To submit your Self Assessment accurately and avoid penalties, make sure you prepare:• all sources of income (salary, self-employment, dividends, rental income)• expenses (receipts, invoices)• bank statements• details of any tax reliefs Even small mistakes or missing income can lead to HMRC penalties or overpaying tax. Don’t risk your money — contact us today and…
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Tax inspections are a normal part of compliance monitoring by HMRC. In most cases, audits happen for 1. Errors or inconsistencies in PAYE, VAT or Corporation Tax returns. 2. High-risk industry or large cash transactions. 3. Suspected tax underreporting or incorrect expense claims. 4. Reports from third parties (employees, clients, partners). 5. Random compliance checks…
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If your income is £100,000–£125,140, you may fall into the 62% tax trap. This happens because your personal allowance (£12,570) starts to reduce: for every £2 you earn over £100,000, you lose £1 of your allowance. Combined with 40% income tax and 2% National Insurance, this raises your effective tax rate to 62% on additional…
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Under the new Companies House requirements, a company’s registered office must be real and suitable for receiving official correspondence. Using formal or “mass” addresses is no longer allowed. If the address does not comply, Companies House can change it or apply sanctions to the company. This creates the risk of missing important letters from HMRC…
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Following changes under the Economic Crime and Corporate Transparency Act 2023, Companies House now has real powers to influence businesses. The registrar can not only accept filings but also check them, reject suspicious submissions, and remove companies from the register (strike off). This means that any inaccuracies, false information, or violations can have serious consequences…
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Many company directors assume they can withdraw cash as dividends anytime. In reality, dividends can only be paid from profit (not cash in the bank), are taxable above £500, and must be properly recorded. Mistakes in this area are common and can lead to unexpected tax bills or compliance issues. Contact us today to make…
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Many business owners pay more tax than necessary without realising it. With the right structure, your tax position can be significantly improved. Paying yourself a salary, claiming all allowable expenses, and making use of capital allowances are some of the most effective ways to reduce your tax bill. However, these strategies must be applied correctly…
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From 6 April 2026, dividend tax rates in the UK are increasing, with the basic rate rising to 10.75% and the higher rate to 35.75%, while the tax-free dividend allowance remains at £500. These changes mean that taking income as dividends will become less tax-efficient for many company directors and business owners, making it important…
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Wondering why many entrepreneurs choose a Ltd? Here are the top five reasons:1. Tax efficiency – Directors can take a combination of salary and dividends, often resulting in lower taxes than operating as a sole trader.2. Protection of personal assets – Liability is limited to the company’s shares, keeping personal finances safe.3. Enhanced credibility –…
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New Style Jobseeker’s Allowance (JSA) is a UK government payment for people actively seeking work. It is based on National Insurance contributions and helps cover essential living costs. Payments are around £72 per week for under 25s and £92 for 25+, usually up to six months. Claimants must follow a Claimant Commitment and stay in…
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