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# TH WARD

TAX ADVISORY AND COACHING SERVICES

## Sitemaps

- [XML Sitemap](https://thward.co.uk/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Blog](https://thward.co.uk/blog/) - Find out the latest news and insights from Chartered Tax Advisors TH Ward. Working with you to make the most of your business.
- [Are rising employment costs changing the way your business should grow?](https://thward.co.uk/2026/08/13/are-rising-employment-costs-changing-the-way-your-business-should-grow/) - For many small businesses, employing the right people is essential to success. However, recent surveys suggest that rising employment costs are causing many business owners to rethink their recruitment plans.Higher National Insurance costs, increases in the National Living Wage and wider employment obligations have all added to the overall cost of taking on staff. As
- [Could new late payment reforms improve your cash flow?](https://thward.co.uk/2026/08/12/could-new-late-payment-reforms-improve-your-cash-flow/) - Late payment has long been one of the greatest challenges facing small businesses. Many profitable businesses experience unnecessary financial pressure simply because customers take longer than agreed to settle their invoices. When cash is tied up in unpaid debts, it becomes harder to pay suppliers, invest in growth or even meet tax liabilities on time.The
- [Planning a Property Development? Tax Rules May Change](https://thward.co.uk/2026/08/06/planning-a-property-development-tax-rules-may-change/) - Before a property development even begins, significant costs are often incurred. Planning applications, architects' drawings, engineering reports, environmental surveys and legal advice can all generate substantial expenditure long before construction starts.HMRC has launched a consultation examining whether the current tax treatment of these pre-development costs remains appropriate and whether changes could help encourage investment.What are
- [Tax benefits of giving assets to charity](https://thward.co.uk/2026/08/05/tax-benefits-of-giving-assets-to-charity/) - Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advantages.If you donate land, property or shares to a UK charity, or sell them to a charity for less than their
- [Do you need to pay tax on money received from family?](https://thward.co.uk/2026/08/05/do-you-need-to-pay-tax-on-money-received-from-family/) - Receiving money from a family member can be a welcome source of financial support, but many people are unsure whether they need to pay tax on it. In most cases, the person receiving a gift does not pay Income Tax on money given by family. However, the gift could have Inheritance Tax implications for the
- [Tax Diary August/September 2026](https://thward.co.uk/2026/08/05/tax-diary-august-september-2026/) - 1 August 2026 - Due date for Corporation Tax due for the year ended 31 October 2025.19 August 2026 - PAYE and NIC deductions due for the month ended 5 August 2026. (If you pay electronically, the due date is 22 August 2026.)19 August 2026 - Filing deadline for the CIS300 monthly return for the
- [Is HMRC holding money that belongs to you?](https://thward.co.uk/2026/08/05/is-hmrc-holding-money-that-belongs-to-you/) - It is important to know if HMRC is holding money that belongs to you. For example, if you have paid too much tax to HMRC, you may be able to claim a tax refund (also known as a tax rebate). Overpayments can happen for a number of reasons, including changes in your employment, paying tax
- [Selling shares this year?](https://thward.co.uk/2026/08/05/selling-shares-this-year/) - If you are selling shares or other investments, you may incur Capital Gains Tax (CGT) on any profit, or 'gain', you make. You will need to work out your gain to determine if you need to pay tax, which depends on whether your total gains exceed your CGT allowance for the tax year. You usually pay
- [HMRC Plans Simpler Overseas Interest Tax Relief](https://thward.co.uk/2026/08/04/hmrc-plans-simpler-overseas-interest-tax-relief/) - Many UK businesses now borrow money from overseas lenders or form part of international business groups. Where interest is paid outside the UK, the tax rules can become surprisingly complicated. HMRC has now launched a consultation that could make one aspect of those rules much simpler.Why are the rules so complicated?In some circumstances, UK businesses
- [Is your business missing out on valuable R&D tax relief?](https://thward.co.uk/2026/07/30/is-your-business-missing-out-on-valuable-rd-tax-relief/) - Research and Development (R&D) tax relief has helped thousands of innovative UK businesses recover some of the costs of developing new products, improving processes and overcoming technical challenges. However, recent reports suggest that many genuine businesses are no longer making claims because they fear becoming caught up in HMRC's crackdown on abuse of the scheme.There
- [VAT cut on electricity bills](https://thward.co.uk/2026/07/28/vat-cut-on-electricity-bills/) - What it could mean for households and small businessesThe Government has announced that VAT on domestic electricity bills will be reduced from 5% to 0% from 1 October 2026 as part of its latest package of cost of living measures. The change is intended to reduce household energy costs ahead of the winter months and
- [Using AI in your business without creating unnecessary risk](https://thward.co.uk/2026/07/23/using-ai-in-your-business-without-creating-unnecessary-risk/) - Artificial intelligence is rapidly becoming part of everyday business. From drafting emails and analysing data to producing marketing content and improving customer service, AI offers exciting opportunities for businesses of every size.However, as recent guidance from the accountancy profession makes clear, adopting AI successfully requires more than simply choosing the latest software. Businesses also need
- [Thousands of taxpayers affected by HMRC State Pension error](https://thward.co.uk/2026/07/21/thousands-of-taxpayers-affected-by-hmrc-state-pension-error/) - If you complete a Self-Assessment tax return, or expect to do so in the coming months, it is worth taking a few minutes to check that the information HMRC holds about your State Pension is correct.HMRC has recently identified an issue affecting some taxpayers where the amount of State Pension included in tax calculations may
- [Companies House Tightens the Rules Again](https://thward.co.uk/2026/07/16/companies-house-tightens-the-rules-again/) - Companies House continues to introduce significant reforms that will change the way companies are administered in the UK. The changes are being implemented in stages following the Economic Crime and Corporate Transparency Act and are intended to improve the accuracy of the Companies House register, reduce opportunities for fraud and strengthen confidence in UK businesses.For
- [HMRC - Digital Future Is Taking Shape](https://thward.co.uk/2026/07/14/hmrc-digital-future-is-taking-shape/) - HMRC continues to modernise the UK's tax system, with a range of new digital services and improvements planned over the coming months. While Making Tax Digital has attracted considerable attention in recent years, it is only one part of a much broader programme of change. HMRC's long-term objective is to create a tax system that
- [July 2026 - One Of The Busiest Months In The Tax Calendar](https://thward.co.uk/2026/07/09/july-2026-one-of-the-busiest-months-in-the-tax-calendar/) - For many businesses and taxpayers, July is one of the busiest months of the year for tax compliance. Together with January, it is one of the two peak months for tax returns and payments, making it important to plan ahead and avoid unnecessary penalties or interest charges.The month begins with the deadline for submitting forms
- [Autumn Budget 2026 - What Could A Burnham Government Mean For Businesses?](https://thward.co.uk/2026/07/07/autumn-budget-2026-what-could-a-burnham-government-mean-for-businesses/) - The Autumn Budget 2026 is likely to be one of the most closely watched fiscal events for many years. With Andy Burnham widely expected to become Labour leader and Prime Minister before the Budget, businesses and taxpayers are naturally asking whether a change in leadership could result in a different economic agenda.Although it is impossible
- [Are you affected by the High Income Child Benefit Charge?](https://thward.co.uk/2026/07/06/are-you-affected-by-the-high-income-child-benefit-charge/) - Families claiming Child Benefit should be aware of the High Income Child Benefit Charge (HICBC), which can apply when one member of the household has a higher income.The charge applies where an individual has adjusted net income of more than £60,000 in a tax year and either they or their partner receives a Child Benefit
- [Can you claim R & D relief?](https://thward.co.uk/2026/07/06/can-you-claim-r-d-relief/) - Research and Development (R&D) tax relief is designed to support companies that invest in innovation and seek to make advances in science or technology. The scheme offers businesses the ability to invest in new technologies and scientific development in exchange for generous tax reliefs. However, not every project will qualify, and businesses should carefully consider
- [Salaried members of LLPs](https://thward.co.uk/2026/07/06/salaried-members-of-llps/) - Members of a Limited Liability Partnership (LLP) are normally treated as self-employed for tax purposes. However, special rules can apply where a member's terms of membership are more akin to the terms of an employee than a partner in a traditional partnership. These are known as salaried members.The legislation applies a three-part test. A member
- [Understanding dividend tax](https://thward.co.uk/2026/07/06/understanding-dividend-tax/) - Understanding dividend tax is important for anyone who receives income from shares in a company. Dividends are taxed differently from salary, pensions and other forms of income, with their own allowances and tax rates.For the 2026-27 tax year, individuals do not pay tax on dividend income that falls within their Personal Allowance of £12,570. In
- [Tax Diary July/August 2026](https://thward.co.uk/2026/07/06/tax-diary-july-august-2026/) - 1 July 2026 - Due date for corporation tax due for the year ended 30 September 2025. 6 July 2026 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs for 2025-26. 19 July 2026 - Pay Class 1A NICs for 2025-26 (by the 22 July 2026 if paid
- [Tips when seeking funding from your bank](https://thward.co.uk/2026/07/02/tips-when-seeking-funding-from-your-bank/) - At some point in the life of a business, additional funding may be needed to support growth, purchase equipment, recruit staff, invest in new premises or simply strengthen cash flow. While there are now many alternative finance providers, banks remain an important source of business funding for many organisations.Preparing thoroughly before approaching your bank can
- [Looking for overseas customers?](https://thward.co.uk/2026/06/30/looking-for-overseas-customers/) - Many UK businesses focus their sales efforts entirely on the domestic market, yet exporting can offer significant opportunities for growth, diversification and increased profitability. Advances in technology, online marketplaces and international logistics have made it easier than ever for businesses of all sizes to reach customers overseas.For some businesses, expanding into international markets could be
- [Funding Self-Assessment tax payments](https://thward.co.uk/2026/06/25/funding-self-assessment-tax-payments/) - For many taxpayers, the second Self-Assessment payment on account for the 2025-26 tax year falls due on 31 July 2026. While the January payment often receives most attention, the July instalment can arrive surprisingly quickly, particularly for business owners, landlords and self-employed individuals who have experienced fluctuating income or increased costs during the year.Planning ahead
- [Managing working capital](https://thward.co.uk/2026/06/23/managing-working-capital/) - Working capital is the difference between a business's current assets, such as cash, stock and money owed by customers, and its current liabilities, such as supplier invoices, taxes and other short-term debts. In simple terms, it measures a business's ability to meet its day-to-day financial obligations and continue operating smoothly.Why working capital mattersMany profitable businesses
- [Ready for the New Digital Tax Rules?](https://thward.co.uk/2026/06/18/ready-for-the-new-digital-tax-rules/) - While the government recently hit the pause button on those big Companies House changes until 2028, another massive digital shake-up is already here. As of April 2026, Making Tax Digital for Income Tax (MTD ITSA) is officially live for thousands of self-employed people and landlords across the UK.If your gross business or property income is
- [Companies House Filing Reforms Postponed to April 2028](https://thward.co.uk/2026/06/16/companies-house-filing-reforms-postponed-to-april-2028/) - What Smaller Businesses Need to KnowThe UK government has officially delayed major changes to small business and micro-entity accounts filing under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) from April 2027 to April 2028.This delay grants small businesses exactly one full accounting year and nine months of breathing room. However, directors must not
- [Coping with possible business rates increases](https://thward.co.uk/2026/06/11/coping-with-possible-business-rates-increases/) - Another rising cost for businessesMany business owners are continuing to face increasing financial pressure during 2026 and concerns over possible business rates increases are adding to the uncertainty.For retail businesses, hospitality operators, offices, workshops and many other commercial premises, business rates remain a significant fixed cost which can have a major impact on profitability and
- [Time for a summer health check?](https://thward.co.uk/2026/06/09/time-for-a-summer-health-check/) - A useful point to review your businessFor many businesses, summer provides a useful opportunity to pause and take stock before the pressures of the autumn trading period and the approach of the tax year end begin to dominate attention again.The first half of 2026 has brought continuing financial pressures for many owner-managed businesses. Rising employment
