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Tax-Free Childcare: Are You Benefiting?

Tax-Free Childcare: Are You Benefiting?

HM Revenue and Customs (HMRC) have released their latest figures on the take-up of Tax-Free Childcare. For the 2024-25 tax year, almost 826,000 families saved up to £2,000 per child. During March 2025, 579,560 UK families used the scheme, a 16% increase on the number using the scheme in March 2024. What is Tax-Free...

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Bonus as Salary or Dividend?

Bonus as Salary or Dividend?

If you run your own company, you might have the option to take a bonus either as salary or as a dividend. But which one leaves you better off? The answer depends on several factors: how much profit your company has, your existing income, the current rates of tax and National Insurance, and whether...

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It’s P11D Season!

It’s P11D Season!

P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2024/25 need to be submitted by 6 July 2025. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses no longer need to...

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Holiday Lettings and Property

Holiday Lettings and Property

The Furnished Holiday Lettings (FHLs) regime was abolished on 6 April 2025. What does the abolition mean for your holiday letting property? The property will become part of either your main UK or overseas property business. This means that some of the beneficial tax rules that previously applied will no longer apply, such as:...

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MTD for Income Tax: Less Than a Year to Go

MTD for Income Tax: Less Than a Year to Go

If you’re a sole trader or landlord with annual income over £50,000, a major change is coming your way. From 6 April 2026, you may be required to keep digital business records and submit quarterly updates to HM Revenue and Customs (HMRC) under Making Tax Digital (MTD) for Income Tax. This is one of...

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Spring Budget Summary March 2025

Spring Budget Summary March 2025

Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support...

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Making Tax Digital (MTD) for Income Tax (IT)

Making Tax Digital (MTD) for Income Tax (IT)

What is MTD for IT? Making Tax Digital for Income Tax has been designed to increase the efficiency of the tax system.  It will require self-employed businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter using compatible software. It will be phased in from April 2026. For these...

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FRS 102 Lease Contracts

FRS 102 Lease Contracts

Introduction The Financial Reporting Council have amended Financial Reporting Standard 102 (‘FRS102’) to incorporate updated requirements when accounting for lease contracts (Section 20 of FRS102). There are minimal changes for lessors, so this article concentrates on the position of the lessee’s perspective, with the key objective being to introduce you to the forthcoming changes...

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Financial Reporting Standards 102

Financial Reporting Standards 102

Contract Revenue The Financial Reporting Council has amended Financial Reporting Standards 102 (‘FRS102’) and 105 (‘FRS105’) to incorporate updated requirements when accounting for contract revenue. This article considers the changes, with the key objective being to introduce you to the new requirements which are effective for accounting periods commencing on or after 1 January...

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