Aynesley Walters Cohen Ltd - Chartered Accountants Croydon

February 12, 2026

Claiming Business Asset Rollover Relief

Claiming Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is effectively...

February 12, 2026

Inheriting Additional State Pension

The Additional State Pension is only available to those who reached the state pension age before 6 April 2016 and are receiving the Old State Pension. The Additional State Pension is an extra amount of money paid on top of the basic Old State Pension. The Old State Pension is...

February 12, 2026

Sign up for online services

HMRC online services allow individuals, businesses and agents to manage tax matters securely over the internet. Using an HMRC online account, you can send information such as self-assessment tax returns or VAT registration applications, view important records like your business or personal tax account and make payments online. To access...

February 12, 2026

31 January deadline met by more than 11.48 million people

HMRC has confirmed that more than 11.48 million people submitted their 2024-25 self-assessment tax returns by the 31 January deadline. This included 475,722 taxpayers who left their filing until the final day and almost 27,456 that filed in the last hour (between 23:00 and 23:59) before the deadline! There are an...

February 11, 2026

Tax Diary March/April 2026

1 March 2026 - Due date for Corporation Tax due for the year ended 31 May 2025.2 March 2026 – Self-Assessment tax for 2024-25 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2026, or an agreement has been reached with HMRC under...

February 9, 2026

Business rates support and cash flow for hospitality businesses

Hospitality businesses continue to operate in a challenging environment. Rising wage costs, energy prices and supply chain pressures have all placed strain on margins. Against this backdrop, recent business rates support measures offer welcome relief and can have a meaningful impact on cash flow and operating costs. For many pubs,...

February 9, 2026

Budgeting and forecasting in a period of lower confidence

Many business owners are entering the new year with a sense of caution. Confidence across the UK business community has softened, driven by continued cost pressures, uncertainty over tax policy and higher financing costs. In this environment, reviewing budgets and forecasts is not just a routine exercise, it is an...

February 5, 2026

Eligibility for Business Asset Disposal Relief

Business Asset Disposal Relief (BADR) can significantly reduce the Capital Gains Tax due when selling a business or shares, but with higher rates coming from April 2026, timing and eligibility matter more than ever. BADR applies to the sale of a business, shares in a trading company, or an individual’s...

February 5, 2026

Car and travel costs if self employed

If you are self-employed, it is important to understand which car and travel costs can be claimed. You can claim allowable business expenses for car, van, or travel costs, which reduce your taxable profit. Typical allowable costs include: Vehicle insurance Repairs and servicing Fuel Parking Hire charges Vehicle tax and...

February 5, 2026

What is a salaried member of an LLP

The salaried member legislation applies to certain members of a Limited Liability Partnership (LLP) whose terms of membership are more like an employee than a partner. To be a salaried member, the individual must perform services for the LLP in their capacity as a member. The legislation uses a three-part...

February 5, 2026

What is a UK property business

The income generated from land or property in the UK is treated as arising from a UK property business. The underlying legislation defines this broadly to include all activities that produce rental income or similar receipts from UK land, whether the taxpayer is subject to Income Tax or Corporation Tax....

February 4, 2026

Payments made into employee benefit trusts constitute taxable income

A Tribunal recently ruled that payments made for work into a third-party trust constitute immediate employment earnings. This decision effectively precludes employers from using loan-based structures to obfuscate remuneration.Mr. Jack was employed by an offshore company based in the Isle of Man while living and working in the UK. Under...

February 2, 2026

Turning waste disposal into an income stream

For many businesses, waste disposal is seen purely as a cost, an unavoidable expense required to stay compliant and keep operations running smoothly. However, there is growing interest in the idea that waste, when managed differently, can become a modest but meaningful source of income rather than a drain on...

February 2, 2026

The rise of the silver economy

The term “silver economy” is used to describe the growing economic activity linked to an ageing population. In the UK and across much of the developed world, people are living longer, healthier lives. This demographic shift is reshaping consumer demand, labour markets, and public policy, and it is creating both...