- [Warning issued over misleading Companies House payment requests](https://thward.co.uk/2026/06/04/warning-issued-over-misleading-companies-house-payment-requests/) - Businesses are being urged to remain alert after Companies House and the Intellectual Property Office (IPO) issued a joint warning about unsolicited payment requests and misleading invoices being sent to UK companies.According to the government announcement, some businesses are receiving letters and emails that appear official and request payment for services connected with Companies House
- [Recent uplift in mileage rates leaves motorists out of pocket](https://thward.co.uk/2026/06/03/recent-uplift-in-mileage-rates-leaves-motorists-out-of-pocket/) - For many years, employees and directors using their own cars for business journeys have relied on HMRC's approved mileage allowance rates as a simple way to recover motoring costs. However, despite the recent increase in the approved rate from 45p to 55p per mile from 6 April 2026, many motorists may still find themselves substantially
- [How dividends are taxed](https://thward.co.uk/2026/06/02/how-dividends-are-taxed/) - Dividends are taxed differently from other types of income, with separate allowances and tax rates that depend on your overall level of income. You do not pay tax on dividends that fall within your Personal Allowance (2026-27: £12,570), and there is also a separate tax-free dividend allowance of £500 each year. Any dividend income above
- [Tax-free gifts for Inheritance Tax purposes](https://thward.co.uk/2026/06/02/tax-free-gifts-for-inheritance-tax-purposes/) - Making gifts during your lifetime can be an effective way to reduce the value of your estate for Inheritance Tax (IHT) purposes.One of the most commonly used exemptions is the annual exemption. This allows an individual to give away up to £3,000 each tax year without the gift forming part of their estate for IHT
- [Verify your ID at Companies House](https://thward.co.uk/2026/06/02/verify-your-id-at-companies-house/) - Identity verification requirements at Companies House became a legal requirement for directors and people with significant control (PSCs) from 18 November 2025. This date marked the start of a 12-month transition period for identity verification. Companies House is introducing the new requirements on a phased basis and affected individuals are being contacted directly with guidance on
- [Increase in approved mileage rates](https://thward.co.uk/2026/06/02/increase-in-approved-mileage-rates/) - The Chancellor of the Exchequer, Rachel Reeves updated Parliament on 21 May 2026 on the Government's economic response to the war in Iran and the wider measures being taken to support households and businesses with rising cost pressures. One of the measures announced was an increase in approved mileage rates for those using their own
- [Tax Diary June/July 2026](https://thward.co.uk/2026/06/02/tax-diary-june-july-2026/) - 1 June 2026 - Due date for corporation tax due for the year ended 31 August 2025.19 June 2026 - PAYE and NIC deductions due for month ended 5 June 2026. (If you pay your tax electronically the due date is 22 June 2026).19 June 2026 - Filing deadline for the CIS300 monthly return for
- [Government moves to ease pressure from rising fuel costs](https://thward.co.uk/2026/05/28/government-moves-to-ease-pressure-from-rising-fuel-costs/) - The government has announced a package of measures intended to protect motorists and businesses from the recent rise in fuel costs, following growing concern over the impact higher oil prices may have on inflation, household finances and business operating costs.The measures include an extension of the existing 5 pence per litre fuel duty reduction, which
- [Preparing your Self-Assessment tax return early](https://thward.co.uk/2026/05/26/preparing-your-self-assessment-tax-return-early/) - Many taxpayers continue to leave their Self-Assessment tax return until the final weeks before the 31 January filing deadline. Unfortunately, delaying preparation often increases stress levels, creates unnecessary pressure and reduces the opportunity to plan effectively.Preparing your tax return earlier in the tax year can provide a number of practical and financial advantages.Know your tax
- [Could your business survive a cyber-attack?](https://thward.co.uk/2026/05/21/could-your-business-survive-a-cyber-attack/) - Cyber-crime is no longer a problem that affects only large corporations or international organisations. Increasingly, smaller businesses are being targeted because criminals often assume that security systems, staff training and internal controls may be weaker.For many businesses, the financial and operational consequences of a successful cyber-attack can be severe.A cyber incident can lead to loss
- [Business cash reserves under pressure](https://thward.co.uk/2026/05/19/business-cash-reserves-under-pressure/) - For many businesses, trading conditions remain difficult despite signs that inflationary pressures may be easing in some parts of the economy. A growing number of business owners are discovering that although sales may appear stable, cash reserves are steadily coming under pressure as operating costs continue to rise across multiple areas of the business.This issue
- [Future filing of company profit and loss accounts delayed](https://thward.co.uk/2026/05/14/future-filing-of-company-profit-and-loss-accounts-delayed/) - There has been considerable discussion over the past year regarding proposed changes to Companies House filing requirements, in particular the suggestion that small companies would be required to file a profit and loss account on the public record.Recent updates published on the GOV.UK website have now clarified the position. The proposed requirement has not been
- [What the Middle East conflict could mean for UK businesses](https://thward.co.uk/2026/05/12/what-the-middle-east-conflict-could-mean-for-uk-businesses/) - The ongoing conflict in Iran and the wider Middle East is beginning to have economic consequences that are likely to be felt by UK businesses over the coming months. While the situation remains uncertain, press commentary and early government signals provide a useful indication of how the impact may unfold and how policymakers may respond.Energy
- [Winter Fuel Payment scams - Beware](https://thward.co.uk/2026/05/07/winter-fuel-payment-scams-beware/) - Pensioners are being urged to stay vigilant for any Winter Fuel Payment scams. HMRC is starting to recover Winter Fuel Payments issued for winter 2025 from those earning over £35,000 a year. While the process will affect nearly two million people, most will see the repayment handled automatically through adjustments to their PAYE tax code
- [Chancellor seeks support from retail banks to drive growth](https://thward.co.uk/2026/05/07/chancellor-seeks-support-from-retail-banks-to-drive-growth/) - The recent announcement from Rachel Reeves highlights a clear shift in the government's economic approach, placing retail banks at the centre of efforts to stimulate growth and support households and businesses.In a meeting held on 22 April 2026, senior leaders from major UK banks, including Barclays, Lloyds, Santander, NatWest, Nationwide and HSBC, were brought together
- [How bonuses are taxed](https://thward.co.uk/2026/05/06/how-bonuses-are-taxed/) - Bonuses are treated as taxable earnings, so both employers and employees need to understand how they are taxed and reported.For cash bonuses (including vouchers that can be exchanged for cash), the rules are straightforward. The payment is added to an employee's normal salary and taxed through the Pay As You Earn (PAYE). This means employers
- [Tax relief when incorporating a business](https://thward.co.uk/2026/05/06/tax-relief-when-incorporating-a-business/) - When a sole trader or partnership transfers a business to a company, a chargeable gain may arise. This is calculated by reference to the market value of the business assets at the date of incorporation (including goodwill), compared with their original base cost. The resulting gain would ordinarily be subject to Capital Gains Tax.In many
- [Do you have a personal tax account yet?](https://thward.co.uk/2026/05/06/do-you-have-a-personal-tax-account-yet/) - Your Personal Tax Account (PTA) is an easy and secure way to manage your tax online. You can use it to check your tax code, claim a refund and update your details, all in one place, without needing to contact HMRC by phone or post.Every UK taxpayer has a PTA, but you will need to
- [Tax Diary May/June 2026](https://thward.co.uk/2026/05/06/tax-diary-may-june-2026/) - 1 May 2026 - Due date for corporation tax due for the year ended 30 July 2025. 19 May 2026 - PAYE and NIC deductions due for month ended 5 May 2026. (If you pay your tax electronically the due date is 22 May 2026). 19 May 2026 - Filing deadline for the CIS300 monthly return for
- [Child trust funds -  a forgotten opportunity for young adults](https://thward.co.uk/2026/05/05/child-trust-funds-a-forgotten-opportunity-for-young-adults/) - A recent initiative led by the Lucy Rigby is shining a light on a surprising issue, many young adults in the UK may be sitting on savings they do not even realise they have. The focus is on Child Trust Funds, long term, tax free savings accounts set up for children born between September 2002
- [New rules for letting property from May 2026](https://thward.co.uk/2026/04/30/new-rules-for-letting-property-from-may-2026/) - From 1 May 2026, the Renters' Rights Act introduces the most significant changes to private renting in England for many years. The reforms affect how landlords let property, manage tenants and bring tenancies to an end.For landlords and property investors, understanding these changes is essential to remain compliant and avoid penalties.Fixed term tenancies replaced by
- [Collecting slow paying debts](https://thward.co.uk/2026/04/28/collecting-slow-paying-debts/) - Late payment remains one of the most common causes of cash flow pressure for small businesses. Even profitable businesses can struggle if invoices are not paid on time. The good news is that there are several practical options available to improve collections, ranging from simple internal processes to more formal recovery action.Start with clear credit
- [Pensioners should beware of winter fuel payment scams](https://thward.co.uk/2026/04/23/pensioners-should-beware-of-winter-fuel-payment-scams/) - Recent government guidance has highlighted a growing risk of fraud linked to Winter Fuel Payments, with criminals attempting to exploit uncertainty around changes to eligibility and repayment arrangements. Pensioners are being encouraged to remain cautious if they receive unexpected communications claiming to be connected with the payment, particularly where personal or financial information is requested.Winter
- [Communicating price increases by strengthening perceived value](https://thward.co.uk/2026/04/21/communicating-price-increases-by-strengthening-perceived-value/) - Raising prices is rarely comfortable for business owners, yet it is often necessary to maintain margins as wages, materials, finance costs and energy bills rise. The difficulty is rarely the price itself. It is the customer's perception of whether the product or service is still worth the cost. A more effective approach than simply announcing
- [Making Tax Digital for landlords: what property investors need to do now](https://thward.co.uk/2026/04/20/making-tax-digital-for-landlords-what-property-investors-need-to-do-now/) - Making Tax Digital (MTD) has been wading into the everyday life of property investment for a while, but the changes are moving from theory to practice for many landlords. If you’re overseeing a portfolio or juggling a few buy-to-let properties, now is the moment to tighten the admin, align with HMRC’s digital expectations, and avoid
- [The marginal tax trap in 2026-27](https://thward.co.uk/2026/04/16/the-marginal-tax-trap-in-2026-27/) - For the 2026-27 tax year, individuals with income between £100,000 and £125,140 face an effective marginal income tax rate of 60%. This unusually high rate is not a separate tax band but arises because the personal allowance is gradually withdrawn once income exceeds £100,000.The personal allowance remains £12,570 for 2026-27 and continues to be withdrawn
- [New rights to sick pay and parental leave for millions of workers](https://thward.co.uk/2026/04/15/new-rights-to-sick-pay-and-parental-leave-for-millions-of-workers/) - The UK government has introduced significant employment law reforms that expand access to Statutory Sick Pay (SSP) and parental leave rights. These measures represent one of the most substantial updates to workplace protections in recent years and are intended to support employees facing illness or family responsibilities, while helping to create a more flexible and
- [£25,000 saved in one quick call!](https://thward.co.uk/2026/04/09/25000-saved-in-one-quick-call/) - I took a call from a worried man yesterday. A very worried man. He is busy selling a house and his solicitor rightly spotted that he might have an issue with capital gains tax because it has been rented in the past. If you sell a house that hasn’t always been your home there is
- [When does a hobby become a business](https://thward.co.uk/2026/04/09/when-does-a-hobby-become-a-business/) - Many people start an activity as a hobby, perhaps selling handmade goods online, offering occasional services, or generating small amounts of additional income from spare capacity. Over time, what begins as a leisure pursuit can evolve into something that looks increasingly commercial. This raises an important question, when does a hobby become a business for
- [Price gouging and the governments new response](https://thward.co.uk/2026/04/08/price-gouging-and-the-governments-new-response/) - Recent global instability, particularly tensions affecting oil and energy supply chains, has increased concerns about price gouging, where businesses take advantage of shortages or uncertainty to impose unjustified price increases. In response, the UK government has announced new measures intended to protect consumers and ensure markets continue to operate fairly.Price gouging generally occurs when businesses
- [Changes to reporting of BiKs](https://thward.co.uk/2026/04/07/changes-to-reporting-of-biks/) - 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
