Making Tax Digital for Income Tax is now in effect for many sole traders and landlords in the UK. From 6 April 2026, anyone with qualifying income over £50,000 must keep digital records and use compatible software to send updates to HMRC. You need to record your self-employment or property income and expenses digitally and […]
A new law for UK company directors is coming into effect under the Economic Crime and Corporate Transparency Act 2023, requiring all directors and other key company personnel to verify their identity from 2025. This change will affect company filings, compliance status, and legal obligations. If you’re a UK director or a Person with Significant Control (PSC), this article will show you exactly how to meet the requirements and avoid penalties.
If you’re self-employed or a landlord, a significant change is coming that will affect how you manage your taxes. Digital Tax Reporting for Income Tax Self-Assessment (MTD for ITSA) will change how you report your income and manage your tax obligations. The UK government’s goal is to simplify tax management by digitizing record-keeping and reporting
If you run a limited company or receive income from dividends, either through personal investments or as a shareholder in a UK company, it’s essential to understand how dividend tax works. In 2025, significant changes, including a reduced tax-free dividend allowance, have affected how much tax you might owe. This article breaks down what dividend
The Annual Tax on Enveloped Dwellings (ATED) is a UK tax applied to residential properties worth over £500,000 that are owned by companies, partnerships with corporate partners, or collective investment schemes. This tax aims to prevent the use of corporate structures to avoid certain taxes on high value residential properties. If your company owns such property, understanding ATED rules is important to staying compliant and avoiding penalties. In this article, we explain who must file, when to file, how the tax is calculated, and what reliefs and exemptions might be available.
National Insurance Contributions (NICs) are a key part of payroll costs for employers. Directors often face high NIC liabilities due to non-cash perks, known as Benefits in Kind (BIKs). These costs can add up quickly, especially with higher-value benefits. Fortunately, there are several strategies directors can use to reduce NIC costs on these benefits, improving
Benefit-in-Kind (BIK) tax applies to non-cash benefits employees receive from their employers, such as company cars or private medical insurance. These perks are considered additional income and are taxed accordingly. Understanding BIK rates helps employers and employees manage tax costs effectively. In this article, we will explain what BIK tax is, the BIK rates for
Company car benefits are a common perk for employees and directors in the UK, providing access to a vehicle for both business and personal use. While these schemes offer financial advantages and convenience, they also come with tax implications that need to be carefully considered. Understanding how company cars are taxed and what options are