January 29, 2026

Welsh Budget 2026-27

The Welsh Final Budget for 2026-27 was published on 20 January 2026. The Budget sets out the Welsh government’s revenue and capital spending plans, including detailed portfolio spending plans. Mark Drakeford MS, Cabinet Secretary for Finance and Welsh Language confirmed that the Final Budget provides £27.5bn for people, public services...

January 29, 2026

MTD for Income Tax – check if and when you need to use it

If you have not yet checked if and when you need to use Making Tax Digital (MTD) for Income Tax, you should do so as a matter of urgency. This is because from April 2026 the way many individuals report their tax to HMRC will change significantly. MTD for Income...

January 29, 2026

Scottish Budget Statement 2026-27

Scotland’s Finance Secretary, Shona Robison delivered her third Budget statement to the Scottish parliament on 13 January 2026. This is the final Budget before the Holyrood elections due to take place in May. There were no changes announced to the Scottish Income Tax rates. Following the UK Government’s extension of...

January 29, 2026

Construction Industry Scheme: tackling fraud

Tackling fraud in the Construction Industry Scheme (CIS) was one of the measures addressed in the recent Budget. The changes are intended to allow faster intervention where fraud is suspected, while also simplifying certain administrative aspects of the CIS. From 6 April 2026, HMRC will be able to act immediately...

January 26, 2026

Do you need a company audit in the UK?

Not every UK limited company needs a statutory audit. Many smaller companies qualify for audit exemption, but it is important to understand the rules, as an audit may still be required in certain situations. For financial years starting on or after 6 April 2025, a company is generally audit exempt...

January 26, 2026

Protecting your online passwords

With so many online accounts now in daily use, including banking, shopping, email and HMRC services, password security has never been more important. A weak or reused password can lead to fraud, identity theft, or unauthorised access to personal and business information. A good first step is to use strong,...

January 22, 2026

Saving tax using the Marriage Allowance

If one partner earns under £12,570, you could transfer part of their unused personal allowance and cut your tax bill by up to £252 a year. The Marriage Allowance applies to married couples and civil partners where one partner does not pay Income Tax, usually because their income is below...

January 22, 2026

Selling a second property?

CGT on certain UK residential property sales often has a strict 60-day reporting and payment deadline, so early planning can avoid penalties. If you are selling a second property, such as a buy-to-let or a former home that is no longer your main residence, CGT will usually apply. This is...

January 22, 2026

Struggling to meet tax payments this month?

With the balancing payment and first payment on account both due on 31 January 2026, it is worth checking your options early if funds are tight. The final balancing payment for the 2024–25 tax year is due by 31 January 2026, which is also the deadline for filing your self-assessment...

January 22, 2026

Basis period reform – spreading rules for payment

If your business has transitional profits from basis period reform, spreading over five years may reduce the cash flow impact, but it is important to understand the deadlines. The self-employed basis period reform has changed the way trading income is allocated to tax years. Under these reforms, the basis of...

January 19, 2026

What factors affect a person’s credit rating?

A person’s credit rating (often referred to as a credit score) is a measure used by lenders to assess how reliably someone manages borrowing and financial commitments. It can affect whether credit is offered at all, the interest rate charged and even the size of deposit required for certain products....

January 19, 2026

What banks look at when a small business applies for a loan

When a small business applies for a bank loan, the bank is mainly trying to answer one question, “How likely is it that we will be repaid, on time and in full?” To reach that decision, they will review a mix of financial evidence, trading performance and the overall risk profile...

January 16, 2026

Tax Diary February/March 2026

1 February 2026 - Due date for Corporation Tax payable for the year ended 30 April 2025.19 February 2026 - PAYE and NIC deductions due for month ended 5 February 2026. (If you pay your tax electronically the due date is 22 February 2026)19 February 2026 - Filing deadline for...

January 15, 2026

Expenses for the self-employed

If you are self-employed, knowing which everyday costs you can legitimately claim can make a real difference to how much tax you end up paying. The question of which costs you can claim against your self-employed business is a common one. If you are self-employed it is important to be aware...

January 15, 2026

Creative Industry Corporation Tax reliefs

If your business works in film, TV, games or the arts, Creative Industry Tax Reliefs could reduce your Corporation Tax bill and may even generate a payable tax credit. Creative Industry Tax Reliefs (CITR) are a range of UK Corporation Tax reliefs designed to support companies operating in the creative...

