Unincorporated landlords pay income tax on the profits of their property rental business. This is currently at the normal income tax rates. However, this is set to change from 6 April 2027 when property income will have its own tax…
In her tax-raising Budget on 26 November 2025, the Chancellor announced that the dividend ordinary rate and the dividend upper rate are to rise by two percentage points from 6 April 2026. This will affect director/shareholders in personal and family…
Should any taxpayer find they are struggling to pay their tax bills by the usual deadlines, there are official ways to spread the payments. How such payments are made depends upon the type of tax owing, the amount outstanding and…
A director’s loan account is simply a means of keeping track of transactions between the director and the company of which they are a director. Where the company is a personal or family company, the director may borrow from the…
Many employers have a social event for employees around the Christmas period. This may take the form of a Christmas party or dinner or another social event, such as wreath-making and cocktails. When planning the event, it is important to…
When a landlord buys a new property to let out, they may need to undertake some work prior to the first let, particularly if the property is tired or in need of updating. The extent to which relief will be…
Legislation has been published in draft for inclusion in the Finance Bill which will bring unused pension pots within the charge to inheritance tax from 6 April 2027. In light of this change, pension savers may be considering withdrawing pension…
A Simple Assessment is used for taxpayers with very straightforward tax affairs. A taxpayer may receive a Simple Assessment letter from HMRC if they owe income tax that cannot be taken out of their income automatically, they owe HMRC more…
Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so. Where the loan remains outstanding nine months and one day after the end of the accounting period in which…
Although many companies are facing difficult times, some have managed to accumulate a sizeable amount of cash in their business’s current account. Leaving this cash where it is brings with it the impact of inflation eroding the amount, together with…
