Claiming professional fees and subscriptions
Did you know you may be eligible for tax relief on professional fees and subscriptions? If your membership is required for your job and the organisation is HMRC-approved, you could
Rental business mortgage relief
Since April 2020, landlords can no longer deduct mortgage interest as an expense. Instead, tax relief is capped at 20%. This change affects UK and non-UK resident landlords,
VAT if you sell your business
When selling a business, the Transfer of a Business as a Going Concern (TOGC) rules can allow the transaction to be VAT-free if key conditions are met. This prevents unnecessary
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
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
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
Why Adequate Business Insurance is Essential for Small Businesses
For small business owners, especially those operating as sole traders or in partnerships without limited liability, having adequate business insurance is not just a
Business Advice: An Investment, Not a Cost
Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and rigid plans can quickly become
Group relief for trading losses
Group relief helps reduce the overall Corporation Tax of a group of companies by allowing them to share losses. For example, if a parent company has profits of £1,000 and its
Self-Employed National Insurance Contributions
Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% on profits up to £50,270 and 2% above
Tax and Maintenance Payments
Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one party must have been born before 6 April
How VAT Payments on Account Work
Businesses owing over £2.3 million in VAT annually must make advance payments on account. These are based on the previous year’s VAT liability and paid in instalments. Late