January 15, 2026

What is the advance tax certainty service?

If your business is planning a major UK investment, HMRC’s new advance tax certainty service could give you binding clarity on the tax position before you commit. HMRC has recently published draft guidance on the new advance tax certainty service as part of the government’s Corporate Tax Roadmap at the...

January 15, 2026

MTD for Income Tax – what’s required from April 2026

From April 2026, Making Tax Digital for Income Tax (MTD for IT) will become mandatory for many self-employed persons and landlords, marking a significant change in how they manage their tax affairs. The new regime is designed to modernise the tax system by requiring taxpayers to interact with HMRC through an...

January 12, 2026

Pre-tax year end planning

Pre-tax year end planning is one of the most practical and controllable ways for UK businesses and higher rate taxpayers to reduce unnecessary tax exposure. Unlike long term restructuring, it focuses on decisions that can still be influenced before 5 April or, for companies, before the accounting year end. When...

January 12, 2026

Company liquidations and insolvencies are still elevated

The Insolvency Service data for England and Wales shows monthly company insolvencies remain high by historical standards, even though they move up and down month to month. For example, November 2025 recorded 1,866 registered company insolvencies, down on October 2025 and also below the same month a year earlier. The...

January 8, 2026

The scope of the trivial benefits legislation

The trivial benefits legislation provides a simple and practical tax exemption that allows employers to give small non-cash benefits to employees without triggering tax or National Insurance charges. To qualify as a trivial benefit, the cost to the employer must not exceed £50 per item. The benefit must not be...

January 8, 2026

Company car expenses and benefits – what’s exempt?

While company cars often come with tax implications, there are specific situations where the associated benefits may be exempt. There are circumstances where it can be possible to offer employees car benefits that are exempt from tax. Exempt expenses and benefits include the following: Business-only use: This rule has been...

January 8, 2026

Did you file your tax return over the festive period?

HMRC’s figures show thousands of taxpayers are filing over the festive period, but leaving your return until late January risks penalties, stress and avoidable payment problems. A new press release by HMRC has highlighted that 4,606 taxpayers took the time to file their tax return online on Christmas Day with...

January 8, 2026

Changes to Agricultural and Business Property Relief reforms

The government recently announced significant changes to the planned reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR). The threshold for 100% relief will be increased from £1 million to £2.5 million when the changes take effect from 6 April 2026. The change will be introduced via an amendment...

January 8, 2026

New First Year Allowance from 1 January 2026

The new 40% First Year Allowance (FYA) for qualifying main-rate plant and machinery expenditure first announced at Autumn Budget 2025 has now come into force. Effective from 1 January 2026, the new FYA applies to qualifying main-rate plant and machinery expenditure. It was also announced at the recent Autumn Budget...

January 7, 2026

Suing whistleblowers for a breach of confidence is not a viable strategy

The Court of Appeal has ruled that the initiation of legal or arbitral proceedings by an employer against a ‘whistleblower’ who has made a protected disclosure constitutes an actionable detriment under the Employment Rights Act (ERA) 1996, effectively overriding the defence of Judicial Proceedings Immunity, or JPI. In November 2021, the...

January 5, 2026

Saving to pay tax

For many individuals and business owners, paying tax is one of the largest regular financial commitments they face. Yet tax bills often arrive as a shock, not because the amounts are unexpected, but because the funds have not been set aside in advance. Developing a disciplined approach to saving for...

January 5, 2026

Learning from mistakes in business

Making mistakes in business is unavoidable. No matter how experienced or careful someone is, decisions are made with imperfect information, time pressure and changing conditions. What separates resilient businesses from those that struggle is not the absence of mistakes, but the ability to learn from them and adapt. The first...

January 2, 2026

VAT Annual Accounting – filing your return

For eligible businesses, the VAT Annual Accounting Scheme can reduce paperwork, smooth cash flow and replace quarterly returns with a single annual submission. The VAT Annual Accounting Scheme is open to most businesses with a taxable turnover of up to £1.35 million per year. Businesses using the scheme are required...

