When a sole trader or partnership transfers a business to a company, a chargeable gain may arise. This is calculated by reference to the market value of the business assets at the date of incorporation (including goodwill), compared with their
If you are self-employed, it is important to understand which car and travel costs are allowable for tax purposes. You may claim allowable business expenses for car, van, and travel costs, which will reduce your taxable profits. Typical allowable
The settlements legislation is designed to ensure that where a settlor retains an interest in settled property, the income arising is treated as the settlor’s income for all tax purposes. A settlor will be treated as having retained an interest where
The VAT Flat Rate Scheme is designed to simplify the way a business accounts for VAT and, in doing so, reduce the administrative burden associated with VAT compliance. The scheme is available to businesses that expect their annual taxable turnover in
Employers providing employees with expenses or benefits in kind must comply with specific reporting, filing, and payment obligations each tax year. These requirements are designed to ensure that benefits are correctly reported, and that the
1 May 2026 - Due date for corporation tax due for the year ended 30 July 2025. 19 May 2026 - PAYE and NIC deductions due for month ended 5 May 2026. (If you pay your tax electronically the due date is 22 May 2026). 19 May 2026 - Filing deadline for
From April 2026, the National Minimum Wage and National Living Wage rates have increased, and businesses should ensure payroll systems are updated immediately so that employees receive the correct statutory pay. These changes apply from the start of
Energy costs remain a significant pressure on household budgets, and reducing consumption continues to be one of the most reliable ways to control expenditure. Fortunately, many practical steps can lower usage without reducing comfort. A structured
The government has announced new support measures to allow affordable debt repayment for government debt. The new measures set out a clearer and more practical approach to helping individuals and businesses manage what they owe. Announced during Debt
Your Personal Tax Account (PTA) is an easy and secure way to manage your tax online. You can use it to check your tax code, claim a refund and update your details, all in one place, without needing to contact HMRC by phone or post. Every UK taxpayer
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