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The Government-backed Start-Up Loans scheme offers unsecured loans of £500 to £25,000 per person (up to £100,000 per business) to help entrepreneurs grow. With a fixed 6% interest rate and mentoring support, it's a great funding option for new businesses. Securing financing to start or grow a business is one of the most vital steps in ensuring success. Finding funding can often feel challenging, especially when traditional options like mainstream bank loans may not be available or come with strict conditions, such as requiring personal...

From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August following a child’s 16th Birthday. Under qualifying circumstances, the child benefit payment can continue until a child reaches their 20th birthday if they stay in approved education...

Businesses owing over £2.3 million in VAT annually must make advance payments on account. These are based on the previous year’s VAT liability and paid in instalments. Late payments incur penalties, but adjustments may be possible for fluctuating liabilities. The payments are usually based on the previous year’s VAT liability, and businesses are required to pay 1/24th of their estimated annual liability to HMRC by the last working day of the second and third months of the VAT quarter. For example, if your VAT quarter ends on 31 March, your...

Maintenance Payments Relief reduces Income Tax for those making court-ordered payments to an ex-spouse or civil partner. To qualify, one party must have been born before 6 April 1935. The relief is 10% of payments, up to £428 per year. To qualify for this relief, all of the following conditions must apply: Either you or your ex-spouse/civil partner must have been born before 6 April 1935. You must be paying maintenance under a court order after the relationship has ended. The payments must be for the maintenance of your ex-spouse or...

Self-employed individuals earning £12,570 or more annually must pay Class 4 National Insurance Contributions (NICs). For 2024-25, rates are 6% on profits up to £50,270 and 2% above this. Certain groups are exempt, and voluntary Class 2 NICs may be beneficial. Class 4 NIC rates for the tax year 2024-25 are 6% for chargeable profits between £12,570 and £50,270 plus 2% on any profits over £50,270. There are no changes to these rates for 2025-26. A number of categories of people are exempt from paying Class 4 NICs, these include: People under...

Group relief helps reduce the overall Corporation Tax of a group of companies by allowing them to share losses. For example, if a parent company has profits of £1,000 and its subsidiary has losses of £100, the group is treated as making £900 in total profits for tax purposes, instead of paying tax on the full £1,000. The group would then pay tax on the £900. Group relief lets one company transfer its losses to another company within the same group, but it doesn’t treat the group as a single entity for tax purposes. Each company remains a...

Flexible planning is essential for adapting to uncertainty, responding to challenges, and seizing new opportunities. The world is unpredictable, and rigid plans can quickly become outdated. Whether in business or personal life, flexibility ensures resilience and long-term success. Unexpected events such as economic shifts, technological advancements, or personal changes can derail strict plans. A flexible approach allows for quick adjustments without having to start over. Businesses, for instance, benefit from adapting to market trends or...

The Online Accounts and Company Tax Return (CATO) service is scheduled to close on 31 March 2026. ​ This service has enabled businesses to file their company accounts and tax returns simultaneously with both Companies House and HMRC. However, due to its outdated nature and misalignment with modern digital standards and recent changes in UK company law under the Economic Crime and Corporate Transparency Act (ECCT Act), the decision has been made to discontinue it.​ Key Actions for Businesses: Download Past Filings: It's advisable to...

1 April 2025 - Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 - PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025). 19 April 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2025. 19 April 2025 - CIS tax deducted for the month ended 5 April 2025 is payable by today. 30 April 2025 - 2023-24 tax returns filed after this date will be subject to an additional £10 per day late filing penalty for a maximum of...

A negligible value claim lets taxpayers declare an asset worthless for tax purposes, realising a capital loss without selling. This can be backdated up to two years, offering flexibility in managing tax liabilities. A negligible value claim is a claim made by a taxpayer when an asset they own has significantly decreased in value, essentially becoming worthless or worth next to nothing. In such a situation, the taxpayer may treat the asset as if it were disposed of even though the retain ownership. For a negligible value claim to be valid, the...