Employees who receive fuel from their employer for private use in a company car can avoid paying the car fuel benefit charge by reimbursing the full cost of the private fuel. This process, known as "making good," requires the employee to
For most capital gains realised in the 2026-27 tax year, Capital Gains Tax (CGT) is reported and paid by 31 January 2028 via the self-assessment system. This applies to gains on assets such as shares, investments and commercial property. However, UK
The 2025-26 tax year ended on 5 April 2026, and attention now turns to filing your self-assessment tax return. While many leave this until the last minute, there are advantages to filing early. There are two ways to file your return. You can submit
The Annual Investment Allowance (AIA) is a valuable tax relief that allows businesses to deduct the full cost of qualifying plant and machinery from their taxable profits. This means that, instead of claiming relief over several years, businesses can
The rules as to who pays Income Tax in Scotland is determined by whether an individual is considered a Scottish taxpayer or not. For most people, determining Scottish taxpayer status is straightforward. Individuals who live in Scotland are considered
Rising prices remain a concern for many UK business owners, particularly where energy, materials, labour and finance costs are unpredictable. While it is rarely possible to eliminate cost pressures entirely, a number of practical steps can reduce
The outlook for UK interest rates during 2026 remains uncertain, although current expectations suggest relative stability, with the possibility of modest reductions later in the year if inflation continues to ease. While interest rates have fallen
Annual leave & holiday pay (effective April 2026) From 6 April, the Employment Rights Act (ERA) 2025 has introduced strict new record-keeping duties, requiring employers to maintain detailed records of annual leave, carried-over holiday, and
Those responsible for the accounts and tax compliance of private limited companies must ensure they are fully aware of the relevant obligations and statutory deadlines. Following the end of each financial year, a private limited company is required
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
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