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Reducing energy intensity is one of the most practical ways for small businesses to protect themselves from rising energy costs, particularly if global energy markets remain unstable because of the ongoing conflict involving Iran. Oil prices have already surged sharply due to disruption in key supply routes such as the Strait of Hormuz, raising concerns about higher inflation and energy bills worldwide. For many businesses, energy is a significant operating cost. Surveys suggest that two thirds of UK businesses spend between 5 per cent and 20...

The speed with which a business can achieve a return on investment is often just as important as the size of the return itself. When investments begin generating benefits quickly, the financial impact can be felt much sooner, improving cash flow and strengthening overall business resilience. In periods of economic uncertainty, including times when input costs such as energy, materials, or finance are rising, faster payback periods become particularly valuable. Projects that recover their costs quickly reduce risk because the business is...

Mandatory payrolling of benefits in kind (BiKs) and taxable employment expenses will be introduced from 6 April 2027. This represents a major change in reporting and means that for most benefits, the annual P11D form will no longer be required from the start of the 2027-28 tax year. The requirement to report Income Tax and Class 1A National Insurance on most BiKs through Real Time Information (RTI) was originally due to start on 6 April 2026 but has been delayed until 6 April 2027 to allow additional time for employers, payroll professionals,...

If you have paid too much tax to HMRC, you may be able to claim a tax refund. Overpayments can happen for several reasons, such as a change in employment, being placed on the wrong tax code or failing to claim certain allowances or expenses. The way you claim depends on your circumstances such as whether or not you complete a self-assessment tax return and how long ago the overpayment occurred. HMRC states that you may be eligible for a refund if you have overpaid tax on: Income from employment Job-related expenses (for example, working...

Reclaiming VAT on a self-build home project can significantly reduce the overall cost of building or converting your property. The VAT DIY Housebuilders Scheme is a special VAT scheme that allows private individuals to benefit from the same VAT advantages as professional property developers. Under this scheme, the qualifying construction costs of a new home and certain types of conversion work can effectively benefit from VAT zero-rating. This allows qualifying homeowners to reclaim the VAT paid on eligible building materials. A claim can be...

Bona vacantia is Latin term meaning “ownerless goods”. The bodies that deal with bona vacantia claims vary across the United Kingdom, but they all ultimately represent the Crown. Under company law, when a company is dissolved, any remaining rights or property automatically pass to the Crown as bona vacantia. This includes valid rights such as a tax refund from HMRC. However, if the company never had a genuine legal entitlement, for example, because a claim was fraudulent, then no right existed in the first place and nothing passes...

A person with significant control (PSC) is someone who owns or exercises significant influence over a company. They can also be referred to as a “beneficial owner”. Every UK company is required to identify its PSCs and register their details with Companies House. A company can have one or more PSCs. A PSC is someone who meets one or more of the “nature of control” conditions. A PSC is usually anyone who: has more than 25% shares or voting rights in your company can appoint or remove a majority of directors can...

There are special rules to prevent close companies, generally companies controlled by a small group of individuals, from allowing directors or shareholders to take money out of the company without paying the appropriate tax. Under CTA10/S455, if a close company makes a loan to participators (typically a shareholder, director or someone with significant influence) it can be liable to pay tax on that transaction. The S455 charge does not automatically make the loan a distribution or income for the recipient, but the company must account for the...

The Chancellor’s Spring Statement, presented to Parliament 3 March 2026, was packed with political content that has no real impact for UK taxpayers, business owners or employees. The substance of her presentation was a summary of the Office for Budget Responsibility (OBR) Economic and fiscal outlook released on the same date.Our summary that follows highlights the main points of the OBR statement and adds our reflections on the possible effects these plans will have on future UK taxation policy.It is also worth mentioning that if the present...

The National Minimum Wage (NMW) Act 1998 remains contentious, especially after the introduction of the NMW (Amendment) Regulations 2025, as it draws the legal line in the sand between employment and slavery, as highlighted by a recent case. The claimant was born in the Philippines in 1990 and travelled to the UAE in the employ of a diplomat and his family, after which she was relocated to London. Her three months of employment in the UK involved extreme exploitation, verbal abuse, threats and isolation, as she was effectively forced to work...