Must the cash basis be used?
For UK unincorporated businesses, the cash basis is now the default method for calculating taxable profits. Under this basis, income is taxed when received and …
The future for invoices and receipts
It is becoming increasingly noticeable that after a purchase is made in a shop or restaurant, the customer is asked ‘Do you want a receipt?’. …
New 40% FYA and reduction in WDAs
A new 40% first-year allowance (FYA) is to be introduced from April 2026. It will apply to main rate expenditure on new assets, excluding cars. …
Benefit in kind changes
As far as benefits in kind are concerned, there were both winners and losers in the Budget. Winner – easement for plug-in hybrid electric vehicles …
The £100,000 cliff edge
All things being equal, receiving a pay rise which takes your income over £100,000 would be seen as a cause for celebration. However, all things …
Changes to ISAs and the savings tax rate on the horizon
During the Chancellor’s Budget speech, savers received the unwelcome news that the rate of tax on savings income is to increase and the cash ISA …
What the hike in the dividend tax rate means for personal and family companies
In her tax-raising Budget on 26 November 2025, the Chancellor announced that the dividend ordinary rate and the dividend upper rate are to rise by …
Tax relief for unpaid rent
In these difficult economic times, tenants may struggle to pay their rent, leaving landlords out of pocket. In the absence of insurance that makes good …
Can you claim tax relief for making good damage by tenants?
Unfortunately, tenants (and their pets) may cause damage to a rental property. Where this is the case, the landlord may be left to repair the …
Deductions for additional costs imposed by the Renters’ Rights Act
The Renters’ Rights Act 2025 received Royal Assent on 27 October 2025. The Act is not yet in force; the first tranche of provisions come …
When the real tax percentage is 60%
At first glance, the UK’s income tax rates seem straightforward, comprising the basic, higher and additional rate bands (currently 20%, 40% and 45% in England, …
Are you hustling this Christmas? From hobby to taxable business Â
Christmas is coming and many people use the celebration time to sell items such as handmade Christmas cards and goods on seasonal market stalls. Influencers …
