Category: Personal Tax
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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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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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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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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Changing from Sole Trader to Limited Company: Your Step-by-Step Blueprint
Are you running a sole trader business that's making £50,000 yearly profits? At the time your earnings hit this threshold, switching from sole trader to limited company status becomes a smart financial choice. Your growing business might make you think about changing to a limited company structure to save on taxes. In fact, the switch...
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2025/2026 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 2025. 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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Spring Statement 2025
On Wednesday 26th March 2025, Chancellor Rachel Reeves delivered her Spring Statement. In terms of announcements for the average person, it was fairly low key with many of the announcements more aimed at a national level in terms of defence spending, overseas aid, etc. That said, there were of course still announcements to be aware of. An...
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Changes from 6th April 2025
As we approach the start of a new tax year, there are several changes coming into play that you may not be aware of. In this article we breakdown the main changes. Changes in Employers National Insurance Contributions/Employment Allowance If you’re an employer with a National Insurance Contributions (NICs) liability, or with employees...
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National Minimum Wage vs Living Wage: Key Differences Explained
You’re probably familiar with the terms minimum wage and living wage. But do you know what the differences are between them? In this article we run through all the differences and what you might need to be aware of. Understanding the Three Wage Types The UK has three different wage types that everyone should know about: the Nationa...
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Autumn Budget 2024
This week new Chancellor Rachel Reeves announced both her first Budget & also the first of the new Labour government. On that note, it feels like almost every time we write about the Budget Statement in recent times we have to make reference to a new Chancellor. With the Labour Party only recently elected, hopefully this time we may g...
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