A reminder of tax-free trivial benefits
Employers looking to provide staff with small gifts or seasonal tokens of appreciation should remember the rules for tax-free trivial benefits. A benefit can qualify as a trivial benefit where all of
IHT – gifts made with reservation of benefits
Most lifetime gifts are treated as potentially exempt transfers (PETs) for Inheritance Tax (IHT) purposes. In general, these gifts become fully exempt if the donor survives for seven years after
VAT – opting to tax property
The option to tax is a VAT election that allows businesses to treat supplies of most non-residential land and buildings as taxable rather than VAT exempt. Once an option to tax is made, supplies in
New measures aimed at easing living costs
The Government has announced a new package of measures designed to help households manage rising living costs during the summer months, as concerns continue over inflation, fuel prices and household
Tougher action on late payments
The Government has introduced a landmark new Bill aimed at tackling the growing problem of late payments to small businesses, with ministers describing the measures as the biggest crackdown in more
Making Tax Digital – which software to use
Making Tax Digital (MTD) for Income Tax is now in force for many self-employed individuals and landlords. Since 6 April 2026, taxpayers with qualifying business or property income exceeding £50,000
Fiscal drag explained
The freezing of tax thresholds can result in a phenomenon commonly referred to as 'fiscal drag'. This occurs when tax allowances and rate bands remain unchanged while wages and inflation increase. As
Verify your ID at Companies House
Identity verification requirements at Companies House became a legal requirement for directors and people with significant control (PSCs) from 18 November 2025. This date marked the start of a
Can you claim Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced 18%
VAT Cash Accounting
The VAT Cash Accounting Scheme can help businesses improve cash flow by allowing VAT to be accounted for when customers actually pay invoices, rather than when invoices are issued. This can be