- [Tax allowances frozen for 2026-27](https://thward.co.uk/2026/04/07/tax-allowances-frozen-for-2026-27/) - It was confirmed as part of the Autumn Budget that the Income Tax thresholds will continue at their current levels for a further three years, extending the freeze until April 2031. This means that most tax allowances are to remain frozen for 2026-27 and beyond.As a result, the personal allowance will stay at £12,570, while
- [Companies House blunder](https://thward.co.uk/2026/04/07/companies-house-blunder/) - A Companies House blunder has raised concerns after a flaw in the WebFiling service briefly exposed sensitive company data. The issue, identified on 13 March 2026, meant that a logged-in user could potentially access and amend limited details of another company by carrying out a specific sequence of actions.Companies House has stated that this system
- [MTD for Income Tax - are you affected](https://thward.co.uk/2026/04/07/mtd-for-income-tax-are-you-affected/) - If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, now is the time to urgently see if you are affected. The Income Tax reporting requirements for some self-employed individuals and landlords will change significantly from 6 April 2026. MTD for Income Tax changes the traditional annual
- [Tax Diary April/May 2026](https://thward.co.uk/2026/04/07/tax-diary-april-may-2026/) - 1 April 2026 - Due date for corporation tax due for the year ended 30 June 2025.19 April 2026 - PAYE and NIC deductions due for month ended 5 April 2026 (If you pay your tax electronically the due date is 22 April 2026).19 April 2026 - Filing deadline for the CIS300 monthly return for
- [External business threats and how planning can help counter them](https://thward.co.uk/2026/04/02/external-business-threats-and-how-planning-can-help-counter-them/) - External risks can affect even well managed businesses. Many threats arise outside the control of business owners, yet they can have a significant impact on profitability, cash flow and long term stability. Economic change, regulatory developments, market disruption and supply chain pressures can all create uncertainty. Forward planning allows businesses to prepare for these risks
- [Happy Birthday TH Ward](https://thward.co.uk/2026/04/01/happy-birthday-th-ward/) - A year ago today I announced to the world I was setting up my own tax advisory firm. Well now TH Ward has been helping people with their taxes for a year! My team photo has two people in it at the moment. Thomas Wardle joined me and is busy working on his accountancy apprenticeship
- [The hardest part about MTD for landlords.](https://thward.co.uk/2026/03/31/the-hardest-part-about-mtd-for-landlords/) - When landlords in the UK start looking at software to handle Making Tax Digital (MTD) compliance, the landscape can feel like a maze. The market is crowded with products pitched for “accounts” or “trading businesses”—systems tuned to multi-user, VAT-heavy, or payroll-heavy operations. But many landlords need something more straightforward: a tool to track rental income
- [What the new HMRC website does not provide](https://thward.co.uk/2026/03/31/what-the-new-hmrc-website-does-not-provide/) - The launch of HMRC's Tax Confident website represents a clear attempt to simplify the UK tax system and help individuals better understand their obligations. The site is structured around real life situations such as starting work, running a small business, or approaching retirement, and aims to present tax concepts in plain English without technical jargon.While
- [Are you affected by and ready for MTD for Income Tax](https://thward.co.uk/2026/03/26/are-you-affected-by-and-ready-for-mtd-for-income-tax/) - Making Tax Digital for Income Tax is no longer a distant reform. From April 2026, next month, many sole traders and landlords will be required to comply with a new system of digital record keeping and quarterly reporting. The key question for many is simple. Are you affected, and are you ready?The rules will initially
- [Companies House glitch raises concerns over data integrity](https://thward.co.uk/2026/03/24/companies-house-glitch-raises-concerns-over-data-integrity/) - The recent disclosure of a software glitch at Companies House has raised important questions about the reliability and security of the UK's corporate register. For many business owners and advisers, this incident is a timely reminder that even core government systems are not immune from failure.The issue centred on a flaw within the WebFiling system,
- [Choosing the right sector when starting a new business](https://thward.co.uk/2026/03/19/choosing-the-right-sector-when-starting-a-new-business/) - Starting a business involves many decisions, but one of the most important is selecting the right sector. The most successful start-ups tend to occur where three factors align: the skills of the business owner, the amount of funding available, and the level of demand for the service or product being offered. When these elements are
- [The origins of Income Tax in the UK](https://thward.co.uk/2026/03/17/the-origins-of-income-tax-in-the-uk/) - Income tax is often viewed as a permanent feature of the UK tax system, but historically it began as a temporary wartime measure. Its origins lie at the end of the eighteenth century, when the British government faced the enormous cost of financing the war against Napoleonic France.The first modern income tax was introduced in
- [How a prolonged Iran war could affect the UK cost of living](https://thward.co.uk/2026/03/11/how-a-prolonged-iran-war-could-affect-the-uk-cost-of-living/) - The continuing conflict involving Iran has raised concerns about its potential impact on the global economy. While the fighting is taking place thousands of miles from the UK, events in the Middle East often have significant economic consequences around the world. If the conflict continues for an extended period, it could place renewed pressure on
- [Why UK businesses are accelerating their adoption of artificial intelligence](https://thward.co.uk/2026/03/05/why-uk-businesses-are-accelerating-their-adoption-of-artificial-intelligence/) - Artificial intelligence has moved from a future concept to a present day business issue, and over the past week it has been one of the most talked about topics among UK companies. What is driving this surge of interest is not just innovation, but a growing fear of being left behind.Many businesses now see AI
- [Spring Statement 2026](https://thward.co.uk/2026/03/04/spring-statement-2026/) - 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
- [Filling in NIC contribution gaps](https://thward.co.uk/2026/03/03/filling-in-nic-contribution-gaps/) - National Insurance credits can help qualifying applicants to fill contribution gaps in their National Insurance record. This can help taxpayers increase their number of qualifying National Insurance years, which may increase the number of benefits they are entitled to, such as the State Pension.This could happen if someone was:employed but had low earningsunemployed and were
- [HMRC reminder for self-employed and landlords](https://thward.co.uk/2026/03/03/hmrc-reminder-for-self-employed-and-landlords/) - If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, you should do so urgently. HMRC has issued a timely reminder that for many self-employed and landlords the way to report tax to HMRC will change significantly from 6 April 2026.MTD for Income Tax is a significant
- [Inheriting Additional State Pension](https://thward.co.uk/2026/03/03/inheriting-additional-state-pension/) - The Additional State Pension is only available to those who reached the state pension age before 6 April 2016 and are receiving the Old State Pension. The Additional State Pension is an extra amount of money paid on top of the basic Old State Pension.The Old State Pension is designed to provide individuals of state
- [Car and travel costs if self employed](https://thward.co.uk/2026/03/03/car-and-travel-costs-if-self-employed/) - If you are self-employed, it is important to understand which car and travel costs can be claimed.You can claim allowable business expenses for car, van, or travel costs, which reduce your taxable profit. Typical allowable costs include:Vehicle insuranceRepairs and servicingFuelParkingHire chargesVehicle tax and licence feesBreakdown coverTrain, bus, tram, air, and taxi faresHotel roomsMeals on overnight
- [Tax Diary March/April 2026](https://thward.co.uk/2026/03/03/tax-diary-march-april-2026/) - 1 March 2026 - Due date for Corporation Tax due for the year ended 31 May 2025.2 March 2026 - Self-Assessment tax for 2024-25 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2026, or an agreement has been reached with HMRC under their time to pay facility
- [Rising employment costs and the pressure on UK businesses](https://thward.co.uk/2026/03/03/rising-employment-costs-and-the-pressure-on-uk-businesses/) - Over the past week, one topic has dominated discussion among UK businesses, rising employment costs and the difficult decisions they are forcing on employers. This issue is particularly visible in the retail and hospitality sectors, but the underlying pressures apply across much of the economy.Employers are facing a combination of higher National Living Wage rates,
- [Government campaign highlights growing cyber risk for UK businesses](https://thward.co.uk/2026/02/26/government-campaign-highlights-growing-cyber-risk-for-uk-businesses/) - The UK Government has launched a new campaign urging businesses to strengthen their defences against cybercrime, reflecting growing concern about the scale and cost of online attacks on UK firms. The announcement, published on gov.uk this week, has attracted strong interest from business owners, particularly small and medium sized enterprises that may lack dedicated IT
- [Inflation falls to 3 per cent and what it means for interest rates](https://thward.co.uk/2026/02/24/inflation-falls-to-3-per-cent-and-what-it-means-for-interest-rates/) - Today the Office for National Statistics confirmed that UK inflation has fallen to 3.0 per cent in the year to January 2026, the lowest rate seen in about ten months and down from 3.4 per cent in December. This brings good news for households and businesses dealing with high costs, particularly as it follows a
- [Common MTD Mistakes Landlords Make and How to Avoid Them](https://thward.co.uk/2026/02/22/common-mtd-mistakes-landlords-make-and-how-to-avoid-them/) - For landlords, Making Tax Digital (MTD) promises a smoother, more efficient way to handle tax obligations. Yet the transition can be tricky, especially when you’re balancing tenancy administration with compliance. Learning from others’ missteps is a practical way to protect your bottom line and keep HMRC happy. This piece covers common MTD pitfalls, the consequences
- [Protecting cash flow in uncertain economic times](https://thward.co.uk/2026/02/19/protecting-cash-flow-in-uncertain-economic-times/) - Many UK businesses are trading through a period of prolonged economic uncertainty. Costs remain high, consumer confidence is fragile, and access to finance is tighter than it was only a few years ago. In this environment, protecting cash flow and maintaining adequate cash reserves has become more important than chasing short term growth or headline
- [Small business stress and government response](https://thward.co.uk/2026/02/17/small-business-stress-and-government-response/) - A UK parliamentary report has been widely covered this week warning that small firms are operating under pressures similar to those seen during the pandemic, but without equivalent support. The business and trade committee highlighted rising taxes, high energy costs, crime and chronic late payments as factors threatening the survival of many local firms, with
- [Waiting until the year end to plan tax often costs more than it saves](https://thward.co.uk/2026/02/12/waiting-until-the-year-end-to-plan-tax-often-costs-more-than-it-saves/) - Many business owners and individuals only think about tax when a deadline approaches or a tax bill arrives. While this is understandable, leaving tax planning until the last minute often limits the options available and can result in higher overall costs.Tax planning is most effective when it is forward-looking. Decisions made earlier in the year
- [Reviewing pension contributions before 5 April](https://thward.co.uk/2026/02/10/reviewing-pension-contributions-before-5-april/) - For many people, pensions are seen as something to think about later in life rather than as part of annual tax planning. In reality, reviewing pension contributions before the end of the tax year on 5 April can be one of the most effective ways to reduce a current tax bill while also strengthening long-term
- [Construction Industry Scheme - tackling fraud](https://thward.co.uk/2026/02/03/construction-industry-scheme-tackling-fraud/) - Tackling fraud in the Construction Industry Scheme (CIS) was one of the measures addressed in the recent Budget. The changes are intended to allow faster intervention where fraud is suspected, while also simplifying certain administrative aspects of the CIS.From 6 April 2026, HMRC will be able to act immediately where a business makes or receives
- [Are you ready for Making Tax Digital for Income Tax?](https://thward.co.uk/2026/02/03/are-you-ready-for-making-tax-digital-for-income-tax/) - Are you ready for Making Tax Digital for Income Tax (MTD for IT)? This new way of reporting will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000, now is the time to prepare for digital record keeping, quarterly updates and the new penalty system that will
- [Selling a second property?](https://thward.co.uk/2026/02/03/selling-a-second-property/) - CGT on certain UK residential property sales often has a strict 60-day reporting and payment deadline, so early planning can avoid penalties.If you are selling a second property, such as a buy-to-let or a former home that is no longer your main residence, CGT will usually apply. This is different from selling your main home,
- [Changes to Agricultural and Business Property Relief reforms](https://thward.co.uk/2026/02/03/changes-to-agricultural-and-business-property-relief-reforms/) - The government recently announced significant changes to the planned reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR). The threshold for 100% relief will be increased from £1 million to £2.5 million when the changes take effect from 6 April 2026. The change will be introduced via an amendment to the Finance Bill 2025 with
