When Does a Property Business Officially End? All rental businesses eventually come to a close, but not all expenses stop at the same time. It’s important to know when a property rental business is officially considered closed. If your rental business includes more than one property, it doesn’t end until all those properties are either […]
Understanding the Basics When it comes to claiming capital allowances, cars are treated differently from other business assets. Although business owners can claim capital allowances on cars used for business purposes, sole traders and partners also have the option of using the simplified expenses method instead. It’s important to note that if you’re using the […]
When Work Meets Leisure Sunny skies often spark dreams of holidays, but for many business owners, work doesn’t stop just because you’re away. So, if you find yourself meeting a supplier or client during your personal trip, can you claim the travel and hotel expenses? The short answer: it depends. HMRC allows deductions for expenses […]
Providing meaningful health and welfare benefits to employees not only supports their well-being but can also be done without incurring additional tax liabilities. HMRC allows a range of health-related benefits that can be offered tax-free, provided certain conditions are met. Here are five valuable options that employers can consider. 1. Health Screenings and Annual Medical […]
Understanding the Basics for the Self-Employed If you’re self-employed and your profits exceed the lower profits limit, currently set at £12,570 for 2025/26, you’re required to pay Class 4 National Insurance contributions. These are charged at 6% on profits between £12,570 and £50,270, and at 2% on profits above that threshold. Importantly, paying Class 4 […]
Tax-Free Options for Your Savings As we enter the 2025/26 tax year, there are still several ways for individuals to earn interest on their savings without incurring tax on it. The UK tax system offers a range of allowances and rates to help savers make the most of their income. These include the personal allowance, […]
Two Property Businesses, One Landlord If you own rental properties both in the UK and abroad, HMRC treats them as two distinct property businesses: a UK property business and an overseas property business. Even though the landlord is the same, the income and expenses from UK and overseas properties must be recorded and reported separately […]
HMRC’s Warning on Misleading Refund Claims Recently, HMRC issued a cautionary message via X (formerly Twitter), advising taxpayers not to be misled by ads promising quick refunds for working from home. The key message: make sure you’re eligible before making a claim. So, what kind of relief can employees genuinely claim when they work from […]
A Simple Way to Earn Tax-Free Income Did you know you can earn up to £1,000 a year in property income without paying a penny in tax or needing to tell HMRC? Thanks to the property allowance, individuals can benefit from small amounts of rental income without the hassle of reporting or tax payments. This […]
Understanding the 2025/26 National Insurance Changes From 6 April 2025, employer costs have increased sharply. The rate of Employer’s National Insurance Contributions (NICs) has risen from 13.8% to 15%, while the secondary threshold—the level of earnings above which NICs become payable—has dropped significantly, from £9,100 to £5,000 per year. This means employers now pay NICs […]