Latest Blogs

07/07/2025

Capital allowances for cars

Cars are a special case when it comes to capital allowances. While capital allowances may be claimed on cars used in a business, partners and sole traders have the option of using the simplified expenses system instead.

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02/07/2025

Making a loan from a personal company to family

There are many possible situations in which a person may make a loan to a family member. Where the parent has a personal or family company and there are unextracted profits in the company, it may seem sensible for the company to lend the money rather than for the parent to do so personally. However, this may have tax consequences.

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02/07/2025

Take advantage of the property rental toolkit

HMRC publish a property rental toolkit which can be used to avoid making common errors when reporting income from property on the Self Assessment tax return. It can be found on the Gov.uk website.

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02/07/2025

When and how do you register for VAT?

If you are running a business you will need to register for VAT if your total taxable turnover in the previous 12 months exceeds the VAT registration threshold of £90,000 or if you expect your taxable turnover to be more than £90,000 in the next 30 days.

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05/06/2025

Employment Allowance on small salary worker

Employer’s National Insurance rose considerably from 6 April 2025. Not only did the rate increase from 13.8% to 15%, but the secondary threshold also fell from £9,100 to £5,000. This is the amount that an employer can pay before a liability to secondary Class 1 National Insurance contributions arises. For 2025/26, the secondary threshold is equivalent to only £96 per week and £417 per month.

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05/06/2025

Should you pay voluntary Class 2 NI

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 are payable at the rate of 6% on profits between the lower limit and the upper limit, set at £50,270 for 2025/26, and at a rate of 2% on profits in excess of the upper profits limit. It is the payment of Class 4 National Insurance contributions which provides a self-employed earner with a qualifying year for state pension purposes.

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05/06/2025

Jointly owned holiday lets

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 lets are treated in the same way as other residential lets for tax purposes.

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05/06/2025

Five tax-free health and welfare benefits

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 kind legislation

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