Tax Return
Self Assessment for Company Directors: When You Need to File a Tax Return Company directors do not automatically need to file a Self Assessment tax return just because they are directors. The need to file depends on your income, whether HMRC has asked you to file, and whether you have tax to report that is
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How to Maximise Allowances Between Spouses in 2025/26
November 24, 2025Tax Planning for Couples: How to Maximise Allowances Between Spouses in 2025/26 With income tax thresholds frozen again in 2025/26 and personal allowances continuing to lose real value, many couples are finding themselves paying more tax than necessary — simply because income or assets aren’t being shared in the most efficient way. If you’re married
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How to Reduce Your Corporation Tax Bill
October 12, 2024How to Reduce Your Corporation Tax Bill Effective Tax Planning Strategies Use Capital Allowances to Lower Taxable Profits Capital allowances are one of the most effective ways to reduce your corporation tax bill. By deducting the cost of qualifying assets such as machinery, office equipment, and vehicles from your taxable profits, you can reduce
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What Expenses Can I Claim if I’m Self-Employed?
September 6, 2024What Expenses Can I Claim if I’m Self-Employed? When you’re self-employed, understanding which expenses you can claim can significantly reduce your tax bill. HMRC allows you to claim expenses that are “wholly and exclusively” for your business, meaning they must be essential to your trade or profession. In this blog post, we’ll outline the main
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Is it Time to P45 the P45? Rethinking Employee Tax Documentation In the ever-evolving landscape of employment tax documentation, the P45 form, a longstanding staple of the UK’s PAYE system, may be approaching obsolescence. As businesses and tax authorities strive for more efficient processes. Also it’s worth considering whether it’s time to consign the P45
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All Quiet on the Tax Front
September 21, 2023Taxation With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget may well contain a lot
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Tax exemptions
August 21, 2023Settle tax on behalf of your employee There are various tax exemptions you can use to provide an employee with a one-off tax-free reward. Such as certain ‘trivial’ benefits or long-service awards. If the value of the reward exceeds the tax-free amount permitted, you can bear the tax and NICs (which the employee would normally
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Squeeze value out of your losses
February 5, 2023If your unincorporated business made a loss during the COVID pandemic in 2020/21 or in 2021/22, you will want to set off those losses against profits and receive a tax refund as soon as possible. Fortunately, the rules for pandemic losses allow you to do this. A trading loss from 2020/21 or 2021/22 can be carried
Read More Filling self assessment
February 5, 2023If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of the
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NIC thresholds change in July
June 26, 2022NIC thresholds changes National Insurance Contributions (NIC) rates increased for everyone by 1.25 percentage points from 6 April 2022, but the thresholds from which employee NIC are payable are being raised significantly from 6 July 2022 (see table). This means that most employees will have more NIC deducted from their pay in April to June
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