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Making Tax Digital for Income Tax
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital
LLP salaried members
Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here’s how the salaried member rules work, what the three-part test involves, and who’s
Time off for jury service
If your employee is called for jury service, you must allow them time off—but you’re not required to pay them. Here’s a clear look at your responsibilities, options, and how to handle
CGT holding over gains if you gift business assets
Gift Hold-Over Relief lets you defer Capital Gains Tax when giving away business assets or qualifying shares. It can be a tax-smart move for passing on wealth, but strict rules apply. Here’s what you
Spring Statement Summary March 2025
Spring Statement 2025: Key Tax Measures and Modernisation Initiatives
Chancellor Rachel Reeves’ Spring Statement 2025, delivered on 26 March, arrived at a critical point for the UK economy. With the
How Small Businesses Can Survive a Recession
Recessions can be tough on small businesses, but they do not have to spell disaster. With some smart thinking and a bit of planning, many firms can keep going and even emerge stronger once the economy
How to Approach Your Bank for a Business Loan
Asking your bank for a business loan can feel daunting, but it doesn’t have to be. With the right preparation, you can give yourself the best possible chance of getting a positive outcome.
Start with
Requesting evidence of earnings
If you’re self-employed, lenders may require an SA302 and tax year overview as proof of earnings for mortgages or loans. These documents verify income declared on your self-assessment tax return and
Tax liability if you sell a business asset
When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face
Records you must keep if self-employed
If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain suitable business records as well as separate personal income records for tax
