Capital Gains Tax in The UK
If you run a business and hold assets in the UK, understanding Capital Gains Tax (CGT) is essential for effective tax planning. Your CGT obligation can vary depending on the type of asset, your country of residence and the method of disposal. To help you navigate these complexities, this post provides a clear overview of […]
UK 2025 Spring Statement
The UK Chancellor delivered her first Spring Statement in March 2025. Compared to the Autumn Budget of 2024, it introduced fewer major tax changes directly impacting businesses. However, with increased penalty rates related to self-assessment, VAT returns and more, taxpayers need to understand the updated rates and the rationale behind these changes. Penalties for Late […]
Are you sure if your employee parties and social functions are tax-deductible?
If you manage your own company as an employer in the UK, you would have hosted employee parties or attended social events at least once. Many employee parties and staff events, like your end-of-year party or Christmas party, can help build better team bonds. HMRC also recognises the importance of social functions in workplaces. Therefore, […]
Stay Compliant: Navigating HMRC’s Crackdown on Undeclared Income
As the number of side hustles in the UK has increased recently, HMRC’s crackdown on undeclared income has become stricter. Starting in 2024, HMRC has made it a requirement for digital platforms to report how much income individuals are making through their sites. However, many people making extra cash through a side hustle are not […]
Making the most of your retirement pension plan
Have you considered how to prepare for your retirement? Employees are typically enrolled in a workplace pension scheme automatically. However, as a director, partner, or sole trader, setting up your own pension is not compulsory. Ultimately, the responsibility for pension planning falls on you. Let’s explore some common retirement planning questions and provide clear answers […]