Common Control transactions are becoming increasingly common as companies adapt to global economic shifts and changing regulations. What is Common Control? Common Control occurs when one person, or a group acting together, controls two or more businesses. This control...
Running a company in the UK means understanding and complying with various legal obligations. One of the most important requirements is identifying your People with Significant Control (PSCs). What are People with Significant Control? A Person with Significant Control...
From Spring 2025, if you file information or verify the identity of clients for Companies House, you may need to register as an Authorised Corporate Service Provider (ACSP). What is an ACSP? An Authorised Corporate Service Provider is a person or business authorised...
On 11th June, Chancellor Rachel Reeves delivered her 2025 Spending Review, setting the direction for the UK’s public spending over the next several years. While it may not have the drama of a Budget, the decisions will still influence your income, local services...
From April 2023, the rules around Corporation Tax in the UK changed. One of the biggest changes was the return of tax bands based on profit levels. However, if your company has associated companies, those profit thresholds reduce. As a result, more businesses may find...
As energy bills continue to rise and colder months approach, the restoration of the Winter Fuel Payment for more pensioners in 2025 offers a welcome source of relief. What is the Winter Fuel Payment? The Winter Fuel Payment is an annual tax-free payment from the UK...
Every business relies on equipment, tools or property to some degree. Some of these assets are short-term expenses, while others serve a long-term purpose. These long term assets, known as Capital Assets, help with business growth and financial planning. What are...
One of the most effective ways to lower your tax bill is claiming Capital Allowances. These allow you to deduct the cost of certain long-term business assets from your taxable profits. What are Capital Allowances? Capital Allowances are a form of tax relief. They let...
The Annual Investment Allowance, or AIA, is a generous form of tax relief which supports and stimulates business growth across the UK. It enables companies and self-employed individuals to deduct the full cost of specific capital investments from their taxable profits...
The Employment Allowance allows eligible businesses and charities to reduce their Employers’ National Insurance bill. From April 2025, the allowance will increase to £10,500 per tax year. This applies only to the employer’s share of Class 1 National...
The Structures and Buildings Allowance encourages investment in commercial infrastructure by allowing businesses to recover some of the costs spent on constructing, purchasing or improving non-residential properties. What is the Structures and Buildings Allowance? The...
Benefits In Kind (BIKs) are any perks or services an employer provides to an employee or director that they do not include in their regular salary. The employer provides these extras to enhance the employee experience or make their job easier. Although employers do...
If you regularly use your personal vehicle for work, Mileage Allowance could help you save money and reduce your tax liability. What is Mileage Allowance? Mileage Allowance is a tax-free reimbursement for individuals who use their own vehicle for work-related...
In simple terms, “Plant and Machinery” refer to the essential tools, equipment and systems that a business needs to keep running smoothly. These assets are not just helpful for daily operations, they also offer businesses the opportunity to claim tax...
Making Tax Digital (MTD) is a government initiative to modernise the tax system by encouraging businesses, landlords and individuals to keep digital records and submit tax information using compatible software. The goal is to simplify tax compliance and ensure tax is...
The Spring Statement 2025, introduced by Chancellor Rachel Reeves, comes with a strong focus on fiscal discipline, economic growth and government reform. New Fiscal Rules At the heart of the Spring Statement 2025, are two key fiscal rules: Balancing the budget by...
The UK Budget is a financial statement presented by the Chancellor of the Exchequer. It outlines the government’s economic plans, including taxation and spending changes. The decisions made in the Budget influence the economy, determine the level of public...
Marginal Relief is a tax relief scheme that helps companies reduce their Corporation Tax bill if their profits fall between certain thresholds. Since 1st April 2023, the UK Corporation tax System has introduced a gradual increase in tax rates for businesses with...
Gambling is popular in the UK, and like many other industries, it is subject to taxation. Whether you run a casino, offer online betting or operate a bingo hall, you need to understand Gambling Duty as to avoid penalties. What is Gambling Duty? Gambling Duty is a...
From April 2025, changes to company size classifications will make financial reporting simpler for thousands of businesses. The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 updates the the turnover and Balance Sheet limits...
Companies prepare Statutory Accounts as official financial reports at the end of every financial year. These accounts are mandatory under UK law and follow specific accounting standards. They offer shareholders, investors and other stakeholders a complete view of a...
A Director’s Loan Account, commonly abbreviated to DLA, records the money a company director borrows or lends to the company. It covers transactions outside of salary, dividends or reimbursed expenses. How Does a Director’s Loan Account Work? When you take...
HMRC introduced the Property Income Allowance as a tax exemption, which allows individuals to earn up to £1,000 per year from property-related income without paying tax or reporting it to HMRC. This applies to income from: Renting out a driveway or parking space...
HMRC introduced the Trading Income Allowance as a tax exemption, which allows individuals to earn up to £1,000 per year from self-employment or casual trading income without paying tax or reporting it to HMRC. This applies to income from: Selling goods online (Etsy,...
