Tax debts can quickly become a serious problem A profitable business can still experience difficulty paying its tax bills. VAT, PAYE, Corporation Tax and Self-Assessment payments can create significant demands on cash reserves, particularly where trading conditions have become more difficult or customers are taking longer to pay. Recent reports of increasing use of HMRC’s […]
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The first quarterly deadline has passed Making Tax Digital for Income Tax is now a reality for many self-employed people and landlords. Those brought into MTD from 6 April 2026 are required to keep digital records and use compatible software to send quarterly updates to HMRC. For those following the standard quarterly periods, the first […]
For many small businesses, employing the right people is essential to success. However, recent surveys suggest that rising employment costs are causing many business owners to rethink their recruitment plans. Higher National Insurance costs, increases in the National Living Wage and wider employment obligations have all added to the overall cost of taking on staff. […]
Late payment has long been one of the greatest challenges facing small businesses. Many profitable businesses experience unnecessary financial pressure simply because customers take longer than agreed to settle their invoices. When cash is tied up in unpaid debts, it becomes harder to pay suppliers, invest in growth or even meet tax liabilities on time. […]
Before a property development even begins, significant costs are often incurred. Planning applications, architects’ drawings, engineering reports, environmental surveys and legal advice can all generate substantial expenditure long before construction starts. HMRC has launched a consultation examining whether the current tax treatment of these pre-development costs remains appropriate and whether changes could help encourage investment. […]
1 August 2026 – Due date for Corporation Tax due for the year ended 31 October 2025. 19 August 2026 – PAYE and NIC deductions due for the month ended 5 August 2026. (If you pay electronically, the due date is 22 August 2026.) 19 August 2026 – Filing deadline for the CIS300 monthly return […]
Receiving money from a family member can be a welcome source of financial support, but many people are unsure whether they need to pay tax on it. In most cases, the person receiving a gift does not pay Income Tax on money given by family. However, the gift could have Inheritance Tax implications for the […]
Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advantages. If you donate land, property or shares to a UK charity, or sell them to a charity for less than […]
If you are selling shares or other investments, you may incur Capital Gains Tax (CGT) on any profit, or ‘gain’, you make. You will need to work out your gain to determine if you need to pay tax, which depends on whether your total gains exceed your CGT allowance for the tax year. You usually […]
It is important to know if HMRC is holding money that belongs to you. For example, if you have paid too much tax to HMRC, you may be able to claim a tax refund (also known as a tax rebate). Overpayments can happen for a number of reasons, including changes in your employment, paying tax […]