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 …
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 …
Are you exempt from MTD for ITSA?
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is mandatory from 6 April 2026 for self-employed traders and landlords whose combined gross …
Using the advisory fuel rates
HMRC publish fuel-only rates which are only of relevance where an employee has a company car. The rates, which are updated quarterly, can only be …
Overdrawn directors’ loan accounts and section 455 tax
A director’s loan account is simply a means of keeping track of transactions between the director and the company of which they are a director. …
Correcting errors in VAT returns
It used to be possible to report errors in a VAT return to HMRC on form VAT652. This is no longer the case; form VAT652 …
Utilising the tax exemption for Christmas parties
Many employers have a social event for employees around the Christmas period. This may take the form of a Christmas party or dinner or another …