- [Tax Diary February/March 2026](https://thward.co.uk/2026/02/03/tax-diary-february-march-2026/) - 1 February 2026 - Due date for Corporation Tax payable for the year ended 30 April 2025.19 February 2026 - PAYE and NIC deductions due for month ended 5 February 2026. (If you pay your tax electronically the due date is 22 February 2026)19 February 2026 - Filing deadline for the CIS300 monthly return for
- [Proposed Changes to Google Search in UK](https://thward.co.uk/2026/02/03/proposed-changes-to-google-search-in-uk/) - The United Kingdom's competition regulator, the Competition and Markets Authority (CMA), has launched a public consultation on a package of measures aimed at improving how Google's search services operate in the UK. This follows the CMA's decision last October to designate Google as having strategic market status in search services, meaning that Google's dominance in
- [Growth package for British scaleups](https://thward.co.uk/2026/01/29/growth-package-for-british-scaleups/) - A recent GOV.UK news release highlights a clear shift in tone from government, with a stronger focus on helping British scaleups stay and grow in the UK, rather than being pushed overseas for funding, talent, or commercial support. The announcement, led by Business Secretary Peter Kyle, brings together a mix of finance, regulatory reform, and
- [Planning outcomes vs reacting to outcomes in business](https://thward.co.uk/2026/01/27/planning-outcomes-vs-reacting-to-outcomes-in-business/) - Most business owners do not set out to be reactive. It just happens. A customer needs something urgently, a staff member calls in sick, a supplier increases prices, a bank balance looks tighter than expected, and suddenly the day has gone. You have been "busy", but you have not moved the business forward in any
- [What Are The Most Difficult Business Decisions?](https://thward.co.uk/2026/01/22/what-are-the-most-difficult-business-decisions/) - Running a business is a steady stream of decisions, but some choices carry far more weight than others. The most difficult business decisions are usually the ones where there is no perfect answer, just trade-offs. They often involve risk, uncertainty, and a fear of getting it wrong.For many business owners, the hardest decisions are not
- [Purpose Of The Spring Statement On 3 March 2026](https://thward.co.uk/2026/01/20/purpose-of-the-spring-statement-on-3-march-2026/) - The Spring Statement on 3 March 2026 is best thought of as an official "state of the economy" update, rather than a full Budget. It is the point in the tax year when the Chancellor reports on how the UK economy and public finances are performing and confirms whether the government is still on track
- [What happened to empathy in the tax world?](https://thward.co.uk/2026/01/19/what-happened-to-empathy-in-the-tax-world/) - What a strange world we live in. I see a lot of posts online from landlords and others worrying about the incoming need to submit quarterly updates to HMRC under Making Tax Digital. Some of the responses remind me of those given to the clinically depressed - "Just be happy!" What do I mean? Well
- [What the workers rights reform bill means for UK employers](https://thward.co.uk/2026/01/14/what-the-workers-rights-reform-bill-means-for-uk-employers/) - The UK government has confirmed the revised terms of its wide-ranging workers' rights reform programme, now enacted through the Employment Rights Act 2025. Although some of the original proposals have been softened, the legislation still represents the most significant change to UK employment law in many years.For business owners and employers, the key issue is
- [How rising income can cost you valuable tax allowances and benefits](https://thward.co.uk/2026/01/13/how-rising-income-can-cost-you-valuable-tax-allowances-and-benefits/) - For many taxpayers, an increase in income feels like a straightforward positive. Higher earnings should mean more disposable income, even after paying a bit more tax. In practice, the UK tax and benefits system does not always work that way.There are a number of income thresholds built into the system where allowances and state benefits
- [HMRC names finalists in drive to close the tax gap](https://thward.co.uk/2026/01/08/hmrc-names-finalists-in-drive-to-close-the-tax-gap/) - In December 2025, HM Revenue and Customs announced the finalists in a competition aimed at helping close the UK tax gap. The initiative forms part of HMRC's wider effort to modernise tax administration and improve its ability to identify and address deliberate tax evasion. The announcement signals a growing reliance on external innovation and data
- [Government changes course on inheritance tax reliefs](https://thward.co.uk/2026/01/06/government-changes-course-on-inheritance-tax-reliefs/) - In late 2025 the government confirmed a significant change of direction on inheritance tax reliefs for farmers and family owned businesses. Following sustained criticism of earlier proposals, ministers announced an increase in the threshold at which full inheritance tax relief applies to qualifying agricultural and business assets. The move has been widely described as an
- [Construction Industry Scheme changes](https://thward.co.uk/2026/01/04/construction-industry-scheme-changes/) - As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS).From 6 April 2026, HMRC will be able to take immediate action where a business makes or receives a payment that it knew, or should have known, was connected to fraud. In these circumstances, HMRC will have the
- [Selling your UK home and living abroad](https://thward.co.uk/2026/01/04/selling-your-uk-home-and-living-abroad/) - If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any gain made since 5 April 2015. Only the portion of the gain made after 5 April 2015 is liable for tax. One of the most commonly used and valuable exemptions from CGT is Private Residence
- [VCT and EIS changes](https://thward.co.uk/2026/01/04/vct-and-eis-changes/) - The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities.The Venture Capital Trusts (VCT) and Enterprise Investment Scheme (EIS) are designed to encourage private investment into trading companies. Both schemes help support business growth while at the
- [Less than 1 month to self-assessment filing deadline](https://thward.co.uk/2026/01/04/less-than-1-month-to-self-assessment-filing-deadline/) - There is now less than 1 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We urge our readers who have not yet completed and filed their 2024-25 tax return to file as soon as possible to avoid the stress of last-minute preparations as the 31 January 2026 deadline fast approaches.You should also
- [Tax Diary January/February 2026](https://thward.co.uk/2026/01/04/tax-diary-january-february-2026/) - 1 January 2026 - Due date for Corporation Tax due for the year ended 31 March 202519 January 2026 - PAYE and NIC deductions due for month ended 5 January 2026. (If you pay your tax electronically the due date is 22 January 2026).19 January 2026 - Filing deadline for the CIS300 monthly return for
- [HMRC offers time to help pay your tax bill](https://thward.co.uk/2025/12/24/hmrc-offers-time-to-help-pay-your-tax-bill/) - HM Revenue and Customs (HMRC) has recently issued a timely reminder about the support available to taxpayers as the Self-Assessment deadline nears. With 31 January 2026 fast approaching, many businesses, sole traders and individuals are understandably starting to feel the pressure of meeting their tax obligations. To help manage this, HMRC is highlighting the Time
- [Key issues emerging for businesses following the recent Budget](https://thward.co.uk/2025/12/24/key-issues-emerging-for-businesses-following-the-recent-budget/) - The recent Budget may not have delivered many dramatic headline changes, but as the detail settles, a number of important themes are beginning to emerge. Conversations with business owners suggest that concern is less about any single announcement and more about the combined effect of rising costs, higher personal tax exposure and increasing administrative demands.These
- [Reconstructing associated companies into a group structure](https://thward.co.uk/2025/12/18/reconstructing-associated-companies-into-a-group-structure/) - Many business owners reach a point where they begin to question whether the way their companies are arranged still suits their ambitions. Separate trading entities might have grown organically, acquisitions may have been made along the way or activities may have been kept apart for practical reasons. Over time, these associated companies can become difficult
- [Unused pension funds and death benefits](https://thward.co.uk/2025/12/16/unused-pension-funds-and-death-benefits/) - What the 2027 IHT change meansFrom 6 April 2027, the rules for passing on pensions after death will change in a way that affects many families. Under the government's reforms, most unused pension pots and pension scheme death benefits will be brought into the scope of Inheritance Tax, IHT. This represents a major restructuring of
- [Points of view - the Mansions Tax](https://thward.co.uk/2025/12/12/points-of-view-the-mansions-tax/) - The proposed council tax surcharge on high value homes, due from April 2028, has triggered a lively and sometimes sharp response across the press. While the headlines have focused on the "mansion tax" label, the underlying commentary has been more nuanced, splitting broadly into three camps: those who see it as a modest step towards
- [Recent changes to the bank guarantee scheme](https://thward.co.uk/2025/12/11/recent-changes-to-the-bank-guarantee-scheme/) - From 1 December 2025 the UK deposit protection rules will shift in a way that will matter for many savers, especially those holding larger balances or receiving significant one-off payments. The Financial Services Compensation Scheme is increasing the maximum protection for eligible deposits held with UK banks, building societies and credit unions. The long-standing limit
- [What can we learn from Copernicus and Galileo on property tax planning?](https://thward.co.uk/2025/12/10/what-can-we-learn-from-copernicus-and-galileo-on-property-tax-planning/) - Copernicus was a thought leader. Way ahead of his time. He figured out that earth wasn’t the centre of the universe. He died in 1543. 21 years later Galileo was born and figured out Copernicus was right. He was ultimately placed under house arrest and forced to deny his beliefs under threat of torture. Now
- [Why should you use a chartered tax advisor to help with you tax?](https://thward.co.uk/2025/12/09/why-should-you-use-a-chartered-tax-advisor-to-help-with-you-tax/) - Tax planning isn’t just about dodging bills at April. For many professionals and business owners, it shapes cash flow, investment capacity, and even the way you structure a property portfolio. Landlords, in particular, face a shifting landscape of allowances, reliefs, and compliance duties that can quietly erode returns if you don’t navigate them carefully. A
- [Tax Diary December 2025/January 2026](https://thward.co.uk/2025/12/04/tax-diary-december-2025-january-2026/) - 1 December 2025 - Due date for Corporation Tax payable for the year ended 28 February 2025.19 December 2025 - PAYE and NIC deductions due for month ended 5 December 2025. (If you pay your tax electronically the due date is 22 December 2025).19 December 2025 - Filing deadline for the CIS300 monthly return for
- [Do not  Sack Your Spell Checker](https://thward.co.uk/2025/12/04/do-not-sack-your-spell-checker/) - Artificial intelligence (AI) writing tools, such as ChatGPT, Gemini, and Claude, have become extremely popular. They can create emails, write marketing content, and debug code quickly. Many people think these tools could replace traditional editing tools. A spell checker, once a key part of word processors, might seem unnecessary now that AI can rewrite a
- [Autumn Budget 2025 - Personal Tax changes](https://thward.co.uk/2025/12/03/autumn-budget-2025-personal-tax-changes/) - The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained at their current levels for a further three years until April 2031. This will see the personal tax allowance frozen at £12,570 through to April 2031 across the UK. In addition, the higher rate threshold
- [Autumn Budget 2025 - Minimum Wage increases](https://thward.co.uk/2025/12/03/autumn-budget-2025-minimum-wage-increases/) - The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget. The Chancellor confirmed that the government has accepted in full the proposals of the Low Pay Commission (LPC) for increasing minimum wage rates from 1 April 2026.The National Living Wage (NLW) rate will increase from
- [Autumn Budget 2025 -  Pension changes](https://thward.co.uk/2025/12/03/autumn-budget-2025-pension-changes/) - The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that will apply from April 2029.There had been heated speculation that the Chancellor would change the pension rules to help the government raise taxes, but no changes were announced to the annual allowance (which remains at £60,000) or
- [What is a demerger?](https://thward.co.uk/2025/12/03/what-is-a-demerger/) - A demerger involves splitting the trading activities of a single company or group into two or more independent entities. This can be facilitated by distributing the assets of a holding company to its shareholders.There are special statutory demerger provisions that are designed to make it easier to divide and put into separate corporate ownership the trading
- [Seizing the Moment](https://thward.co.uk/2025/12/02/seizing-the-moment/) - The Chancellor's Autumn Budget, delivered on November 26, 2025, sets the stage for a period of considerable fiscal change over the coming years. While headline income tax rates on earned income remain unchanged for now, the extensions of existing tax threshold freezes, and the introduction of targeted tax increases elsewhere, amount to a significant tax-raising
- [Autumn Budget Report 2025](https://thward.co.uk/2025/11/27/autumn-budget-report-2025/) - The degree of speculation about this year's Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their report on Budget changes prior to Rachel Reeves announcements to Parliament.However, there are to be no changes to the main rates of Income Tax, NIC and VAT that affect wage earners across the UK, but
