Running a limited company comes with responsibilities and one of them is filing your Company Tax Return. You do this using the CT600. Knowing what this form is and how to submit it correctly can save you time and money. What is the CT600? The CT600 is the official...
Stamp Duty Land Tax is a tax you may need to pay when taking on leases in the UK. It can be a major expense, particularly for longer commercial leases or higher-value properties. What Stamp Duty Covers Stamp Duty applies to two elements of a lease: The Premium (the...
The government has opened a voluntary repayment window for people and businesses that received unentitled COVID support money. This is your final chance to repay what you owe. The window stays open until December 2025. Official Guidance: Covid repayment window opens...
Disallowable Expenses are a common source of confusion, but the rules are straightforward once you understand the basic principle. If a cost is not “Wholly and Exclusively” for business use, you cannot claim it. Claiming the wrong expenses can quickly lead...
A Dormant Company is a limited company that is officially registered with Companies House but is not currently carrying out any business activity or receiving income. Simply, the company is not trading and receiving absolutely no income. That means it is not: Selling...
When sending large sums of money to HMRC, many taxpayers only feel at ease once they confirm their payment has cleared. The good news is that checking whether HMRC has received your payment is simple. Who Needs to Pay Tax to HMRC? Not everyone needs to pay HMRC...
When you purchase equipment or other assets for your business, they naturally decrease in value over time due to wear and tear. Rather than claiming the full cost of an asset upfront, Writing Down Allowance spreads the tax relief over several years. Writing Down...
We understand that filing a Self Assessment can feel daunting. However, if you have an accountant, providing them with accurate information can make the completion of your tax return much easier and less stressful. Additionally, giving your accountant the information...
If you are VAT-registered in the UK, you must submit a VAT Return every quarter. This rule applies whether or not your business has traded during that period. When you have no VAT to report, you must file a “Nil Return”, also known as a Zero VAT Return....
A Confirmation Statement is an annual report that directors submit to Companies House. It confirms details about your business, such as: Registered office address Details of directors and shareholders Standard Industrial Classification (SIC) codes to describe business...
The 50% First-Year Allowance is a tax relief which should encourage business to invest in new assets. It allows them to deduct 50% of the cost of eligible Capital Expenditure in the year they purchase it. This immediate reduction can reduce your Corporation Tax bill...
If you have ever registered a company in the UK, you have likely come into contact with “SIC Codes”. But what actually are they and why do they matter to your business? What is a SIC Code? SIC Code stands for “Standard Industrial Classification...
Whether you are launching a freelance career or building a full-time business, the first step is to register as Self-Employed with HMRC. This makes sure you declare your income properly and that you meet all legal obligations. What Does It Mean to Be Self Employed?...
Incorporation Relief is a valuable tax break that allows business owners to delay paying Capital Gains Tax when they transfer their business into a limited company. Rather than facing an immediate tax bill on the capital gain made at the time of transfer, the tax...
If your business owns equipment, vehicles or other valuable items that last more than a year, understanding Depreciation will help you in the long run. What is Depreciation? Depreciation is the reduction in value of a business asset over time. This loss in value...
Cost of Goods Sold, also known as Cost of Sales and abbreviated to COGS, refers to the direct costs involved in producing goods or services sold by a business. What is Cost of Goods Sold? Cost of Goods Sold represents the expenses directly tied to producing a product...
Every business, regardless of size, needs to track its performance. One of the most effective ways to do this is with the Profit and Loss Statement (P&L), also known as an Income Statement. This document provides a summary of a business’s income and expenses...
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...
