HMRC has announced that it will start taking action on taxpayers who haven’t yet signed up to Making Tax Digital (MTD) for Income Tax. From September 2026, HMRC plans to begin automatically signing up taxpayers it believes should have been using MTD since April. For sole traders, landlords and other small business owners affected by […]
With Making Tax Digital (MTD) for Income Tax coming into play for many sole traders, new research suggests it’s having an effect not just on accounting. In fact some businesses are considering whether it’s sensible to restructure to better manage the changes. A recent survey by Taxfix found that almost one in four sole traders […]
Running a small or medium sized business means there are a number of priorities to juggle. Between looking after customers, managing staff and keeping day-to-day operations moving, it can be difficult to find the time to review the bigger financial picture. The summer can be a useful opportunity to review how your business is performing, […]
If you’re a small business owner running a limited company, one of the key steps you’re likely to consider is how to pay yourself in the most tax-efficient way. Typically directors can choose between taking a salary, dividends, or a combination of both. There is no single, right answer – as ever the best approach […]
If you run a small business in the UK, your company is almost certainly classified as a close company. Broadly speaking, the UK tax authorities define a close company as a private limited company controlled by five or fewer shareholders, or by any number of shareholders who are also directors. Historically, being a close company […]
For many years, forming a limited company was seen as the obvious step for growing businesses. Lower corporation tax rates, dividend flexibility and credibility with customers often made incorporation an easy decision. But in 2026, some business owners are starting to question whether being a limited company still makes sense. With ongoing tax changes, Making […]
The new tax year always brings a fresh bundle of tax legislation. Here are the key UK tax changes for the 2026/27 tax year to be aware of, which took effect on 6 April 2026. Income tax Although there are no rate changes, the reality is that personal income continues to be a victim […]
The UK tax system rarely stands still, and for many individuals and businesses, it can feel as though it grows more complex with every passing year. Against that backdrop, Rachel Reeves’ pledge to limit herself to a single major fiscal event each year came as welcome news. In her first Budget in October 2024, she […]
With this year’s self assessment deadline now passed, it’s been reported that around one million people still missed the 31 January deadline. Although far fewer people left it until the last day to file (475,722 people compared with 732,498 last year) a significant amount of self assessments failed to be submitted. So how should you […]
With a New Year upon us, it’s a good time to take stock and consider what key trends might help shape small business success in 2026. As interest rates and inflation stabilise, but economic growth looks more uncertain, it’s likely that operational efficiencies will be the key to success this year. So as a business […]
It’s safe to say that this Autumn’s Budget is possibly one of the most shambolic of recent times. After months of speculation, the Chancellor Rachel Reeves shared a speech which contained very few surprises following numerous media briefings and, rather embarrassingly, a leak of the full OBR report before she even stood up. The main […]
As the self assessment deadline fast approaches, and with AI growing in use, it’s inevitable that many taxpayers are considering whether AI can offer a shortcut for this year’s submission. So are you tempted to use AI – and should you even try? It’s clear that AI is creeping into many aspects of our lives. […]