Submitting Your Tax Return by Paper
Tax Return If you are looking to submit your tax return on papers the 31 October is the last day you can do this. If you have a tax return to submit this will then have to be completed online but you first need to register with HM Revenue & Customs online services first, the…
Read MoreUpdate on Tax Issues
Mandatory payrolling of benefits delayed HMRC has confirmed that the mandatory payrolling of benefits in kind (BIKs) will be delayed to April 2027, giving businesses more time to get to grips with the process. Previously planned for April 2026, the change will require businesses to report and process income tax and Class 1A national insurance…
Read MoreJuly Tax Payment on Account
July Tax Liability By now anyone who must make a payment on account towards their January 2026 tax liability should have paid this by 31 July 2025. This is meant for anyone who must complete a tax return and most of their income is not taxed at source e.g. self-employed, employed and self-employed. What Happens…
Read MoreTrading as a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
Read MoreClaiming Rollover relief
Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…
Read MoreTax Update
Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.…
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