January 2, 2026

Payroll annual reporting obligations

As we move into the start of 2026, it is not that long until the current 2025–26 tax year comes to an end and there are a number of payroll annual reporting obligations that must be completed. This includes sending a final PAYE submission for the tax year. The final...

January 2, 2026

Are you ready for Making Tax Digital for Income Tax?

Are you ready for Making Tax Digital for Income Tax (MTD for IT)? This new way of reporting will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000, now is the time to prepare for digital record keeping, quarterly updates and the...

January 2, 2026

Bank of England delivers narrow vote rate cut

The Bank of England’s Monetary Policy Committee (MPC) last met on 18 December and, in a narrow 5–4 vote, decided to reduce the interest rate by 25 basis points, bringing it down to 3.75%. All four dissenting members voted to keep the rate at 4%. This marks the sixth interest...

December 18, 2025

Could you claim the Small Pool Allowance?

Writing-down allowances (WDAs) are a type of capital allowance that let you deduct a percentage of an asset’s value from your taxable profits each year. In some cases, you may be able to claim more relief using other capital allowances, such as the Annual Investment Allowance or first-year allowances. There...

December 18, 2025

Selling your UK home and living abroad

If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any gain made since 5 April 2015. Only the portion of the gain made after 5 April 2015 is liable for tax. One of the most commonly used and valuable exemptions...

December 18, 2025

Extension of FYA for zero-emission cars and charge points

An extension of First-Year Allowances (FYA) for zero-emission cars and charge points was announced as part of the recent Budget measures. This means that the 100% FYA for qualifying expenditure on zero-emission cars, and electric vehicle (EV) charge points will now be available until 31 March 2027 for Corporation Tax...

December 18, 2025

Construction Industry Scheme changes

As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS). From 6 April 2026, HMRC will be able to take immediate action where a business makes or receives a payment that it knew, or should have known, was connected to fraud. In...

December 16, 2025

Employers may now be personally liable for unfair dismissal claims

A recent ruling has increased the scope of statutory protection for whistleblowers to include covered detriments against co-workers under the Employment Rights Act 1996. A Mr. Rice was dismissed by his company owner on the grounds of redundancy in February 2021. Mr. Rice asserted that his dismissal was automatically unfair,...

December 15, 2025

Funding options for asset acquisition

Acquiring new assets is often essential for small businesses looking to grow, improve efficiency or remain competitive. Whether the investment is in vehicles, machinery, IT systems or specialist equipment, choosing the right funding method can have a significant impact on cash flow, tax efficiency and overall financial resilience. Understanding the...

December 15, 2025

Cash flow pressures

Cash flow remains one of the most pressing concerns for small businesses, even where trading appears stable. Many businesses are finding that rising costs, cautious lenders and slower customer payments are combining to create ongoing pressure on day to day finances. In our experience, cash flow issues rarely arise from...

December 15, 2025

Tax Diary January/February 2026

1 January 2026 - Due date for Corporation Tax due for the year ended 31 March 202519 January 2026 - PAYE and NIC deductions due for month ended 5 January 2026. (If you pay your tax electronically the due date is 22 January 2026).19 January 2026 - Filing deadline for...

December 11, 2025

Agricultural and business property relief changes

Agricultural and business property relief changes that were first announced at Autumn Budget 2024 will come into effect from 6 April 2026. These measures will introduce significant reforms to Business Property Relief (BPR) and Agricultural Property Relief (APR), which provide Inheritance Tax (IHT) relief on qualifying business and agricultural assets....

December 11, 2025

Winter Fuel Payment tax charge

The June 2025 reforms introduce a £35,000 income limit for keeping the Winter Fuel Payment, with HMRC recovering the payment from those above the threshold. The WFP is a tax-free payment provided by the government to help older people keep warm during winter. The amount of the payment depends on...

December 11, 2025

VCT and EIS changes

The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities. The Venture Capital Trusts (VCT) and Enterprise Investment Scheme (EIS) are designed to encourage private investment into trading companies. Both schemes help...

