Understanding the UK tax system is essential for anyone running a business or managing personal finances. The system can seem complex, but with clear information and practical steps, it becomes manageable. I will guide you through the key elements of the UK tax system, helping you make informed decisions and avoid common pitfalls. Understanding the UK Tax System Guide The UK tax system is structured around different types of taxes, each with specific rules and rates. These in

Flipping homes can be profitable, but tax rules may catch you out. Private Residence Relief (PRR) exempts gains from Capital Gains Tax if the property was your genuine main home. However, if your intent was to sell quickly for profit, PRR won’t apply and income tax may be due. Living in the property isn’t enough—document your reasons for buying, like proximity to work or personal needs, to support your claim. Intent matters more than duration.

With the cost of living rising, cashback sites and loyalty rewards can feel like a smart way to save — but not all rewards are tax-free. HMRC’s latest guidance explains when cashback and points count as personal perks, and when they become taxable business income. Here’s how to make sure your money-saving hacks don’t trigger an unexpected tax bill.

Dealing with tax matters can be challenging, especially when you face unpaid tax issues. It is important to address these problems quickly and effectively to avoid further complications. This post will help you understand your options and take control of your financial obligations. How to Resolve Unpaid Tax Issues Resolving unpaid tax issues requires a clear plan and prompt action. Ignoring the problem will only make it worse. Here are some steps you can take: Review your tax

HMRC is bringing back its power to take money directly from bank accounts for unpaid tax over £1,000. Find out who’s at risk, what safeguards are in place, and how to avoid being caught out.

If you issue sales invoices, now’s a good time to double-check they include everything the law requires — especially with HMRC’s recently updated guidance in its VAT Traders’

When HMRC publishes “helpful guidance,” it’s natural to wonder: is this for our benefit, or theirs?

As a professional in the world of business ownership, navigating the intricate realm of taxes is crucial. Maximizing profits and...

Class 2 refunds. HMRC has issued a warning for anyone who paid voluntary Class 2 NI contributions through their 2022/23 self-assessment...

n February 2024 important amendments to the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) rules became law. How will the chan

The next dividend from your company isn’t due to be paid for another few months. However, arranging for it to be paid earlier, or taking...

Creating a home office tax efficiently You want to erect a cabin in your garden to use as a home office. You and your family will also...

A director wants to give free use of a property, the freehold of which his company owns, to a registered charity. He wants to know if his

Small businesses are owed on average £6,142 mostly by firms not paying for goods and services on time.

HMRC has the power to charge employers a penalty if they fail to notify them of changes that alter their tax position.

It is true that with everything in life, that if you do not pay careful attention, it will get the better of you.

HMRC is delaying the payment of self-assessment tax refunds and threatening to remove individuals from the self-assessment regime if...

HMRC has released the latest information regarding Allowances and Tax Rebates. Making the most of these allowances can give your finances...

𝐓𝐡𝐞 𝟑𝐫𝐝 𝐠𝐫𝐚𝐧𝐭 𝐢𝐬 𝐧𝐨𝐰 𝐨𝐩𝐞𝐧 𝐛𝐮𝐭 𝐡𝐚𝐬 𝐬𝐭𝐫𝐢𝐜𝐭𝐞𝐫 𝐜𝐫𝐢𝐭𝐞𝐫𝐢𝐚 You can get as much as £7,500. This is made...

𝗘𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗮𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲 𝘁𝗿𝗼𝘂𝗯𝗹𝗲 𝗜𝘀 𝘁𝗿𝗼𝘂𝗯𝗹𝗲 𝗹𝘂𝗿𝗸𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗦𝗘𝗜𝗦𝗦 𝗰𝗹𝗮𝗶𝗺? HMRC has...