Category: Corporation Tax
Personal Name Vs Limited Company: How to Cut Your Property Tax Bill
Buying property via a limited company has surged in popularity. The first half of 2025 alone saw 33,598 new buy-to-let limited companies formed. This change isn't just a trend but a calculated response to major tax differences. If you’re a higher-rate taxpayer paying 40% or 45% income tax, you could face drastically different outcome...
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Business Expenses: What You Can Actually Claim (And What You Can’t)
Knowing which business expenses you can claim could substantially reduce your company tax bill and improve your take-home pay. Many self-employed individuals and business owners struggle to understand which costs qualify as allowable expenses and which don't. The main criterion is that expenses must be incurred 'wholly and exclusively'...
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Making Tax Digital 2026: Everything You Need to Know
Making Tax Digital (MTD) becomes mandatory from April 2026. If you're self-employed or a landlord, this change will affect how you report your income to HMRC without doubt. MTD for Income Tax will apply to those with qualifying income above £50,000 at first. The threshold expands to include those earning above £30,000 from April 2027...
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2026/2027 Tax Rates and Allowances
The tax year runs from 6 April. Here’s an overview of the main tax rates, allowances and national Insurance contributions that you need to be aware of for the tax year starting 6 April 2026. If you have any questions, would like to understand what rates specifically apply to yourself, or what allowances are available, please get in t...
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Should Your Business Buy an Electric Car in 2026?
Electric vehicles have long been considered an attractive option when purchased through a limited company. But in 2026, is that still the case? The tax benefits are clear. Fully electric company cars will have just a 4% Benefit-in-Kind tax rate in April 2026. Traditional petrol and diesel vehicles face much higher rates between 20% and...
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Staff vs Client Lunch: Your HMRC Tax Claims Explained
There’s no such thing as a free lunch. Well, there could be, but it depends on the details. Many business owners make the mistake of thinking all staff and client lunches can be recorded as an allowable expense claim with HMRC. Unfortunately, it’s not that simple. HMRC rules focus on whether your meal expenses serve "wholly and ...
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Accounting Mistakes That Cost Small Businesses Big
Small businesses can face devastating financial consequences from accounting mistakes that often go undetected until serious issues arise. These problems usually surface when tax bills arrive, deadlines pass, or funding applications need review. Poor cash flow management can get pricey and create tax complications. In extreme cases, it mi...
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Making Tax Digital
Making tax digital – current requirements All vat registered businesses with a taxable turnover above the vat threshold of £85,000 are now required to follow the mtd rules. This means: They must keep digital records They must make more frequent submissions (quarterly) They must use software to make submissions to hmrc e....
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Budget 2025: Your Essential Guide to the Latest Tax Changes
Who had “budget leaked early” in the sweepstakes? Joking aside, that was probably the biggest news on the day, especially given all the negative headlines in the previous weeks. Given the financial position of the country, it was always going to be a question of how the government could increase income. For context, the UK governme...
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How to Change Accountant: A Stress-Free Guide for Business Owners
Switching accountants might seem daunting, but you don't need to wait until year-end to make the change. Your business or limited company can transition to WCL smoothly with minimal disruption. The switch makes sense when your current accountant fails to provide proactive advice or overlooks potential savings. The process works seamles...
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