- [Why long term planning makes sense](https://thward.co.uk/2025/11/25/why-long-term-planning-makes-sense/) - Most business decisions are shaped by the pressure of the moment. Cash flow, deadlines, staffing changes, and new opportunities often push long term questions to one side. Yet the most resilient businesses tend to be those that step back and take a wider view. Long term planning is not an abstract exercise. It is a
- [Why the new Companies House verification rules matter to your business](https://thward.co.uk/2025/11/24/why-the-new-companies-house-verification-rules-matter-to-your-business/) - From 18 November 2025, Companies House introduced major identity verification requirements for all company directors and people with significant control. This is part of a wider shift towards greater corporate transparency and a stronger response to economic crime. The changes may appear administrative at first glance, but they carry real implications for businesses of all
- [How AI can help small business owners work smarter](https://thward.co.uk/2025/11/20/how-ai-can-help-small-business-owners-work-smarter/) - Artificial intelligence has moved rapidly from being a futuristic idea to an everyday business tool. For small firms, AI now offers genuine, low-cost benefits that save time, reduce stress, and improve decision-making. Many of these tools are already built into accounting, marketing, and communication systems that businesses use daily.Below are ten practical ways AI can
- [How would an increase in Income Tax affect me?](https://thward.co.uk/2025/11/18/how-would-an-increase-in-income-tax-affect-me/) - There is growing speculation that the Chancellor may soon raise the basic rate of Income Tax from 20% to 22%. At the same time, it is thought that a corresponding 2% cut in employee National Insurance contributions could be introduced. Together, these changes would shift how the overall tax burden is shared, particularly between working
- [What do you want? When do you want it?](https://thward.co.uk/2025/11/14/what-do-you-want-when-do-you-want-it/) - If you follow me you are probably quite on the ball with all things finance. Even if you are not then you’re probably a UK citizen of voting age. On that basis your opinion on things matters. With the budget coming up it’s reasonably to ask what people are hoping for from it. I
- [That sinking feeling.](https://thward.co.uk/2025/11/13/that-sinking-feeling/) - So what can we learn from the Downing Street pantomime in so far as taxes? Well first things first Starmer strongly denied authorising the briefing against his colleagues. The fact they happened means he either lied or they did it against his wishes. Neither is a good look for someone trying to portray being in
- [Advice as an Investment - Not a Cost](https://thward.co.uk/2025/11/13/advice-as-an-investment-not-a-cost/) - There is a common hesitation that many business owners and individuals experience when considering professional advice. People often look at the fee first and think of it simply as an expense. However, when advice is viewed only through the lens of cost, the real value can be overlooked. Good advice is an investment. It is
- [Rachel Reeves Recent Speech - 4 November 2025](https://thward.co.uk/2025/11/11/rachel-reeves-recent-speech-4-november-2025/) - And what it may mean for tax planning and business decision makingRachel Reeves' recent speech has provided a clear indication of the Government's direction on economic management, taxation, and public investment. While the next Budget will be needed to confirm specific measures, it is already possible to see the themes that are likely to shape
- [Tax up, national insurance down](https://thward.co.uk/2025/11/11/tax-up-national-insurance-down/) - So, the promise to workers was that tax would not go up. The problem is the “hole” is getting bigger and as a result money has to come in. We all know workers can earn anything from apprentice rates to seven figures but Labour seem to have decided that workers don’t earn too much. Harder/better/luckier
- [Winter Fuel Payments for the 2025-26 winter period](https://thward.co.uk/2025/11/06/winter-fuel-payments-for-the-2025-26-winter-period/) - The Winter Fuel Payment is a familiar part of the support many older people receive each year. It is designed to help with heating costs over the colder months and is paid as a tax-free lump sum. However, the rules have changed in recent years, and the payment is no longer a universal benefit. It
- [Have you verified your ID at Companies House?](https://thward.co.uk/2025/11/04/have-you-verified-your-id-at-companies-house/) - From 18 November 2025, all company directors and people with significant control (PSCs) will be legally required to verify their identity at Companies House. This verification is being phased in over 12 months and Companies House is contacting companies directly with guidance regarding what needs to be done and by when.These changes are intended to help
- [Claiming 4 years Foreign Income and Gains relief](https://thward.co.uk/2025/11/04/claiming-4-years-foreign-income-and-gains-relief/) - The remittance basis of taxation for non-UK domiciled individuals (non-doms) was replaced with the new Foreign Income and Gains (FIG) regime from April 2025. This new regime is based on tax residence rather than domicile. Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC, regardless of whether
- [Check if you can cash in a Child Trust Fund](https://thward.co.uk/2025/11/04/check-if-you-can-cash-in-a-child-trust-fund/) - HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 758,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be around £2,240.Anyone who turned 18
- [Heads up for company directors](https://thward.co.uk/2025/11/04/heads-up-for-company-directors/) - As of April 2025, directors of close companies and self-employed taxpayers face new mandatory reporting requirements on their Self-Assessment returns.Up to 900,000 company directors and 1.2 million taxpayers carrying on a trade will be impacted by new rules that require them to provide more information when filing their 2025-26 self-assessment returns.Legislation has been enacted that
- [Tax Diary November/December 2025](https://thward.co.uk/2025/11/04/tax-diary-november-december-2025/) - 1 November 2025 - Due date for Corporation Tax due for the year ended 31 January 2025.19 November 2025 - PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 2025.)19 November 2025 - Filing deadline for the CIS300 monthly return for
- [I have a partnership, what now?](https://thward.co.uk/2025/11/04/i-have-a-partnership-what-now/) - I spoke with a lady today who said she is on the way to incorporating her property portfolio via a partnership. She said all was fine and underway but wanted to chat about it after a referral from a mortgage broker who said it looked like she needed some help. There was a lot to
- [Why it is important to have a Will](https://thward.co.uk/2025/11/04/why-it-is-important-to-have-a-will/) - Many people put off writing a Will. It is easy to understand why. It feels like planning for something that is hopefully far away, and it can feel uncomfortable to think about what will happen after we are no longer here. Yet having a Will in place is one of the most considerate and practical
- [What is a Family Investment Company?](https://thward.co.uk/2025/10/30/what-is-a-family-investment-company/) - A Family Investment Company (FIC) is a private limited company that is structured and run to hold, manage and grow family wealth in a controlled, tax-efficient way. It has become increasingly popular in the UK as an alternative to using trusts, especially since tax rules around trusts have tightened in recent years.Here's how it works
- [Autumn Budget recent speculation](https://thward.co.uk/2025/10/28/autumn-budget-recent-speculation/) - With the Autumn Budget due on 26 November 2025, speculation is mounting about which taxes could rise and where the Chancellor might look for extra revenue. After ruling out increases in the main rates of income tax, National Insurance and VAT, attention is shifting to the so-called "stealth" areas of the tax system, the ones
- [Beware Winter Fuel Payment Scams](https://thward.co.uk/2025/10/23/beware-winter-fuel-payment-scams/) - With colder days on the horizon, many pensioners will soon receive their Winter Fuel Payment, a vital support when heating bills start to rise. But as that help rolls out, fraudsters are ramping up efforts to exploit it. Recent data shows scam referrals have leapt by a staggering 153 per cent over the last week
- [Beat the Budget, what to do before November](https://thward.co.uk/2025/10/21/beat-the-budget-what-to-do-before-november/) - The Chancellor's Autumn Budget is only weeks away, and there is growing speculation that key tax reliefs and allowances could soon be reduced or restricted. Reports suggest that higher-rate pension relief, capital gains tax rates and dividend allowances may all come under review.For business owners and higher-rate taxpayers, this could be a good time to
- [The benefits of effective succession planning](https://thward.co.uk/2025/10/16/the-benefits-of-effective-succession-planning/) - For many business owners and high value individuals, protecting family wealth is as important as creating it. Succession planning, deciding how ownership and control will pass on to the next generation, is no longer just a matter for the future. With possible changes ahead to inheritance tax (IHT) and Business Property Relief (BPR), this is
- [Managing debt and making cash work harder](https://thward.co.uk/2025/10/15/managing-debt-and-making-cash-work-harder/) - Interest rates have now settled at levels many business owners and investors have not seen for over a decade. Even if the Bank of England begins to trim the base rate later this year, most commentators expect the cost of borrowing to remain well above the ultra-low rates of the past. That means every small
- [The basics of double entry bookkeeping](https://thward.co.uk/2025/10/08/the-basics-of-double-entry-bookkeeping/) - Even the most advanced accounting software is built on a principle that has stood the test of time: double entry bookkeeping. First described more than 500 years ago, it remains the foundation of every set of accounts today. For business owners, understanding the basics can make reports and figures much easier to follow.What is double
- [Steps to take before working with a new customer](https://thward.co.uk/2025/10/07/steps-to-take-before-working-with-a-new-customer/) - Winning new business is always positive, but before you commit to a new customer it is wise to carry out some checks. A little time spent at the start can save trouble later if the customer is unable, or unwilling, to pay. We often advise business owners to put a simple process in place for
- [Lower business rates for retail for hospitality and leisure](https://thward.co.uk/2025/10/01/lower-business-rates-for-retail-for-hospitality-and-leisure/) - The government has announced permanent changes to business rates that will benefit thousands of small firms in the retail, hospitality and leisure sectors. From April 2026, qualifying businesses will see their bills reduced, with some enjoying discounts of up to 40%.What has changed?Business rates have long been a concern for high street shops, restaurants, pubs,
- [Companies House ID verification - what you need to know](https://thward.co.uk/2025/09/30/companies-house-id-verification-what-you-need-to-know/) - A reminder that big changes are coming to the way company directors and people involved in running companies deal with Companies House. From late 2025, most directors, people with significant control (PSCs), and those filing on behalf of companies will need to have their identity formally verified. If you have not yet completed this process,
- [Two important 2025 self-assessment deadlines](https://thward.co.uk/2025/09/30/two-important-2025-self-assessment-deadlines/) - Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early to avoid penalties.Firstly, the deadline for submitting paper self-assessment tax returns is 31 October 2025. If you miss this deadline a £100 late filing penalty will usually apply, even if no tax is due, or
- [Who needs to register for anti-money laundering supervision](https://thward.co.uk/2025/09/30/who-needs-to-register-for-anti-money-laundering-supervision/) - If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory authority to ensure compliance. This article outlines who needs to register with HMRC for anti-money laundering (AML) supervision.Your business must be registered with a supervisory authority if it operates in a sector covered by the
- [Budget date announced](https://thward.co.uk/2025/09/30/budget-date-announced/) - The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor's speech in November.HM Treasury
- [What counts as working time for minimum wage purposes](https://thward.co.uk/2025/09/30/what-counts-as-working-time-for-minimum-wage-purposes/) - Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is
- [Tax Diary October/November 2025](https://thward.co.uk/2025/09/30/tax-diary-october-november-2025/) - 1 October 2025 - Due date for Corporation Tax due for the year ended 31 December 2024. 19 October 2025 - PAYE and NIC deductions due for month ended 5 October 2025. (If you pay your tax electronically the due date is 22 October 2025.) 19 October 2025 - Filing deadline for the CIS300 monthly return for
- [Making Tax Digital for Income Tax -  preparing now](https://thward.co.uk/2025/09/25/making-tax-digital-for-income-tax-preparing-now/) - The government's Making Tax Digital (MTD) programme is set to expand in April 2026, and it will affect many landlords and sole traders. From that date, anyone with annual business or property income above £50,000 will need to comply with the new rules.Although April 2026 may sound distant, the changes are significant, and the steps
- [What a UK wealth tax could look like](https://thward.co.uk/2025/09/23/what-a-uk-wealth-tax-could-look-like/) - The idea of a wealth tax often makes the headlines, especially when governments look for new ways to raise revenue and address inequality. While the UK does not currently have a wealth tax, the subject has been widely debated, and several countries already operate versions of this type of levy. So, what would a wealth
