July Tax Payment on Account

By Gary Robinson / May 30, 2025

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…

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Declaring Interest on Your Tax return

By Gary Robinson / May 10, 2025

When you are completing your tax return either online or on paper you have to declare the interest you have earned as further tax may be due depending on your income to which rate of tax you pay, this is because the interest is taxed and basic rate of 20% as the bank etc do…

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Tax Update

By Gary Robinson / April 5, 2025

Side-hustle reporting threshold increased The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called ‘side hustle’ such as babysitting or dog walking, you need to report this income to HMRC by filing a self…

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Claiming Rollover relief

By Gary Robinson / January 11, 2025

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…

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Payments on Account

By Gary Robinson / September 21, 2024

Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…

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Goal Setting

By Gary Robinson / August 10, 2024

Goal Setting How often do you set goals? How often do you revisit your list? We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life. Goal setting does not have to be boring. There are many benefits and advantages to having…

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Summer Tax Brief

By Gary Robinson / July 27, 2024

Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…

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Spring Tax Update

By Gary Robinson / April 13, 2024

Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax years 2023-24 to 2027-28 this will be your normal profit plus the portion of the transitional profits you decide to bring into that year. The additional profit could cause a dramatic increase in your student loan…

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Capital Gains Tax on Second Property

By Gary Robinson / December 9, 2023

Capital Gains Tax on 2nd Property Who does this effect, it effects landlords with one or more property’s or where they rent this out on a commercial basis for payment of rent for living there. individuals who have a second home, but this may not necessary be rented out but for their own use and…

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Biggest Tax Raising Parliment

By Gary Robinson / October 14, 2023

The Institute for Fiscal Studies (IFS) has stated that this has been the biggest tax-raising parliament since records began, pushing UK tax revenues to historically high levels. They comment “At the time of the last general election, UK tax revenues amounted to around 33% of national income. By the time of the next election in…

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