This author has yet to write their bio.Meanwhile lets just say that we are proud Lizzie Robinson contributed a whooping 258 entries.
Big changes are on the horizon for landlords and self-employed individuals earning more than £50,000 a year. From April 2026, HMRC will require you to follow the Making Tax Digital (MTD) rules for Income Tax Self-Assessment (ITSA) – transforming how you report your income and keep your records. What Is MTD for Income Tax? MTD […]
HMRC has just announced some major changes to the UK tax system as part of its Spring 2025 update. These updates aim to simplify how tax is reported and make life easier for small businesses. If you’re self-employed, run a partnership or manage a limited company, here’s what you need to know and what actions […]
If you’re registered for Self-Assessment in the UK, this is an important alert about your payment on account that’s due by 31 July 2025. Understanding how payments on account work — and when you can reduce them — could help you manage your cashflow and avoid paying too much tax too soon. What Are Payments […]
If you’re a company director or shareholder, there’s something important you need to know: taking money out of your company without the right planning can lead to unexpected tax bills. One of the most common traps? An overdrawn directors’ loan account. Let’s break it down. What Is a Directors’ Loan Account (DLA)? A directors’ loan […]
If your bank balance feels more unpredictable than the British weather, you’re not alone. Energy bills are still high, food costs keep creeping up and rent or mortgage payments can feel like a second full-time job. But this blog isn’t about doom and gloom. It’s about what you can do. Whether you’re working, retired, self-employed […]
Employer actions required from 1 April 2025 ✅ What You Need To Do Now 1. Update Payroll SystemsCheck that all employees are being paid at least the new legal minimum. This includes part-time, zero-hours and casual workers. If you pay by salary, check their hourly rate still meets the legal minimum. Make sure your payroll […]
Paying Yourself Tax-Efficiently as a Director (2025/26) If you run your own company, you’ll need to take money out of it to use personally. One of the most tax-friendly ways to do this is to take a small salary and top it up with dividends. This also helps you build up your National Insurance record, […]
📅 End of Tax Year Checklist: What You Should Do Before 5 April 2025 The 2024/25 tax year ends on 5 April 2025 which means there’s still time to make sure you’re not paying more tax than you need to. Acting now could help you make the most of valuable allowances, keep your finances efficient […]
Late Payment Penalties for UK Taxes If you or your business fail to pay tax on time, HMRC will impose penalties and interest. Below is a breakdown of the current penalties for Income Tax, VAT, PAYE and Corporation Tax. Please see: https://www.gov.uk/government/publications/penalties-for-late-payment-and-interest-harmonisation/penalties-for-late-payment-and-interest-harmonisation Income Tax (Including Self-Assessment) – Late Payment Penalties If you miss the 31 […]
As the 2024/25 tax year draws to a close, employers must ensure all payroll obligations are met in line with HMRC reporting requirements. Below are the key deadlines for finalising payroll processes and reporting benefits for the year ending 5 April 2025. April 2025 5 April: End of the 2024/25 tax year. 19 April: Final […]
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