Incorporation Relief Formal Claim Changes
From 6 April 2026, Incorporation Relief (TCGA 1992, s.162) requires a mandatory formal claim via Self-Assessment, ending its automatic application for business transfers. Taxpayers must submit tax computations, transaction details, and the business type in the tax year of transfer to defer Capital Gains Tax (CGT) on asset transfers. Key Details on Formal Claim Process […]
How Easy is Registering a UK Company in 2026?
Many people assume creating a UK company is a straight forward and easy process. And, to a large extent it still is, especially when you compare to the compliance requirements with other countries such as Spain, Greece, Germany, UAE and so on. However, Companies House and HMRC are tightening their belt to introduce significant changes. […]
Procedures on Declaring Dividends for Owner Managed Companies
For owner managed companies, like those we represent, it becomes a grey area to understand the legal steps one must take to organise dividends from their company. For many clients, dividends are just those things that either you take charge of if you’re au faux with what drawings you want to take, or you lean […]
Making Tax Digital for Income Tax (MTD for IT)
Making Tax Digital for Income Tax (MTD for IT) is the next stage of modernisation for the UK tax system. Self-employed people will soon need to become compliant with MTD for IT rules and start filing income tax returns digitally. Who will be affected by MTD for IT? April 2026 – Self-employed people and landlords […]
Benefit in Kind Rates 2026/2027 & Reporting Changes to 2027/28 Tax Year
HMRC are implementing significant changes to how Benefits in Kind are reported and taxed. The UK’s mandatory Benefits in Kind (BIK) payrolling, requiring real-time reporting through payroll instead of year-end P11D forms, has been pushed back from April 2026 to April 2027, giving employers more time to prepare for this fundamental shift. This delay allows […]
Autumn Budget Response – 26 November 2025
Autumn Budget Response – 26 November 2025 The long awaited Autumn Budget took place yesterday, and for most of our clients (individuals and owner managed businesses) I highlight the key areas you need to be aware of, and my recommendations for what we can be doing about these changes. If you have any questions about […]
Deed of Trust & Form 17: Property Income Tax Planning
Joint property owners: Properties owned by more than one person, notably married couples and civil partners, may wish to apportion any related income to one particular person for efficient tax planning. For example a married couple, where one spouse earns £80,000 per year, and the second spouse only £15,000 per year. It may be advantageous […]
Construction Companies – Managing Project & Monthly Profitability
Construction Practical Realities Production of Management Accounts & Data for construction companies is highly complex because there are typically many projects on the go at one time, high volume of transactions, the timing of customer staged payments is different to the timing of bills, and quite often the invoicing dates are not aligned to the […]
Companies House ID Changes for Directors and Persons of Significant Control
Companies House Update Companies House are introducing more Anti Money Laundering stringent rules regarding the identity verification of Directors and Persons of Significant Control (‘PSCs’). This is for all new and existing persons within the company. Individuals Requiring Verification – Directors: All directors of UK companies, including existing directors, are required to verify their identity. […]
Most Employee perks will be reported and taxed outside P11Ds in the near future
The way benefits are taxed is changing and the value of your taxed benefits will soon begin to appear on your payslip. The current process: At the end of each tax year, your employer sends a declaration to HMRC called a P11d. This details the benefits provided to you throughout the tax year. HMRC then […]