December 11, 2025

Property and savings income subject to new tax rates

The government announced at Budget 2025 that dividend income, property and savings income, will be subject to new tax rates. These changes will be legislated for through the Finance Bill 2025–26 and will be phased in between April 2026 and April 2027. Dividend income From April 2026, most dividend income...

December 8, 2025

The value of an overhead audit

Many businesses regard their overheads as fixed, predictable, and largely outside their control. In reality, an overhead audit often uncovers costs that have risen quietly, services that are no longer used, and processes that have gone unchallenged for far too long. Carrying out a structured review of overheads can make...

December 8, 2025

Avoid over-stocking

Accountants often see the impact that excess stock has on a business long before the business owner realises what is happening. Over-stocking drains cash, fills storage space, increases waste, and restricts flexibility at key moments. Many business owners still treat high stock levels as a sign of strength, yet in...

December 4, 2025

Work out your VAT fuel scale charge

VAT road fuel scale charges are fixed, standardised amounts that businesses must use to account for output VAT when they provide fuel for private use in a vehicle that is also used for business purposes. The VAT road fuel scale charges are published annually with the current figures applying from...

December 4, 2025

Less than 2 months to self-assessment filing deadline

There are now less than 2 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We urge our readers who have not yet completed and filed their 2024-25 tax return to file as soon as possible to avoid the stress of last-minute preparations as the 31...

December 4, 2025

Update from HMRC on MTD testing

HMRC has published a new Making Tax Digital newsletter. This newsletter is mainly intended for taxpayers and agents who are currently testing the Making Tax Digital for Income Tax (MTD for IT) system. MTD for IT will become mandatory in phases from April 2026. For nearly two years, HMRC has...

December 4, 2025

Increase in savings guarantee for bank deposits

The Financial Services Compensation Scheme (FSCS) has raised its savings guarantee for bank deposits, increasing the deposit protection limit from £85,000 to £120,000 per person. This change came into effect on 1 December 2025 and marks a significant increase in how your bank deposits are protected in the UK. This new deposit...

December 2, 2025

When disciplinary processes and non-compete clauses implode

Many modern companies insist on the inclusion of restrictive covenants to limit the freedoms of employees upon the termination of their contracts. However, the High Court recently reinforced the stringent legal principles governing the enforceability of such restrictive covenants, suggesting that they often overstep.A young man had been working as...

December 1, 2025

The likely direction of interest rates in 2026

As we look ahead to 2026, there is growing speculation about how the Bank of England will manage interest rates during what many economists believe will be a period of calmer inflation, steadier wage growth and a more predictable economic backdrop. After several years shaped by sharp price rises, supply...

December 1, 2025

Outlook For Food And Energy Prices In The Year Ahead

Food and energy costs remain central concerns for households and businesses because they influence everything from wages to margins to day to day operating decisions. Inflation is easing compared to the volatility of the last few years, but the picture for the next twelve months is still mixed. Prices appear...

November 27, 2025

Autumn Budget 2025 – Alcohol and Tobacco Duty

The Chancellor has confirmed a series of duty increases on tobacco, vaping liquid, and alcohol that will take effect over the next year, with new rates intended to balance public health concerns with support for producers and the wider hospitality sector. As part of the Autumn Budget measures the Chancellor...

November 27, 2025

Autumn Budget 2025 – Pension changes

The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that will apply from April 2029. There had been heated speculation that the Chancellor would change the pension rules to help the government raise taxes, but no changes were announced to the annual...

November 27, 2025

Autumn Budget 2025 – Minimum Wage increases

The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget. The Chancellor confirmed that the government has accepted in full the proposals of the Low Pay Commission (LPC) for increasing minimum wage rates from 1 April 2026.The National Living Wage...

November 27, 2025

Autumn Budget 2025 – Personal Tax changes

The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained at their current levels for a further three years until April 2031. This will see the personal tax allowance frozen at £12,570 through to April 2031 across the UK. In...

November 26, 2025

Budget Summary 26 November 2025

The degree of speculation about this year’s Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their report on Budget changes prior to Rachel Reeves announcements to Parliament. However, there are to be no changes to the main rates of Income Tax, NIC and VAT that affect...

