Calculating adjusted net income and why it matters
Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal allowances and …
Dealing with a Simple Assessment letter
Simple Assessment is used by HMRC to collect tax underpayments from taxpayers with straightforward tax affairs. It removes the need for the taxpayer to complete …
When do you need to register for VAT and how do you do it?
If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited …
Making a loan from a personal company to a family member
There are many possible situations in which a person may make a loan to a family member, for example, a parent may lend money to …
Capital allowances for cars
Cars are a special case when it comes to capital allowances. While capital allowances may be claimed on cars used in a business, partners and …
Five tax-free health and welfare benefits
Employers are able to provide employees with a range of health and welfare benefits without giving rise to a tax charge under the benefits in …
Should you pay voluntary Class 2 National Insurance?
Self-employed earners whose earnings exceed the lower profits limit (set at £12,570 for 2025/26) must pay Class 4 National Insurance contributions on their profits. These …
Taxation of savings income in 2025/26
There are various ways to enjoy savings income without paying tax on it. In addition to the personal allowance, basic and higher rate taxpayers benefit …
Relief for additional expenses of working from home
In a post on X, HMRC recently warned taxpayers not to get caught out by ads promising quick refunds for working from home, urging taxpayers …
Employ a worker on a small salary to access the Employment Allowance
Employers’ National Insurance rose considerably from 6 April 2025. Not only did the rate increase from 13.8% to 15%, but the secondary threshold also fell …
Extension to MTD for ITSA
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is introduced progressively from 6 April 2026. It will require unincorporated traders and landlords …
10 benefits of filing your 2024/25 tax return early
As the 2024/25 tax year has now come to an end, individuals who need to file a Self Assessment tax return for that year can …
