UHY Ross Brooke Chartered Accountants
If you have been running a business for a while, maybe as a sole trader or in a partnership, you may have heard someone say, “You should incorporate”. Sometimes that is well-meaning advice, but is it true that incorporation is the smart move for all business owners? Let’s look at
Find the latest tax rates for 2026/27 in our useful summary, including those relevant to: Self employed Landlords Investment or pension income Company director or shareholder Company taxation and income tax employment benefits and expenses NICs for employees NICs for employers National living and minimum wage NICs for the self
The Academies Accounts Direction (AAD) 2025 to 26, issued by the Department for Education, outlines the financial reporting and disclosure requirements for academy trusts with year ends on 31 August 2026. While some updates may seem minor, several changes will affect how academy trusts prepare their statutory accounts and supporting
ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. By Tom Annat – Senior Tax Manager Who needs to complete an ATED return? Owners may need to complete an ATED return if their property: is a dwelling is in the
At one time, incorporating a business once profits reached a modest level was almost the default advice. Today, the conversation is more nuanced, and some existing company owners may even be asking themselves, “Do I still need a limited company?” The question may be prompted by rising tax bills caused
One of the most common questions about Making Tax Digital is what records HMRC requires you to keep. Under MTD for Income Tax, taxpayers must maintain digital records of income and expenses using compatible software. This applies to sole traders and landlords with gross combined income over £50,000, from April
Many people in employment or self-employment are interested in buying residential property, mainly as part of their long term wealth planning. In addition many consultants affected by the new off-payroll rules may be questioning whether they still need their company and what to do with the sum of money already
The Financial, Tax and Accounting Considerations of Starting a New Business With this handy reference guide to starting a business, you should be able to successfully handle many of the problems encountered in starting and running a business. Topics covered: Chapter 1 – Selecting a Legal Entity for Your Business
Mistakes in tax returns can result in substantial HMRC penalties and interest, especially if they occur over several years. Knowing the main issues and addressing them early helps maintain compliance and reduce risk of penalties. Common mistakes we see are missed deadlines, misunderstanding how the system works, missing income or
The traditional approach to remuneration for many owner-managed businesses has typically involved taking a low salary, with the balance of income paid as dividends. The main reason for this has been that dividends are not subject to National Insurance Contributions, which generally results in a lower overall tax cost. However,