November 24, 2025

How a business grows financially by retaining profits

Many business owners focus on sales as the main driver of growth. Sales matter, but they are only part of the story. Real financial growth happens when a business retains profits. Keeping a portion of earnings inside the business, rather than extracting everything each year, creates stability, resilience and long...

November 24, 2025

The link between planning and progress

Most business owners know that progress matters, but many still hesitate when it comes to planning. It can feel like an extra task or something that only large companies need to worry about. Yet, in practice, steady planning is one of the simplest ways to create real progress in any...

November 20, 2025

Taxable & tax-free state benefits

While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free. HMRC’s guidance outlines the following list of the most common state benefits which are taxable, subject to the usual limits: Bereavement Allowance (previously Widow’s Pension) Carer’s Allowance or (in...

November 20, 2025

What is a demerger?

A demerger involves splitting the trading activities of a single company or group into two or more independent entities. This can be facilitated by distributing the assets of a holding company to its shareholders. There are special statutory demerger provisions that are designed to make it easier to divide and put...

November 20, 2025

Christmas crafters and tax

If you earn fees or sell goods as a side hustle, you may need to pay tax on your profits. HMRC has launched a new press release encouraging Christmas crafters and anyone with a fee earning hobby to check their tax reporting obligations as part of its Help for Hustles campaign....

November 20, 2025

MTD – qualifying income

Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are self-employed or a landlord and have over £50,000 in qualifying income you need to start preparing to submit quarterly updates, keeping digital records and cope with a new penalty system.Your...

November 19, 2025

Early termination of probation can constitute wrongful dismissal

The claimant began employment as a Contracts Coordinator on 23 January 2023, subject to a contractual 6-month probationary period, one which required 5 weeks' notice for termination. The contract included a garden leave clause, but no clause permitting Payment in Lieu of Notice (PILON). Disputes soon arose over his work patterns...

November 17, 2025

Preparing for tighter credit conditions in 2026

Many small businesses rely on a mix of overdrafts, card facilities and short term loans to maintain day to day cash flow. During the past year banks and alternative lenders have become more cautious, and several indicators suggest that credit conditions will tighten further during 2026. For business owners, a...

November 17, 2025

Increase in the London congestion charge from January 2026

The daily charge for driving within the London Congestion Charge zone will rise from £15 to £18 from 2 January 2026. This is the first increase in several years and forms part of Transport for London’s wider plan to manage traffic levels, improve air quality and support sustainable travel across...

November 13, 2025

Set up your tax app with HMRC

The free HMRC tax app now provides quick access to tax codes, income history, self-assessment details, National Insurance records and even payment options, all from your phone. HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The...

November 13, 2025

Check when you can expect a reply from HMRC

HMRC offers a helpful online tool that allows agents and taxpayers to check when they can expect a response to a query or request that they have made. The online tool is updated weekly with the latest information.The full list of taxes the tool can currently be used for are...

November 13, 2025

HMRC contacting sole traders

HMRC is currently contacting certain sole traders by email to reiterate the importance of adjusting business expenses for personal use.The email explains:why personal use must be adjusted on your self-assessment tax return; andwhat you need to do if your business expenses cover business and personal use.The email also includes links...

November 13, 2025

Enforcement of the minimum wage

The Department for Business & Trade has recently published a report that outlines the government's enforcement of the National Minimum Wage (NMW) and National Living Wage (NLW) for the 2024–25 financial year.The Government is committed to ensuring that all workers receive the minimum wage to which they are entitled, and...

November 10, 2025

How many businesses are there in the UK?

Current estimates suggest that there are around 5.6 million businesses operating in the UK. This figure comes from the Department for Business and Trade and the Office for National Statistics. What stands out is that most of these businesses are very small. The vast majority are run by one person,...

November 10, 2025

Directors liability for company debts

A limited company is a separate legal entity. In normal circumstances, its debts belong to the company, not to the directors. This is one of the central advantages of incorporation. However, the protection is not absolute. Directors have duties in law, and if those duties are not met, there are...