- [Why business owners should prioritise their own remuneration](https://thward.co.uk/2025/09/18/why-business-owners-should-prioritise-their-own-remuneration/) - It is common for small business owners to put themselves at the back of the queue when it comes to pay. Staff are paid, suppliers are paid, tax bills are covered, and then, if anything remains, the owner may take a share. At first glance this may feel responsible and even admirable. However, there are
- [Companies House WebFilin  - moving to GOV.UK One Login](https://thward.co.uk/2025/09/16/companies-house-webfilin-moving-to-gov-uk-one-login/) - From 13 October 2025, the way you log into Companies House WebFiling is changing. You will need to use GOV.UK One Login to access your WebFiling account. This means that the old style logins will no longer work. When you next try to sign in after that date, you will be prompted to link your
- [What new employers need to do when employing staff for the first time](https://thward.co.uk/2025/09/12/what-new-employers-need-to-do-when-employing-staff-for-the-first-time/) - Taking on your first employee is a big step for any business. It can bring exciting opportunities for growth, but it also comes with important legal and administrative responsibilities. Getting things right at the start will save time, reduce risk and help you build a strong foundation as an employer.Registering as an employerBefore you pay
- [Thoughts on pricing quarterly updates under Making Tax Digital](https://thward.co.uk/2025/09/10/thoughts-on-pricing-quarterly-updates-under-making-tax-digital/) - I saw a question about MTD (making tax digital) today. The whole profession has been wondering how to charge for all of the additional work while at the same time all of our clients seem to be under the impression that there won't be any more work to do. I love a good analogy so let's
- [Stay on Top of Your Business Rates](https://thward.co.uk/2025/09/09/stay-on-top-of-your-business-rates/) - As a business owner, you might already know that your property's rateable value underpins how much you'll pay in business rates, a recurring cost no one loves. But here's a timely heads-up from the Valuation Office Agency (VOA): the next revaluation is coming, and now's the best time to get plugged in. The VOA importantly
- [Ten fiscal goals to future safe your small business](https://thward.co.uk/2025/09/04/ten-fiscal-goals-to-future-safe-your-small-business/) - A strong business is built on habits, not hope. The following ten goals work as a practical checklist you can revisit each quarter. Keep them simple, measure progress, and improve a little each month.Protect cash flowRun a 13 week rolling cash flow forecast and update it weekly. Watch debtor days and supplier terms and match
- [Homebuyers warning](https://thward.co.uk/2025/09/02/homebuyers-warning/) - Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax bills and penalties.HMRC has issued a warning to homebuyers about rogue tax agents promoting false Stamp Duty Land Tax (SDLT) repayment claims, especially those based on the condition of properties. Following a recent Court of Appeal
- [Rules to protect effects of debanking](https://thward.co.uk/2025/09/02/rules-to-protect-effects-of-debanking/) - Banks must now give 90 days' notice before closing accounts, giving customers more time to respond.Since April 2026, new government rules strengthen protections for individuals and small businesses at risk of unfair bank account closures. Under the legislation, banks and payment service providers are required to give at least 90 days' written notice before closing an account
- [What happens if you cannot pay your tax bill?](https://thward.co.uk/2025/09/02/what-happens-if-you-cannot-pay-your-tax-bill/) - If you cannot pay your tax bill, it's crucial to contact HMRC as soon as possible. They may offer support through a Time to Pay arrangement, allowing you to repay your debt in instalments based on your financial situation. Ignoring the debt can lead to enforcement action, including visits to your home or business by
- [MTD for IT taxpayer exemption](https://thward.co.uk/2025/09/02/mtd-for-it-taxpayer-exemption/) - From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases.If you are self-employed or a landlord with income over £50,000, you will need to prepare for digital record keeping, quarterly updates and a new penalty system. While most affected taxpayers will be required to comply, there are limited
- [Tax Diary September/October 2025](https://thward.co.uk/2025/09/02/tax-diary-september-october-2025/) - 1 September 2025 - Due date for corporation tax due for the year ended 30 November 2024. 19 September 2025 - PAYE and NIC deductions due for month ended 5 September 2025. (If you pay your tax electronically the due date is 22 September 2025) 19 September 2025 - Filing deadline for the CIS300 monthly return for
- [The Autumn Budget 2025 - where we are today](https://thward.co.uk/2025/09/02/the-autumn-budget-2025-where-we-are-today/) - There is no confirmed date for the Autumn Budget, although most commentary points to late October or early November. The Treasury has not announced a day, which helps explain why rumours are circulating. Market conditions have tightened since early summer, and borrowing costs remain elevated. That combination reduces fiscal headroom and increases the likelihood that
- [Watch out for Stamp Duty scams](https://thward.co.uk/2025/08/28/watch-out-for-stamp-duty-scams/) - If you are buying a property that needs work, HMRC has just issued a major heads up, following a recent Court of Appeal ruling in the Mudan & Anor case against HMRC. Basically, even if a home is in bits, as long as it is still fundamentally a dwelling, maybe it needs a new boiler,
- [Extra border checks scrapped, what it means for UK-EU trade](https://thward.co.uk/2025/08/26/extra-border-checks-scrapped-what-it-means-for-uk-eu-trade/) - The UK government has just announced a pragmatic pause on its planned extra border checks for live animal imports from the EU, as well as certain animal and plant goods arriving from Ireland, while negotiations continue on a full Sanitary and Phytosanitary (SPS) agreement with the EU.This move is all about easing trade friction. Once
- [Why sharing your business problems is the fastest route to finding solutions](https://thward.co.uk/2025/08/21/why-sharing-your-business-problems-is-the-fastest-route-to-finding-solutions/) - Many business owners keep problems to themselves. You may not want to cause concern, appear as if you have lost control, or damage confidence. Yet, the longer an issue remains unspoken, the more likely it is to grow into something more difficult and costly to resolve.When owners share challenges early, the speed and quality of
- [Time to pay up -  tackling late payers](https://thward.co.uk/2025/08/19/time-to-pay-up-tackling-late-payers/) - Late payments are one of the most persistent problems facing small businesses in the UK. They damage cash flow, disrupt planning, and in some cases, force otherwise viable companies to close their doors. The government has now announced what it describes as the toughest crackdown on late payments in a generation, with new rules and
- [Identity verification - new rules start 18 November 2025](https://thward.co.uk/2025/08/14/identity-verification-new-rules-start-18-november-2025/) - Companies House has confirmed a major change that affects every UK company director and person with significant control (PSC). From 18 November 2025, it will be a legal requirement to verify your identity before you can file your company's confirmation statement.This is part of wider reforms under the Economic Crime and Corporate Transparency Act 2023,
- [The Big Picture -  Reeves and the �41bn Black Hole](https://thward.co.uk/2025/08/12/the-big-picture-reeves-and-the-�41bn-black-hole/) - A new analysis from the National Institute of Economic and Social Research (NIESR) has put fresh pressure on Chancellor Rachel Reeves ahead of the upcoming autumn Budget. NIESR is one of the UK's oldest and most respected independent economic think tanks, established in 1938. Known for its impartial and evidence-based work, it frequently advises government
- [What happens if you miss the 31 July 2025 tax payment](https://thward.co.uk/2025/08/07/what-happens-if-you-miss-the-31-july-2025-tax-payment/) - If your Self-Assessment required payments on account, the second instalment fell due on 31 July 2025. If it was not paid, HMRC charges late payment interest from 1 August until the amount is cleared. A late payment penalty can also arise if the tax remains unpaid 30 days after the deadline, with further penalties at
- [New HMRC services for Self-Assessment](https://thward.co.uk/2025/08/05/new-hmrc-services-for-self-assessment/) - To support taxpayers, HMRC has introduced new digital services as part of its Transformation Roadmap, making it easier to manage Self-Assessment tax affairs online.What's new?Easier registration and opt-out for Self-Assessment.Improved on-screen messages to reduce uncertainty and limit the need to chase HMRC.A better online appeal process for late filing and late payment penalties.Why it mattersFile
- [IHT Unused Pension Funds and Death Benefits changes](https://thward.co.uk/2025/08/05/iht-unused-pension-funds-and-death-benefits-changes/) - It was confirmed with the publication of the draft Finance Bill 2025-26 that measures first announced in the Autumn Budget 2024 to bring most unused pension funds and death benefits into the scope of Inheritance Tax (IHT) will start from 6 April 2027. This will significantly extend the IHT net, capturing pensions that were previously
- [IHT Agricultural and Business Property Relief changes confirmed](https://thward.co.uk/2025/08/05/iht-agricultural-and-business-property-relief-changes-confirmed/) - Despite intense lobbying by the farming community, the proposed reduction in IHT Business and Agricultural Property reliefs are included in the draft Finance Bill 2025-26.On 21 July 2025, the government published draft legislation for Finance Bill 2025-26. The consultation period for the draft legislation is open until 15 September 2025. This comes at a time
- [Higher penalties for MTD filers](https://thward.co.uk/2025/08/05/higher-penalties-for-mtd-filers/) - Making Tax Digital for Income Tax will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000 you need to start preparing to submit quarterly updates, keeping digital records and a new penalty system will apply.Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with
- [Shared home ownership](https://thward.co.uk/2025/08/05/shared-home-ownership/) - Shared home ownership offers a more accessible route to owning a home for those who cannot afford the full deposit or mortgage on a property that suits their needs. Under this scheme, buyers purchase a share of a property, typically between 10% and 75% of its market value and pay rent on the remaining portion
- [Tax Diary August/September 2025](https://thward.co.uk/2025/08/05/tax-diary-august-september-2025/) - 1 August 2025 - Due date for corporation tax due for the year ended 31 October 2024.19 August 2025 - PAYE and NIC deductions due for month ended 5 August 2025 (If you pay your tax electronically the due date is 22 August 2025)19 August 2025 - Filing deadline for the CIS300 monthly return for
- [New HMRC service gives PAYE workers more control over their taxes](https://thward.co.uk/2025/07/31/new-hmrc-service-gives-paye-workers-more-control-over-their-taxes/) - HMRC has launched a new digital service that allows millions of UK workers to take more control over their tax affairs. The tool, available through the Personal Tax Account and HMRC app, is designed for individuals who pay tax through PAYE. It lets users view and update their income details, allowances, reliefs, and job-related expenses
- [Inheritance Tax changes confirmed](https://thward.co.uk/2025/07/29/inheritance-tax-changes-confirmed/) - Draft legislation for the Finance Bill 2025-26 confirms a major shake-up to Inheritance Tax (IHT), affecting estates that include business assets, agricultural land, and pension funds. The proposed changes, announced on 21 July, aim to tighten reliefs and bring more value into the scope of IHT. The impact could be significant for business owners, farmers,
- [Financial changes announced by the Chancellor](https://thward.co.uk/2025/07/24/financial-changes-announced-by-the-chancellor/) - On 15 July, the Chancellor, Rachel Reeves, unveiled a set of changes to the UK's financial system. These reforms are designed to encourage investment, make it easier to buy a home, improve pension outcomes, and remove unnecessary red tape. While much of the detail will unfold in the coming months, the changes already announced could
- [How to stay on top of your inbox - practical tips for busy professionals](https://thward.co.uk/2025/07/22/how-to-stay-on-top-of-your-inbox-practical-tips-for-busy-professionals/) - Inboxes can quickly become overwhelming. Whether you receive ten or a hundred emails a day, it does not take much for things to spiral out of control. Before you know it, your inbox is full of unread messages, missed deadlines, and stress-inducing clutter. The good news is that managing your inbox does not have to
- [The best and worst performing sectors in the UK economy](https://thward.co.uk/2025/07/18/the-best-and-worst-performing-sectors-in-the-uk-economy/) - With inflation cooling, interest rates nearing their peak, and a new government in place, the UK economy is showing signs of cautious recovery. However, not all sectors are moving in the same direction. Some industries are bouncing back strongly, while others continue to lag. Here is a snapshot of the three best-performing and three worst-performing
- [Tax rises on the horizon. What to expect in the Autumn 2025 Budget](https://thward.co.uk/2025/07/17/tax-rises-on-the-horizon-what-to-expect-in-the-autumn-2025-budget/) - With the public finances showing structural cracks, thanks to an estimated £20 billion to £30 billion hole in next year's budget, Chancellor Rachel Reeves is facing an unenviable challenge. The Office for Budget Responsibility has flagged rising debt, pension obligations, and hefty costs associated with the climate transition as daunting risks to Britain's fiscal health.
