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
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
In a fast-paced business world, managing your finances isn’t just about balancing books; it’s about building a future. And that future needs a solid foundation
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
If you employ staff in the UK, you must understand your responsibilities under the PAYE (Pay As You Earn) system. This guide breaks down what
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
Many businesses strive to keep their turnover under the VAT registration limit (currently £90,000) because not only are they wary of the additional administrative costs
For most employees, National Insurance contributions (NIC) earnings periods are calculated based on their regular pay intervals. In contrast, all directors have an annual earnings
The way self-employed individuals and landlords manage their taxes is changing. HMRC’s Making Tax Digital (MTD) initiative is at the heart of this transformation—bringing in
For many of HMRC’s ‘customers’ who have spent more than 30 minutes trying to get through on the phone, the thought of making a formal
Profits arising from land or property are treated as arising from a property business. For tax purposes, profits from land and property in the UK
The favourable tax regime for furnished holiday lettings (FHLs) came to an end on 5 April 2025. For 2025/26 and later tax years, furnished holiday
The property allowance enables individuals to enjoy property income of up to £1,000 each tax year free of tax and without the need to report
If you’re a landlord living abroad and renting out property in the UK, the Non-Resident Landlord (NRL) Scheme is something you must be aware of.
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
If you earn a bit of extra income on the side, from freelancing, selling crafts online, or tutoring, you may be able to benefit from
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
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
As the director of a limited company, it’s common to use personal funds for business needs or even borrow money from the business for personal
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
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