Dividend taxes will they increase?
Speculation is growing that rates or allowances applied to dividend income may change in the next Budget.
The current tax rates for dividends received (in excess of the £500
War Widows Recognition Payments Scheme
Bereaved spouses who lost service pensions before 2015 have until 15 October 2025 to claim a one-off £87,500 recognition payment.
This scheme was launched in October 2023 to help
Beware scams pretending to be HMRC
Fraudsters are continuing to target taxpayers with scam emails as the deadline for submission of self-assessment returns for the 2024-25 tax year gets ever closer. In the 12 months
Unauthorised issue of a VAT invoice
Issuing a VAT invoice without registration or authorisation can lead to HMRC penalties, even if it is done by mistake.
A penalty may be charged by HMRC when an individual or
Don’t rush to judgement over pending tribunal claims
Mr. Aslam, a former Metroline employee, applied to another bus company on 13 April 2019, disclosing that he suffered from partial hearing loss, depression, anxiety, insomnia and
Understanding working capital and why it matters
Working capital is a simple but powerful measure of a business’s financial health. It is the difference between current assets and current liabilities. In other words, it shows
Why you should maintain a tax reserve
Every business has a duty to pay tax, whether that is Corporation Tax, VAT, PAYE, or personal tax liabilities for the owners. While these payments are predictable, many businesses
How to pay corporation tax online
Paying Corporation Tax? Always use the correct reference or risk delays and penalties.
To pay Corporation Tax via online or telephone bank transfer, you can use either a UK or
When you cannot charge VAT
Not all goods and services carry a 20% VAT, knowing the right rate can save costly mistakes.
When a VAT-registered business issues an invoice to their customer, they must ensure
Using your own car for work purposes
Using your own car or bike for work travel? You may be able to claim tax relief for business mileage.
If you are employed and spend your own money on items needed for your job,
How do HMRC define “wholly and exclusively” for tax purposes
Not sure if a business cost is deductible? HMRC’s ‘wholly and exclusively’ rule is the key test.
When deciding whether an expense is deductible or not it is important to bear in
What is the settlement legislation?
Thinking of gifting income to a spouse or partner? HMRC’s settlements rules may still tax it as your own.
The settlements legislation is contained in s.624 ITTOIA 2005. The