- [Inheritance Tax proposals spark concern for farming families](https://thward.co.uk/2025/07/10/inheritance-tax-proposals-spark-concern-for-farming-families/) - Proposed changes to Inheritance Tax (IHT) are causing alarm in the UK farming community. If introduced as expected from April 2026, new rules could see agricultural estates over £1 million subject to 20% IHT, even when the land or business is still being farmed by the next generation.This potential shift in the tax regime has
- [Slowing growth and rising borrowing -what this means for your business](https://thward.co.uk/2025/07/08/slowing-growth-and-rising-borrowing-what-this-means-for-your-business/) - The UK economy is showing signs of fatigue. Figures released at the end of June confirm that economic growth slowed to 0.7% in the first quarter of 2025. For small business owners, this is more than just a headline as it signals a shift in consumer behaviour, business confidence, and access to finance.The Office for
- [Are you ready for Companies House ID checks?](https://thward.co.uk/2025/07/07/are-you-ready-for-companies-house-id-checks/) - From 2025, Companies House is rolling out new identity verification requirements for directors, people with significant control (PSCs), and anyone forming or managing a UK company. These changes form part of the Economic Crime and Corporate Transparency Act and are designed to reduce fraud and increase confidence in UK companies.If you are involved in running
- [Do you have additional income streams?](https://thward.co.uk/2025/07/07/do-you-have-additional-income-streams/) - Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position for 2024-25, especially if they earn from casual work, renting, or crypto.If you are earning extra income it is important to be aware of the tax implications.The good news is there are two £1,000 tax allowances
- [Setting up a payroll scheme](https://thward.co.uk/2025/07/07/setting-up-a-payroll-scheme/) - Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll processes right ensures your team is paid correctly and your business avoids penalties.When starting a business and hiring employees for the first time, one of the most important administrative steps is setting up a payroll scheme. This process ensures your
- [Tax gap estimated at five percent for 2023-24](https://thward.co.uk/2025/07/07/tax-gap-estimated-at-five-percent-for-2023-24/) - HMRC missed out on £46.8bn in tax last year. Small businesses and Corporation Tax make up the biggest share of the shortfall.The tax gap for the 2023-24 tax year has been published and is estimated to be 5.3% of total theoretical tax liabilities.The tax gap is basically the difference between the amount of tax that
- [Winter Fuel Payments reinstated](https://thward.co.uk/2025/07/07/winter-fuel-payments-reinstated/) - The government has announced the reinstatement of Winter Fuel Payments for pensioners in England and Wales for winter 2025-26, reversing the previous year's cuts. Around nine million pensioners are expected to benefit from this decision, with payments of £200 per household or £300 for households where someone is aged 80 or over.Eligibility will be based
- [The value of tax planning for high net worth individuals](https://thward.co.uk/2025/07/07/the-value-of-tax-planning-for-high-net-worth-individuals/) - For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to preserve and grow wealth. With rising scrutiny from HMRC, frozen allowances, and increasingly complex legislation, the value of well-structured planning has never been higher.HNWIs typically have multiple sources of income: from employment, dividends, property, pensions,
- [Tax Diary July/August 2025](https://thward.co.uk/2025/07/07/tax-diary-july-august-2025/) - 1 July 2025 - Due date for corporation tax due for the year ended 30 September 2024.6 July 2025 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.19 July 2025 - Pay Class 1A NICs (by the 22 July 2025 if paid electronically).19 July 2025 -
- [What would a closure of the Strait of Hormuz mean for the UK](https://thward.co.uk/2025/07/03/what-would-a-closure-of-the-strait-of-hormuz-mean-for-the-uk/) - Tensions in the Middle East have always carried global implications, but few pressure points are more critical than the Strait of Hormuz. This narrow passage off the coast of Iran is the transit route for around one-fifth of the world's oil and a quarter of its liquefied natural gas (LNG). A closure, even temporary, would
- [Why every business owner needs an exit plan](https://thward.co.uk/2025/07/01/why-every-business-owner-needs-an-exit-plan/) - For many business owners, the daily focus is on growth, sales, staff, and operations. Planning an exit often sits far down the priority list, something to deal with "one day." However, failing to plan for how and when you will eventually leave your business can result in missed opportunities, lost value, and unnecessary stress. Whether
- [How global unrest could impact the UK economy and your business](https://thward.co.uk/2025/06/26/how-global-unrest-could-impact-the-uk-economy-and-your-business/) - At a time when many UK businesses are focusing on recovery, growth, and future planning, a wave of new geopolitical unrest is casting a long shadow over economic stability. In recent months, tensions have intensified globally, with the conflict between Iran and Israel drawing new international concern. Combined with ongoing instability in Ukraine, continued fallout
- [Winter Fuel Payments reinstated for over 9 million pensioners](https://thward.co.uk/2025/06/24/winter-fuel-payments-reinstated-for-over-9-million-pensioners/) - The government has confirmed that Winter Fuel Payments will return for the 2025-26 season, providing much-needed support for pensioners facing rising energy bills. This marks a reversal of last year's controversial decision to suspend the payments and reflects growing concern over the impact of winter costs on older households.The scheme will apply to all individuals
- [How artificial intelligence is changing accountancy](https://thward.co.uk/2025/06/19/how-artificial-intelligence-is-changing-accountancy/) - Artificial intelligence (AI) is no longer just a concept for the future. It is already reshaping how accountancy services are delivered, and these changes are starting to benefit businesses of all sizes. As your accountant, we want to explain what these developments mean in practice and how they can help you.What is changing in accountancy?AI
- [New identity verification rules at Companies House](https://thward.co.uk/2025/06/17/new-identity-verification-rules-at-companies-house/) - From April 2025, significant new legal obligations have come into force that will affect almost all UK companies and LLPs. Under the Economic Crime and Corporate Transparency Act 2023, Companies House has started to roll out mandatory identity verification for individuals involved in the formation, ownership, and control of UK-registered entities.This is part of a
- [Hospitality sector to benefit from savings](https://thward.co.uk/2025/06/12/hospitality-sector-to-benefit-from-savings/) - Small and medium-sized hospitality businesses across the UK are set to benefit from a new government-backed scheme designed to cut energy costs and support net zero ambitions. The initiative, unveiled as part of the wider Plan for Change, will provide free energy and carbon reduction assessments to over 600 venues, including pubs, caf�s, restaurants, and
- [When can you reduce your July 2025 Self-Assessment payment?](https://thward.co.uk/2025/06/11/when-can-you-reduce-your-july-2025-self-assessment-payment/) - Many individuals and business owners in the UK pay their tax under the Self-Assessment system, which often involves two payments on account due each year - the first in January and the second in July. These advance payments are calculated based on your previous year's tax bill. But what if your income has fallen and
- [Save up to 2k a year on childcare costs](https://thward.co.uk/2025/06/06/save-up-to-2k-a-year-on-childcare-costs/) - Is your child starting school this September? Tax-Free Childcare could save you up to £2,000 a year. Check your eligibility now and start planning ahead.Working families whose children are starting school for the first time September 2025 could save up to £2,000 a year per child on their childcare bills, thanks to the government's Tax-Free
- [Reeves under pressure to find more tax in the system. Are landlords the answer?](https://thward.co.uk/2025/05/19/reeves-under-pressure-to-find-more-tax-in-the-system-are-landlords-the-answer/) - You don’t have to be a news hound to know that things aren’t going well for Rachel Reeves. She’s taken an economy that was starting to recover and skewered it. The problem is that she also said she would not increase taxes on “working people”. We know that she did of course do precisely this
- [Statutory Sick Pay reform- a growing concern for small businesses](https://thward.co.uk/2025/06/05/statutory-sick-pay-reform-a-growing-concern-for-small-businesses/) - A proposed change to the way Statutory Sick Pay (SSP) is charged is causing growing concern among UK small business owners. Under current rules, employers are only required to pay SSP from the fourth consecutive day of absence due to illness. However, upcoming reforms suggest that SSP will become payable from the very first day
- [How to check employment status](https://thward.co.uk/2025/06/04/how-to-check-employment-status/) - HMRC's CEST tool gets a revamp from 30 April 2025, with clearer questions and updated guidance to help users decide employment status for tax-plus stronger backing from HMRC.In a Written Ministerial Statement delivered on 28 April, the Exchequer Secretary to the Treasury announced a series of administrative and simplification measures designed to advance the government's
- [Why filing early makes sense](https://thward.co.uk/2025/06/04/why-filing-early-makes-sense/) - Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering your tax details today.The 2024-25 tax year officially ended on 5 April 2025, with the new 2025-26 tax year beginning on 6 April 2026. While many taxpayers may be tempted to put off dealing with
- [MTD for Income Tax deadline is approaching](https://thward.co.uk/2025/06/04/mtd-for-income-tax-deadline-is-approaching/) - MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k income. Plan early to stay compliant and avoid disruption.MTD represents one of the most significant overhauls to the self-assessment regime since its introduction in 1997. This includes new requirements to keep digital records, using MTD-compatible software, and submitting quarterly updates
- [How should multiple self-employed incomes be treated](https://thward.co.uk/2025/06/04/how-should-multiple-self-employed-incomes-be-treated/) - Running more than one self-employed business? HMRC will not always treat them as separate. Whether they are taxed as one combined trade or multiple depends on how your activities relate to each other. It is not a matter of choice, it is about how your business is run in practice. Get it right to avoid
- [Changes to IHT from April 2025](https://thward.co.uk/2025/06/04/changes-to-iht-from-april-2025/) - From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners entering long-term stewardship schemes will not lose IHT relief. From April 2026, a new £1 million limit will apply to combined APR and BPR claims-making timely planning more important than ever.Agricultural Property Relief (APR) is
- [Repay private fuel provided for company cars](https://thward.co.uk/2025/06/04/repay-private-fuel-provided-for-company-cars/) - Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost to their employer by 6 July 2025. Miss the deadline, and tax becomes unavoidable.This repayment process is known as "making good," and requires the employee to repay the employer for private fuel no later than
- [Employers, don't forget to pay Class 1A NIC](https://thward.co.uk/2025/06/04/employers-dont-forget-to-pay-class-1a-nic/) - Employers must pay Class 1A NICs for 2024-25 benefits by 19 July (post) or 22 July (electronic). These apply to perks like company cars and private health cover-late payment risks penalties from HMRC.Class 1A NICs are payable by employers on the value of most taxable benefits offered to employees and directors, including company cars and
- [Tax Diary June/July 2025](https://thward.co.uk/2025/06/04/tax-diary-june-july-2025/) - 1 June 2025 - Due date for corporation tax due for the year ended 31 August 2024.19 June 2025 - PAYE and NIC deductions due for month ended 5 June 2025. (If you pay your tax electronically the due date is 22 June 2025).19 June 2025 - Filing deadline for the CIS300 monthly return for
- [How to avoid the car fuel benefit tax charge](https://thward.co.uk/2025/06/03/how-to-avoid-the-car-fuel-benefit-tax-charge/) - If you drive a company car and your employer pays for your fuel, including for personal use, you could be facing a sizeable tax charge unless you repay the private fuel element by 6 July 2025. Many company car users are unaware that unless they fully reimburse their employer for private fuel use, they will
- [Tax relief on interest on money borrowed to lend to a company](https://thward.co.uk/2025/03/31/tax-relief-on-interest-on-money-borrowed-to-lend-to-a-company/) - The question of tax relief comes up so much there is always an angle to cover. This time I am going to look at the tax relief available for those that borrow money specifically to introduce to a company. In the main people have borrowed money to lend to a limited company but it is
- [Business cost reductions - the low hanging fruit](https://thward.co.uk/2025/05/29/business-cost-reductions-the-low-hanging-fruit/) - Every business reaches a point where reducing costs becomes a priority. Whether due to tighter margins, falling demand, or a broader economic slowdown, managing overheads is one of the most immediate ways to improve profitability and preserve cash flow. However, a common concern is that cutting costs too deeply may weaken a business's ability to
- [Inheritance Tax - Pre Owned Assets](https://thward.co.uk/2025/06/28/inheritance-tax-pre-owned-assets/) - Can I use an asset that I have given away to avoid Inheritance Tax? So the simple answer is yes you can. The problem is that it will likely render the gift as irrelevant for Inheritance Tax purposes and mean that the asset is still part of your estate. Let's run through an example. A
- [Recent case settled on Private Residence Relief](https://thward.co.uk/2025/05/28/recent-case-settled-on-private-residence-relief/) - Home is where the wine is In a recent tax case, a couple successfully appealed against a £3.3 million capital gains tax (CGT) assessment following the sale of their extensively renovated Chelsea property. The central issue revolved around whether the property qualified for Private Residence Relief (PRR), which exempts gains from CGT when selling your
- [When marriage can cost you Stamp Duty Land Tax](https://thward.co.uk/2025/05/23/when-marriage-can-cost-you-stamp-duty-land-tax/) - Wedding planning is a nightmare but did you know if could cost you Stamp Duty? I was asked about a married couple that are buying a property and whether the additional rate of 5% would be applied to the purchase. The facts are that the man bought a house before they were even a couple.
