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 …
Calculating corporation tax marginal relief
The rate at which a company pays corporation tax depends on the level of its taxable profits. Where a company’s profits are below the lower …
File tax return by 30 December to pay your tax bill through your tax code
The normal filing deadline for the 2024/25 Self Assessment tax return is 31 January 2026. However, if you have some tax to pay under Self-Assessment …
Do you have an unclaimed Child Trust Fund?
A press release recently published by HMRC revealed that 758,000 young people between the ages of 18 and 23 have a Child Trust Fund, which …
What counts as a ‘reasonable excuse’?
A taxpayer may have grounds for appealing a penalty if they have a reasonable excuse for missing a filing or payment deadline. However, it is …
Should you withdraw your pension to save IHT?
Legislation has been published in draft for inclusion in the Finance Bill, which will bring unused pension pots within the charge to inheritance tax from …
