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If you are self-employed, claiming all of your allowable business expenses can reduce your taxable profit and, in turn, the amount of Income Tax you pay. Allowable expenses are costs that are incurred wholly and exclusively for the purposes of your business. Typical business expenses that can be claimed include office costs such as stationery and telephone bills, travel expenses, business insurance, advertising and marketing, staff costs, stock and raw materials, and the running costs of your business premises. You may also be able to claim...

If you have invested in a new commercial building or carried out significant renovation work, you may have overlooked a valuable capital allowance. The Structures and Buildings Allowance (SBA) provides tax relief on qualifying capital expenditure incurred on certain new non-residential structures and buildings. The SBA applies to qualifying costs incurred when constructing, purchasing or renovating qualifying commercial structures. This can include expenditure on design fees, site preparation, construction works, renovation, conversion and...

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 pay CGT on total gains above your annual tax-free allowance, which is currently £3,000. If your gains exceed the allowance, you must report and pay CGT. This is usually done through self-assessment, with different reporting deadlines depending on the type...

Most individuals can earn interest from their savings without incurring a tax liability thanks to a number of allowances available each tax year (from 6 April to 5 April). These include your Personal Allowance, the starting rate for savings, and the Personal Savings Allowance, with the amount you receive depending on your other income. Your Personal Allowance can cover tax-free interest if not fully used by wages, pension, or other income. You may also qualify for a starting rate for savings of up to £5,000, which is tax-free. This rate is...

Providing benefits and covering expenses for employees is a common part of running a business, but it is important to understand the tax implications. A benefit that appears simple or low value could create unexpected reporting obligations or result in additional tax and National Insurance liabilities if it is not treated correctly. Employers should consider whether any payments, benefits or personal expenses provided to employees need to be reported to HMRC. These rules apply to a wide range of benefits, including company cars, fuel, private...

If you are already registered for Making Tax Digital (MTD) for Income Tax, it is important to ensure you are ready for your first quarterly update deadline. Unlike a traditional self-assessment return, MTD requires you to keep digital records and submit regular updates to HMRC throughout the year. Your MTD software will use your digital records to prepare quarterly updates that summarise your self-employment and property income and expenses. These updates are not tax returns and do not require tax or accounting adjustments before submission....

The volatile boundary between workplace speech, belief, and discrimination was recently ignited in a case that tested the sanctity of protected beliefs. The dispute began when a British emergency ambulance crew member was subjected to internal disciplinary proceedings after using an inappropriate word during a heated confrontation with a colleague, mimicking his accent during an investigative interview. Later, at a particularly sensitive moment in race relations, he rejected the concept of systemic racism, asserting that individual choices...

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 for the month ended 5 August 2026. 19 August 2026 - CIS tax deducted for the month ended 5 August 2026 is payable by today. 1 September 2026 - Due date for Corporation Tax due for the year ended 30 November 2025. 19 September 2026 - PAYE and NIC deductions...

Most company directors are aware that they must file annual accounts and a confirmation statement with Companies House. However, missing these deadlines can lead to unnecessary costs and, in some cases, much more serious consequences. The most common financial penalties apply to the late filing of annual accounts. For a private company, the current penalties are: Up to one month late, £150 More than one month but not more than three months late, £375 More than three months but not more than six months late, £750 More than six months...

Many business owners regularly monitor their bank balance, sales and cash flow, but overlook another important financial indicator, their credit rating. Whether you are applying for finance, negotiating with suppliers or seeking new business opportunities, your credit score can influence how others view your financial reliability. In the UK there are three main consumer credit reference agencies, each using its own scoring system. The most widely recognised are: Experian: 0 to 999, where 881 to 960 is considered good and 961 to 999 is...