UHY Ross Brooke Chartered Accountants
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
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,
“I’m just selling my old clothes on Vinted. Do I need to pay tax?” Usually, no. If you are selling second hand clothes, shoes, toys, books or similar items that you originally bought for yourself, and you are simply getting rid of things you no longer want, HMRC generally does
HMRC released updated Advisory Fuel Rates (AFR) effective from 1 March 2026, and there are key changes you need to know to avoid unexpected tax hits. Staying aligned with these rates ensures that fuel reimbursements aren’t treated as taxable income, protecting both the business and the employee from unnecessary National