners in a partnership transfer a business to a limited company, Capital Gains Tax (CGT) may arise. This is because business assets are normally treated as being transferred at their market value, which may be considerably more than their original cost. However, Incorporation Relief...

August 20, 2026

HMRC penalties for failing to notify a tax liability

If you become liable to pay a tax or register for a tax that HMRC has not already been informed about, you must notify HMRC within the relevant time limit. Failing to do so can result in a financial penalty in addition to the tax and any interest due. A...

August 20, 2026

Tax relief on pension contributions for employees

Receiving tax relief on pension contributions into a workplace pension is a great way to help prepare for retirement. In addition, contributions from your employer can make the pension savings even greater. If you are automatically enrolled into a workplace pension a percentage of your earnings is paid into your...

August 17, 2026

Why successful businesses prepare before conditions improve

Economic uncertainty has affected the confidence of many small business owners. Rising costs, changing customer demand and pressure on cash flow have led some businesses to postpone investment until conditions improve. While this cautious approach is understandable, waiting for the economy to recover before taking action can mean missed opportunities....

August 17, 2026

Could better digital skills transform your business?

Technology is changing the way businesses operate, and the pace of change is only increasing. While large organisations often have dedicated IT departments, many small businesses still rely on traditional methods that consume valuable time and limit productivity. Improving digital skills can help businesses work more efficiently, reduce costs and...

August 10, 2026

When do you pay Stamp Duty Land Tax?

Stamp Duty Land Tax (SDLT) is a tax that may apply when you buy land or property in England or Northern Ireland. It is important to check whether SDLT applies before completing a purchase, as the tax can represent a significant additional cost. SDLT can apply when you buy a...

August 10, 2026

Could you save tax by making a Deed of Variation?

After someone dies, the beneficiaries may find that the way an estate has been distributed does not reflect their wishes or the family’s circumstances. A Deed of Variation can allow beneficiaries to change how inherited assets are passed on and, in some cases, can help reduce the amount of tax...

August 10, 2026

Will your next finance application succeed?

Many successful businesses eventually reach a point where additional finance is needed. Whether the objective is purchasing equipment, expanding premises, recruiting staff or improving cash flow, access to funding can often determine how quickly a business can grow. Unfortunately, many applications are rejected, not because the business lacks potential, but...

August 10, 2026

Five practical ways to reduce business energy costs

Energy costs remain a significant overhead for many UK businesses. Although wholesale prices have eased from the exceptional highs seen in recent years, uncertainty in global energy markets means prices can still fluctuate sharply. For many small businesses, reducing energy consumption remains one of the simplest ways to improve profitability....

August 6, 2026

Budget date announced

The new Chancellor of the Exchequer, John Healey has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 28 October 2026. Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion...

August 6, 2026

Are you paying unnecessary tax on foreign income?

UK taxpayers with income from overseas may not always be aware of the tax rules that apply. Foreign income is defined as any income from outside England, Scotland, Wales and Northern Ireland. The Channel Islands and the Isle of Man are classed as foreign. Different rules may apply if you’re...

August 6, 2026

Averaging profits if income fluctuates

Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by levelling profits across more than one tax year. However, the relief is only available to limited groups of taxpayers. Farmers and market...

August 6, 2026

Claiming the correct tax relief for work mileage

Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be made tax-free up to HMRC’s approved amount, calculated by multiplying business miles travelled by the relevant rate per mile. Effective since 6 April 2026, the approved mileage rate...

August 5, 2026

Take care when painting non-compete clauses with a broad brush

Protecting hard-won local customer networks is a constant and necessary battle for commercial suppliers. However, a recent High Court judgement has exposed the risks inherent in employing standard ‘boilerplate’ contracts to restrict departing sales staff. The dispute in focus was triggered when a national building supplies merchant sought final injunctions...

August 3, 2026

Why uncertain times make business planning more important

Economic conditions remain uncertain and many business owners are understandably cautious about the months ahead. Although there are signs of improvement in some sectors, rising costs, changing customer demand and ongoing economic pressures mean that confidence remains fragile. When uncertainty increases, it is tempting to postpone important decisions until conditions...

August 3, 2026

Is AI delivering real value for small businesses?

Artificial intelligence (AI) has dominated business headlines over the past year, with many suggesting it will transform the way companies operate. While there is no doubt that AI has enormous potential, recent research indicates that many small businesses have yet to experience significant commercial benefits. For some business owners, the...