Blog

You need to submit an Income Tax return (for 2024/25) if HMRC send you a Tax Return to complete, or if any of the following apply and you owe income tax or capital gains tax: Your income from self-employment exceeded £1,000; You are a Partner in a business...

Alphabet shares is a term used to describe a company issuing different share classes with different rights.  One reason for this might to pay dividends in a different proportion to voting shares and has historically been used for tax planning.  They are not illegal,...

Common errors and information that people forget to include on their Self-Assessment Tax Returns

If you have net rental income on which you'll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...

HMRC can collect outstanding tax via an employed tax code after a Self-Employed business fails.

Tax relief: Gift Aid is a way you can increase the value of a charitable donation - at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to cover...

This article explains how to set a trading loss against employed income.

‘Salary Sacrifice’ is a mechanism where a formal agreement is made jointly by an employer and employee, to reduce an employee’s salary in return for some other benefit.  The point of this arrangement is generally to save National Insurance – and this saving can then...