Will a discretionary trust prevent your home from qualifying for the residence nil rate band?
3 Apr 2025
No one wants to pay more Inheritance Tax (IHT) than they have to.
Too many businesses falling into VAT traps
1 Apr 2025
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common
900,000 sole traders pulled into MTD for ITSA
1 Apr 2025
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension means that an additional 900,000 sole traders must adopt digital record-keeping and quarterly
Labour introduces harsher penalties for late taxpayers
1 Apr 2025
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an extension to sole traders and landlords earning more than £20,000 from April 2028,
Should you submit your tax return at the start of this tax year?
1 Apr 2025
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a return, the sooner you will find out how much tax you owe. This
Why capital allowances should be top of your to-do list this April
1 Apr 2025
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business owners planning their tax strategy for the 2025/26 tax year, and a key
Change to dividend reporting to affect thousands of owner-managed businesses
1 Apr 2025
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect an estimated 900,000 directors across the UK. HM Revenue & Customs (HMRC) will now require
Major changes ahead for directors of close companies – New dividend reporting rules from April 2025
1 Apr 2025
From 6 April 2025, directors of close companies will face a notable change in how they report dividend income on their Self-Assessment tax returns.
Important updates to Making Tax Digital and late payment rates you might have missed in the Spring Statement
27 Mar 2025
This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.
Spring Statement 2025
26 Mar 2025