November 7, 2025

Tax Diary December 2025/January 2026

1 December 2025 - Due date for Corporation Tax payable for the year ended 28 February 2025. 19 December 2025 - PAYE and NIC deductions due for month ended 5 December 2025. (If you pay your tax electronically the due date is 22 December 2025). 19 December 2025 - Filing...

November 6, 2025

Company Voluntary Arrangements

A Company Voluntary Arrangement (also known as a CVA) is a special arrangement that allows a company with debt problems or that is insolvent to reach a voluntary agreement to pay its business creditors over a fixed period of time. The arrangement is similar to the Individual Voluntary Arrangement (IVA)...

November 6, 2025

Tax and trivial benefits

There is a trivial benefit-in-kind (BiK) exemption that applies to small, non-cash gifts (such as a bottle of wine or a bouquet of flowers) that are occasionally given to employees. This exemption enables employers to offer modest, tax-efficient rewards while simplifying the administration of BiKs. The BiK exemption allows businesses to...

November 6, 2025

Pay for imports declared via the CDS

If your business imports goods into the UK, it is important to be familiar with the Customs Declaration Service and to ensure that any duty payments are made correctly and on time to avoid delays, interest or penalties. The Customs Declaration Service (CDS) is a specially designed IT platform used...

November 6, 2025

Tell HMRC about unpaid tax on cryptoassets

Where cryptoasset tokens (also known as cryptocurrency) are held personally, this investment is usually undertaken in the hope of making a capital appreciation in its value or to make particular purchases. HMRC is clear that these holdings will usually be subject to Capital Gains Tax (CGT) if there is a gain when...

November 5, 2025

Tread carefully when using temporary contracts to confer tax breaks

A recent ruling has established that temporary worker arrangements do not constitute a single, continuous employment relationship in which workers retain the unfettered right to refuse assignments. This effectively confirms the prerequisite for a mutuality of obligation when accruing tax breaks. Mainpay engaged temporary workers in the service sector, contending...

November 3, 2025

Understanding the responsibilities of company directors

Taking on the role of a company director is more than holding a title. Directors have legal duties that shape how a company is run, how decisions are made and how risks are managed. These responsibilities exist to protect the business, its shareholders, employees and anyone who deals with the...

November 3, 2025

Reviewing insurance cover

Many businesses arrange insurance in the early days and then only look at it again when something changes, or when a renewal comes around. The difficulty with this approach is that risks evolve over time, and gaps in cover often only become visible when there is a claim. A short...

October 30, 2025

Advantages of VAT Flat Rate Scheme

If your business has relatively low VATable expenses, the VAT Flat Rate Scheme can simplify your VAT reporting and may also improve cash flow. The VAT Flat Rate Scheme is designed to simplify VAT accounting for small businesses. Instead of calculating VAT on each sale and purchase, businesses pay a...

October 30, 2025

Taxable benefits for use of company car

The tax you pay on the use of a company car depends largely on its CO2 emissions, so choosing a lower emission or electric vehicle can make a significant difference to your overall tax cost. The benefits in kind (BIK) tax on company cars can be quite significant, with taxable...

October 30, 2025

Business Asset Disposal Relief – the present rates

If you are thinking about selling a business or shares, it is important to understand how Business Asset Disposal Relief works, particularly with rates set to increase from April 2026. Business Asset Disposal Relief (BADR) provides a valuable tax advantage, offering a reduced rate of Capital Gains Tax (CGT) on...

October 30, 2025

Why ID verification is supposedly good for business

Last week, we covered the new requirement for directors and persons with significant control (PSCs) to verify their identities from 18 November 2025. This process will be rolled out over 12 months, with Companies House reaching out directly to companies, providing guidance on what actions need to be taken and...

October 27, 2025

Valuing and pricing goods and services

For any business, knowing how to value and price what it sells is fundamental to success. Yet many small firms still rely on guesswork or simply copy competitors’ prices without understanding whether their own costs, quality or value proposition justify those figures. Accountants can play an important role in helping clients...

October 27, 2025

Facing change with confidence

Change is part of every business journey. Whether it is prompted by new technology, regulation or shifts in the market, the ability to adapt determines how well a business performs in the long term. Yet managing change is not simply about introducing something new. It is about understanding what needs to...