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 […]
Why Some Businesses Choose to Register Before They Have To While many small businesses aim to stay under the VAT registration threshold (currently £90,000) to avoid administrative burden and potential price increases for customers, voluntarily registering for VAT can come with surprising advantages. For some, it’s a smart strategic move that signals growth, boosts credibility, […]
How Director NICs Differ from Regular Employees Unlike most employees who have their National Insurance contributions (NICs) calculated on a weekly or monthly basis, directors are treated differently. For directors, HMRC requires NICs to be assessed using an annual earnings period, regardless of how frequently the earnings are paid. This ensures contributions are calculated against […]
Understanding the Complaints Process If you’ve ever spent over half an hour trying to reach HMRC on the phone, you might be tempted to file a complaint about the service. While the idea of receiving compensation might make the process more appealing, it’s important to understand that the complaint system is structured and limited in […]
A Phased Rollout of Making Tax Digital for Income Tax Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is being introduced gradually, starting from 6 April 2026. This new system will require certain self-employed individuals and landlords to keep digital records and send quarterly updates and a final declaration to HMRC using […]
As the 2024/25 tax year has officially ended, now is the perfect time for individuals who are required to complete a Self-Assessment tax return to take action. While the final deadline for online submission is 31 January 2026, many compelling reasons exist to file well before then. Here’s a closer look at the key benefits […]
Understanding the Basics If you’re a landlord letting out holiday accommodation, you may have the option to pay business rates instead of council tax. This can often result in lower costs, especially if you’re eligible for small business rate relief. In some cases, it may even mean paying nothing at all. When Do Holiday Lets […]