Jointly owned properties and MTD
Unincorporated landlords who had combined property and trading income in 2024/25 of £50,000 or more must comply with Making Tax Digital for Income Tax Self-Assessment …
Business rate changes ahead
From April 2026, many businesses may find that their business rate changes. This is as a result of the revaluation of properties for business rates …
Disincorporation of a companyÂ
In the not-too-distant past, incorporation was synonymous with automatic tax savings. However, successive governments have eroded these tax benefits. With additional administration and costs, many …
Are you running a business or a hobby?
Many digital platforms and online marketplaces in the UK, such as eBay, typically consider a seller to be a trader if they list items frequently …
Free fuel – Is it a worthwhile benefit?
Many employees see being allowed the use of their own company car as acknowledgement of their status in a company. While the employee will be …
Keeping digital records for Making Tax Digital
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will apply from 6 April 2026 to sole traders and unincorporated landlords with combined trading …
How can sole traders obtain relief for trading losses?
In difficult trading conditions, a sole trader may realise a loss rather than a profit. Where this is the case, it is important that the …
Tax implications of reimbursing employee expenses
Employees often incur expenses in doing their job and they may be able to claim these back from their employer through the expenses system. Where …
Claiming a tax refund
It is reasonable to assume that if a person pays too much tax, HMRC will automatically send the overpayment back to them. Unfortunately, this is …
Capital gains tax annual exempt amount – Use it or lose it!
The 2025/26 tax year comes to an end on 5 April 2026. If you are thinking of selling assets that may realise a gain and …
MTD for Self-Employed in London & the UK: A Simple Guide to Making Tax Digital
Making Tax Digital (MTD) is one of the biggest changes to the UK tax system in a generation and if you’re self-employed in London or …
VAT5EXC Form Explained: How to Fill It Out for Your Small Business (UK Guide)
If HM Revenue and Customs has asked you to complete a VAT5EXC form, it usually means they want confirmation that your business does not need …
