Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let’s break down the numbers and chat about what this means for employers navigating these changes. New Wage Rates: National […]

When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face unexpected tax liabilities. Learn how to handle asset disposals correctly. Typically, the value of the asset sold is considered to be the amount for which […]

Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you’re married or in a civil partnership, Form 17 lets you split income based on actual ownership-provided you meet HMRC’s rules. The standard tax treatment for couples living together, whether married or in a civil partnership, is […]

Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income […]

1 April 2025 – Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 – PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025). 19 April 2025 – Filing deadline for the CIS300 monthly […]

Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability. If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, […]

From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying […]

If you’re a company director, person with significant control (PSC), or someone who files on behalf of companies, there’s a major change on the horizon. Companies House is tightening up its rules under the Economic Crime and Corporate Transparency Act, and one of the big shifts is the introduction of identity verification. This isn’t just […]

Rachel Reeves delivered her much-anticipated Spring Statement on 26 March 2025, setting out plans to balance the books while tackling sluggish growth and rising fiscal pressures. As expected, the reaction has been swift and divided, reflecting the challenge of navigating economic responsibility in an election year. The statement outlined a bleak economic outlook, with the […]

Making Tax Digital: A cautious but firm step forward The most significant administrative update was the proposed, phased extension of Making Tax Digital for Income Tax (MTD for IT). The new timeline will see sole-traders and landlords with income over £20,000 required to join from April 2028. Those earning less than £20,000 remain outside of […]