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The tax treatment of termination payments is governed by a detailed set of rules that determine how much is taxable and whether National Insurance contributions apply. The structure of a termination package can have a significant impact on the final
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Depending on your income and circumstances, you may need to register for self-assessment. This may be the case even if most of your income is taxed through PAYE. You will usually need to file a self-assessment tax return if you are self-employed as
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Your UK residence status affects how much tax you pay in the UK and, in particular, whether your foreign income and gains are subject to UK tax. In simple terms, UK residents are normally taxed on their worldwide income and gains, while
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Many homeowners assume that if a property has been their main residence at some point, any gain made on sale will automatically be free from Capital Gains Tax (CGT). Whilst in many cases, this is correct there are exceptions. For example, periods
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Making gifts during your lifetime can be an effective way to reduce the value of your estate for Inheritance Tax (IHT) purposes. One of the most commonly used exemptions is the annual exemption. This allows an individual to give away up to £3,000
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Businesses that lease cars often assume they can recover all of the VAT charged on car leasing payments. In practice, the rules are more limited. Where a business leases a qualifying car, HMRC normally only allows 50% of the VAT on the leasing
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Cyber security is no longer a concern limited to large corporations. Increasingly, smaller businesses are finding themselves targeted by phishing attacks, payment frauds and ransomware incidents, many of which are becoming more sophisticated through
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Many small business owners are already feeling the effects of rising staffing costs, tighter recruitment conditions and increased administration. Recent employment law changes are now adding further pressure, particularly for employers that do not
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Many taxpayers are surprised to learn that once their income exceeds £100,000, they can face an effective tax rate of 60%, although officially, no such rate appears to exist. This happens when the personal allowance (currently £12,570) is gradually
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1 June 2026 – Due date for corporation tax due for the year ended 31 August 2025. 19 June 2026 – PAYE and NIC deductions due for month ended 5 June 2026. (If you pay your tax electronically the due date is 22 June 2026). 19 June 2026 – Filing