HMRC requires businesses to maintain accurate VAT records to ensure correct tax payments. While all businesses must retain general records (such as invoices, bank statements, and receipts), a key requirement under the Making Tax Digital for VAT
A recent ruling has provided a timely reminder that substance trumps form in employment status disputes, and the mere insertion of a clause does not automatically change the employment status of workers. This case concerns an appeal by BCAL, a
For many small business owners, the focus is on day-to-day operations. However, building long-term value is just as important, whether your aim is to sell in the future, attract investors, or secure better financing.
Focus on profitability and cash
With the next UK Budget approaching, there is speculation about changes to tax rates, allowances, and reliefs. Acting now can help secure current benefits before any new rules take effect.
Key areas to review:
Personal allowances – make sure you
Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax bills and penalties.
HMRC has issued a warning to homebuyers about rogue tax agents promoting false Stamp Duty Land Tax (SDLT)
If your property has changed or seems mis-banded, you may have the right to request a Council Tax review.
Properties in England and Wales are assigned Council Tax bands based on their value as of 1 April 1991 (England) or 1 April 2003 (Wales). If
HMRC’s new Q&A tool guides you through each step of a compliance check.
The free interactive online tool is designed to help individuals and businesses better understand what happens during a tax compliance check. Available on GOV.UK, the
With the Residence Nil Rate Band (RNRB), families can pass on up to £1 million without IHT
The RNRB is an additional £175,000 Inheritance Tax (IHT) allowance that applies when a person’s main residence is passed to a direct descendant, such as a
Fit and proper test fee to jump from £150 to £700 under HMRC’s proposed AML supervision changes
Many businesses are monitored by the Financial Conduct Authority (FCA) or certain professional bodies for Anti-Money Laundering (AML) purposes. However,
Businesses can reclaim duties on qualifying goods moved to or through Northern Ireland since 2021
The Northern Ireland Duty Reimbursement Scheme allows businesses to reclaim import duties paid on goods moved into Northern Ireland, provided specific
The Bank of England has knocked the main interest rate down to 4% today, cutting it by a quarter‑point from 4.25%. It’s the fifth cut in a year and brings the rate to its lowest since March 2023.
The decision was a close call: the nine‑member
For small businesses and growing companies alike, one of the most reliable sources of funding is often the profits they generate. While it can be tempting to extract earnings in the form of dividends, bonuses, or reinvestment elsewhere, there is a
Many small business owners turn to family members when looking to fill roles in their team. It can seem like a natural choice, offering trust, loyalty, and a shared sense of purpose. However, employing family in your business is not without its
Many business gifts and hospitality costs are not tax-deductible under current rules.
Entertainment expenses including providing hospitality and business gifts are common, but the taxation of these expenses is strictly governed by HMRC.
For
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000 you need to be prepared for digital record keeping including making quarterly updates and for
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