IHT-Free: £325,000 or £1m?
Everyone is entitled to an inheritance tax (IHT) ‘nil-rate band’ of up to £325,000 (for 2025/26) on death, reduced by any gifts which are not
Accounting, Tax & Business Blogs
Explore expert accounting, tax, bookkeeping, and business advice from across the UK. Get practical tips, financial insights, and the latest updates to help you manage your finances and grow your business.
How to Use Family Members to Reduce your Tax as Self-Employed?
Like any other business structure in the UK, running a business as a self-employed individual in the UK also comes with numerous tax obligations. However,
Losses On Loans to Traders: Not All Plain Sailing!
The capital gains tax (CGT) legislation in TCGA 1992, s 253 (relief for loans to traders) provides for capital gains tax (CGT) loss relief where
How Much Tax Do I Pay as Self-Employed Worker in the UK?
The prime reason an employee bids farewell to their traditional job and makes a land in self-employment is because it offers enough flexibility, limitless independence,
How to Claim Tax Relief on Charitable Donations in the UK?
Donating to charity is not only a great way to display generosity and encourage kindness, but it can also help reduce your tax bill. In
How to Claim Childcare Costs When Self-Employed in the UK?
Striking a balance between work and family responsibilities can be a challenging feat, especially for self-employed individuals who may not have access to employer-supported childcare
How Long Should You Keep Your Tax Records for HMRC?
A crucial obligation that individuals often deem less significant while meeting their tax responsibilities is keeping the tax records with them. Rather, maintaining accurate tax
Company Payment of Director’s Personal Expenses: What’s the Tax Position?
Directors of small companies, especially those with prior experience of self-employment, often overlook the distinction between company funds and personal finances. It can be hard
Payrolling Becomes a Reality From 2026
On 16 January 2024, there was a HMRC ‘simplification update’ announcing the mandation of payrolling benefits-in-kind (BIKs) from tax year 2026/27. Example: Payrolling of medical
A Guide to How to Set Up a Sole Trader Business in the UK
For the individuals who have scraped up an investment sufficient for pouring into a venture, setting up a sole trader business in the UK is
What are Advantages and Disadvantages of Being a Sole Trader?
Taking a solo route as a sole trader is one of the widely chosen business structures in the UK. According to HMRC, a significant proportion
Top Accountants for SMEs: Navigate Your Business Finances
Top Accountants for SMEs: Navigate Your Business Finances In today’s competitive landscape, the role of accountants for small and medium enterprises (SMEs) is more vital
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