While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free.HMRC’s guidance outlines the following list of the most common state benefits which are taxable, subject to the usual
It is important to understand both when VAT registration is required and the ongoing obligations that follow. The VAT registration threshold is currently £90,000 of taxable turnover, although businesses below this level can choose to register
Stock turnover management is one of the most important drivers of business profitability, cash flow strength and resilience during periods of rising costs. Stock represents cash that has been converted into goods, and if those goods are not sold
Many businesses have spare capacity that could generate additional income with relatively little additional cost. Spare capacity may arise where premises, staff time, equipment or intellectual property are not fully utilised throughout the working
The VAT treatment of car leasing is an important consideration for businesses that incurs VAT on these costs. In general, leasing companies are able to recover the VAT incurred on the purchase of cars, provided the vehicles are leased out at a
If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, now is the time to urgently see if you are affected. The Income Tax reporting requirements for some self-employed individuals and landlords will change
The Marriage Allowance applies to married couples and civil partners where one partner does not pay Income Tax, usually because their income is below the personal allowance. For the 2025–26 tax year, this means the lower-earning partner must earn
Rolling over capital gains can be an effective way for business owners to defer Capital Gains Tax (CGT) when selling or disposing of certain business assets. This is done using Business Asset Rollover Relief which allows taxpayers to postpone the tax
The 7-year gift rule is still an available option for those making lifetime gifts, offering a way to potentially reduce Inheritance Tax (IHT) liability. Most gifts made during a person’s lifetime are not immediately subject to tax. These transfers,
When a new employee joins your payroll, it is the employer’s responsibility to ensure they are aware of their rights and that the correct tax is deducted from their salary. This responsibility also applies when employing young people in your
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