After the end of its financial year, a private limited company must prepare full annual accounts and submit a company tax return. In most cases, the tax return must be filed within 12 months of the end of the accounting period it covers, and filing
With the end of the 2025-26 tax year approaching on 5 April 2026, there is still time for taxpayers to increase their pension savings and benefit from valuable tax relief. Pension contributions remain one of the most tax-efficient ways to save for
Taxpayers who are self-employed or receive rental income should check whether they will be subject to Making Tax Digital for Income Tax (MTD for IT) from next month. The new rules significantly change how affected individuals report their income to
New figures published by HMRC show that more than 7 million people started a new job in 2025, an increase of around 300,000 compared with the previous year. The announcement also highlights the growing number of people moving into new roles or
It was confirmed as part of the Autumn Budget that the Income Tax thresholds will continue at their current levels for a further three years, extending the freeze until April 2031. This means that most tax allowances are to remain frozen for 2026-27
Reducing energy intensity is one of the most practical ways for small businesses to protect themselves from rising energy costs, particularly if global energy markets remain unstable because of the ongoing conflict involving Iran. Oil prices have
The speed with which a business can achieve a return on investment is often just as important as the size of the return itself. When investments begin generating benefits quickly, the financial impact can be felt much sooner, improving cash flow and
Mandatory payrolling of benefits in kind (BiKs) and taxable employment expenses will be introduced from 6 April 2027. This represents a major change in reporting and means that for most benefits, the annual P11D form will no longer be required from
There are special rules to prevent close companies, generally companies controlled by a small group of individuals, from allowing directors or shareholders to take money out of the company without paying the appropriate tax. Under CTA10/S455, if a
Bona vacantia is Latin term meaning “ownerless goods”. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all ultimately represent the Crown.
Under company law, when a company is dissolved, any
Reclaiming VAT on a self-build home project can significantly reduce the overall cost of building or converting your property. The VAT DIY Housebuilders Scheme is a special VAT scheme that allows private individuals to benefit from the same VAT
A person with significant control (PSC) is someone who owns or exercises significant influence over a company. They can also be referred to as a “beneficial owner”.
Every UK company is required to identify its PSCs and register their
If you have paid too much tax to HMRC, you may be able to claim a tax refund. Overpayments can happen for several reasons, such as a change in employment, being placed on the wrong tax code or failing to claim certain allowances or expenses.
The way
The Chancellor’s Spring Statement, presented to Parliament 3 March 2026, was packed with political content that has no real impact for UK taxpayers, business owners or employees. The substance of her presentation was a summary of the Office for
The National Minimum Wage (NMW) Act 1998 remains contentious, especially after the introduction of the NMW (Amendment) Regulations 2025, as it draws the legal line in the sand between employment and slavery, as highlighted by a recent case. The
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