- [Inflation back up again](https://thward.co.uk/2025/05/27/inflation-back-up-again/) - Today's (21st May) inflation figures have certainly stirred the economic waters. The Office for National Statistics (ONS) reported that UK inflation surged to 3.5% in April, up from 2.6% in March, marking the highest rate in over a year.What is driving the rise?Several factors contributed to this unexpected increase:Energy and utility costs: Gas and electricity
- [Are we heading for quarterly tax payments?](https://thward.co.uk/2025/05/22/are-we-heading-for-quarterly-tax-payments/) - The roll-out of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), due from April 2026 for the self-employed and landlords with income over £50,000, has reignited speculation about a fundamental shift in how and when tax is paid. Could this be the beginning of a move towards quarterly tax payments?At the moment, individuals in
- [UK Interest Rates Trending Down -  What It Means for You](https://thward.co.uk/2025/05/20/uk-interest-rates-trending-down-what-it-means-for-you/) - After a period of rising interest rates, there's a noticeable shift in the UK financial landscape. The Bank of England (BoE) has recently reduced its base rate to 4.25%, marking the fourth cut since August 2024. This move is significant, especially for those involved in mortgages, savings, or business financing.Why the Shift?The BoE's decision is
- [240% Tax Bill!](https://thward.co.uk/2024/10/01/180-tax-bill/) - I mentioned punitive tax rates in my last post and some of you might be wondering how bad it has to be before you do something stupid like fall for a scam. Well here is a simple real life example that could happen to anyone that has a run of repairs. Rent - £10,000 Interest
- [Will you be affected by Making Tax Digital?](https://thward.co.uk/2025/05/15/will-you-be-affected-by-making-tax-digital/) - Making Tax Digital for Income Tax: One Year to GoThe UK tax landscape is on the cusp of a significant transformation. Starting 6 April 2026, sole traders and landlords with annual gross income exceeding £50,000 will be required to comply with Making Tax Digital (MTD) for Income Tax . This initiative aims to modernise the
- [What are CDC pensions?](https://thward.co.uk/2025/05/14/what-are-cdc-pensions/) - The UK government is introducing a significant shift in pension schemes with the expansion of Collective Defined Contribution (CDC) pensions. This move aims to provide more predictable retirement incomes while reducing risks for future pensioners.What Are CDC Pensions?CDC pensions are a hybrid between traditional Defined Benefit (DB) and Defined Contribution (DC) schemes. In CDCs, both
- [R&D Funding](https://thward.co.uk/2025/05/12/rd-funding/) - The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This major investment is designed to drive innovation, create quality jobs, and support long-term economic growth across the country.A large share of the funding, amounting to £8.8 billion, has been allocated to UK Research and Innovation
- [How many tax free property sales in a row can you have?](https://thward.co.uk/2025/05/12/how-many-tax-free-property-sale-in-a-row-can-you-have/) - "What's stopping you buying a house living in it for 6 months whilst renovating then sell for profit and no capital gains tax on primary residence? I'm guessing there is some catch somewhere?" In short yes. Absolutely! There is a catch. The main premise of the question is based on the fact that people can
- [Public Account Committee Slams HMRC](https://thward.co.uk/2025/05/12/public-account-committee-slams-hmrc/) - The Public Accounts Committee has delivered a pretty scathing review of HMRC with their latest report headed “As tax collection costs rise, HMRC urged to put customers first – and be ready to adopt AI”. Will they? I've written before about the obvious efficiencies that could be achieved if HMRC were to put their new
- [Regulatory Changes Impacting UK Small Businesses](https://thward.co.uk/2025/05/08/regulatory-changes-impacting-uk-small-businesses/) - Alongside tax reforms, HMRC's Spring 2025 update introduces a variety of regulatory changes that will affect how small businesses operate and interact with government systems. Here's what's new:1. Cultural Gift Scheme ReformUpdates to the Cultural Gift Scheme will remove restrictions on jointly owned objects and allow more flexibility in how tax credits are applied. These
- [Why do HMRC look at LLP planning so much? Is it because so many people abuse it?](https://thward.co.uk/2025/05/07/why-do-hmrc-look-at-llp-planning-so-much-is-it-because-so-many-people-abuse-it/) - Unless you've been under a rock, or never researched different property owning structures, you will heard of an LLP. You might not know what one is but those three letters will be familiar. To some LLPs are a silver bullet that solves all ailments. For others they are a complete irrelevance. In markets that are
- [Property price increases despite capital gains tax rumours?](https://thward.co.uk/2024/09/25/property-price-increases-despite-capital-gains-tax-rumours/) - What a strange world the property world is! There has been so much chat about increases in capital gains tax the people are listing their properties for sale and somehow it has dragged prices up!? How can that be? What is causing it? Is the movement in mortgage rates are giving the market a boost
- [GB Landlords Event](https://thward.co.uk/2024/09/24/gb-landlords-event/) - I’m speaking at the GB Landlords event this Thursday on, believe it or not, tax! The tickets have basically gone but there might be the odd one left if you try here. Tax is such a large topic I do sometimes struggle to figure out what people want to hear about. The tax invasion I
- [Pre Speaking Event](https://thward.co.uk/2024/09/26/pre-speaking-event/) - Up early today to get ready to speak to a couple of hundred landlords and property professionals at the GB Landlords event. Also up early because the rain woke me at about half four and of course lay awake until my alarm worrying I’d be getting a call from a tenant with a roof leak.
- [Post Speaking Event](https://thward.co.uk/2024/09/27/5461/) - Fresh from speaking to a room bursting with landlords yesterday there is clearly a lot of panic over Rachel Reeves’ tax invasion plans. As someone that has crossed swords with HMRC professionally many times over I do wonder how they plan to make progress with the tax gap. The gap, in case you’re wondering, is
- [Inheritance Tax](https://thward.co.uk/2024/10/04/inheritance-tax/) - I do love a good social media post. This time I am picking on inheritance tax (IHT). One of the main tax problems that face landlords is that fact that investment properties are liable to IHT. You battle on for years trying to build value in your portfolio only to very likely lose 40% of
- [Tax Relief On Interest](https://thward.co.uk/2024/10/07/tax-relief-on-interest/) - Right. From the off. I always use a mortgage broker. Every single time I do anything with mortgages. Why? They know mortgages. The time and energy I save by using a broker more than compensates for any fee that I have ever paid. I genuinely love brokers. They are great. They are not however tax
- [Feedback from 200 landlords and property professionals](https://thward.co.uk/2024/10/02/feedback-from-200-landlords-and-property-professionals/) - As most of you know I spent the day with a couple of hundred landlords and property professionals on Thursday. This was as one of the founders of GB Landlords but also as a speaker on tax. My talk was, as you’d expect a month before a budget, coached in a lot of caveats. The
- [CGT on Company Properties](https://thward.co.uk/2024/10/08/cgt-on-company-properties/) - Hold on? Is there really no CGT on company properties? Correct! There is no CGT to pay when a company sells a property. But… It’s always the news that comes after the “but” isn’t it. I like you but… Your hair is nice but… So companies pay corporation tax. You probably knew that. They pay
- [Married Couples / Civil Partners](https://thward.co.uk/2024/10/10/married-couples-civil-partners/) - Not long before typing this I had a chat with a lady that was looking for answers on how to transfer a property she owned with her husband in to a limited company. She was well into higher rate so was worried about her tax rates. Searching online via forums and the general chatter was
- [Recording of my budget predictions](https://thward.co.uk/2024/10/11/recording-of-my-budget-predictions/) - I spent some time contemplating what could happen in the upcoming budget. It’s the first Labour budget for a generation so could be big news. At the time I spoke it was clear that Labour weren’t having the start they might have been hoping for but we could still have had almost anything announced. Since
- [SDLT refunds](https://thward.co.uk/2024/10/14/sdlt-refunds/) - The question of SDLT came up yet again in a property group WhatsApp. This one was accompanied with a range of pictures showing just how terrible the condition of the property is in. I jumped straight to my usual cautionary tale that most refund companies are scammers that used to sell PPI claims, R&D claims
- [Surely nobody likes the idea of quarterly rental returns?](https://thward.co.uk/2024/10/15/surely-nobody-likes-the-idea-of-quarterly-rental-returns/) - To be fair HMRC call them updates but anything where you have to send your figures to HMRC to help calculate your tax is a return surely!? Landlords will have to submit quarterly from April 2026 depending on the size of their portfolio. For some this is no problem at all. They already keep super
- [Your idiot advisor won’t save you!](https://thward.co.uk/2024/10/16/your-idiot-advisor-wont-save-you/) - It is well known that if you incur a penalty from HMRC and you followed professional advice you could make a claim to reduce the penalty. Why? Well you can legitimately say that you thought you were doing the right thing. Mid September saw an interesting case heard though in which the taxpayer has been
- [Become a landlord they said…](https://thward.co.uk/2024/10/18/become-a-landlord-they-said/) - I took a call from someone that had been sent to be by a solicitor recently. They had been told the amount of stamp duty land tax (SDLT) thy were going to pay and were quite surprised. They were buying a house but wanted to retain their old one as a BTL. Their solicitor told
- [Is BTL dead?](https://thward.co.uk/2024/10/18/is-btl-dead/) - No There you go. Done. Why do we keep seeing this question come up time and time again then? Probably because it can still be a very tough game. Extremely tough! It has always been the case that BTL investing is something that should only be undertaken with extreme care. Proper modelling on cash flow
- [Join the WhatsApp Group](https://thward.co.uk/2024/10/13/join-the-whatsapp-group/) - Now that the community is growing I think it’s time to launch the WhatsApp group. The group can be joined by the logo or by clicking here Use the group to ask simple questions of me and each other. See you in there!
- [Don’t forget the property allowance](https://thward.co.uk/2024/10/21/dont-forget-the-property-allowance/) - will be speaking to very few people here. I know that. But for those very few this is gold dust! If you have no expenses, or very low expenses, you can use the Property Allowance to lower your taxable profit to a lower figure than with normal full expensing. How does it work? Well, in
- [HMRC interest rate increases](https://thward.co.uk/2025/05/06/hmrc-interest-rate-increases/) - HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late
- [Higher rate tax relief on pension contributions](https://thward.co.uk/2025/05/06/higher-rate-tax-relief-on-pension-contributions/) - Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here's how to boost your retirement pot with generous HMRC incentives.Tax relief on private pension contributions is generally available up to 100% of your annual earnings, subject to specific limitations. The
- [Less than a year before MTD for Income Tax starts](https://thward.co.uk/2025/05/06/less-than-a-year-before-mtd-for-income-tax-starts/) - MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it's time to get ready.Designed to modernise the tax system and improve accuracy, MTD will significantly change how Income Tax is reported and paid. With less
- [Child Benefit increases April 2025](https://thward.co.uk/2025/05/06/child-benefit-increases-april-2025/) - Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K - but PAYE option coming this summer!The child benefit rates for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 tax
- [Tax Diary May/June 2025](https://thward.co.uk/2025/05/06/tax-diary-may-june-2025/) - 1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 - PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025). 19 May 2025 - Filing deadline for the CIS300 monthly
- [Keeping your Inbox under control](https://thward.co.uk/2025/01/07/keeping-your-inbox-under-control/) - Do you have a zero target for your Inbox or are you the victim of an ever growing list of emails?This post sets out a number of ideas that you may want to consider starting 2025 with an ambition to restore sanity to your email management.Adopt the "Inbox Zero" MentalityAim to keep your inbox as
- [Wishing You Prosperity and Resilience in 2025](https://thward.co.uk/2025/01/07/wishing-you-prosperity-and-resilience-in-2025/) - As we stand on the cusp of a new year, we extend our warmest wishes for a prosperous and successful 2025. The past year has been a testament to the resilience and adaptability of businesses worldwide. As we look ahead, it's clear that the coming year will bring its own set of challenges and opportunities.
- [Why Business Planning for 2025 is Imperative](https://thward.co.uk/2025/01/07/why-business-planning-for-2025-is-imperative/) - As we approach the end of the year, business owners must turn their attention to planning for 2025. While the temptation to delay may be strong-especially during the busy holiday season-failing to prepare for the year ahead could hinder growth and profitability. Here are the key reasons why business planning for 2025 is not just
- [Developing New Income Streams for a Business](https://thward.co.uk/2025/01/07/developing-new-income-streams-for-a-business/) - In today's ever-changing economic landscape, businesses must remain agile and innovative to thrive. One of the most effective ways to bolster resilience and ensure long-term success is by developing new income streams. Diversifying revenue sources not only provides financial stability but also opens up opportunities for growth and adaptability. Here are some key advantages of embracing
- [Time to consider New Year's Resolutions?](https://thward.co.uk/2025/01/07/time-to-consider-new-years-resolutions/) - The practice of making resolutions has roots in ancient Babylon, where people would make promises to their gods at the start of the new year, often to repay debts or return borrowed items. Similarly, the Romans made pledges to Janus, the god of beginnings, at the start of January-a month named in his honour.In a
- [No tax changes for online sellers](https://thward.co.uk/2025/01/07/no-tax-changes-for-online-sellers/) - People selling unwanted items online can continue to do so with confidence and without any new tax obligations, HM Revenue and Customs (HMRC) has confirmed. The reminder comes as online platforms start sharing sales data with HMRC from January 2025 - a new process that, when announced last year, generated inaccurate claims that a new tax was being
- [High Streets get welcome boost](https://thward.co.uk/2025/01/07/high-streets-get-welcome-boost/) - In a recent press release issued by the Ministry of Housing, Communities and Local Government, new legal changes to empower councils to auction off leases for long-term empty lots was released. Here's what the changes will provide.High streets are set to be revitalised as the government hands councils new powers to tackle the scourge of
- [HMRC filing scam warnings](https://thward.co.uk/2025/01/07/hmrc-filing-scam-warnings/) - HMRC is encouraging customers to be prepared and have all the information they need ready to file their Self-Assessment tax returns early, so they can avoid any last-minute stress and know what they owe sooner. HMRC has a range of online help and support and YouTube videos to assist anyone completing their return, including first-time filers. Scams advice from HMRC. Remember to: Protectcriminals are cunning
- [Limits on Income Tax reliefs](https://thward.co.uk/2025/01/07/limits-on-income-tax-reliefs/) - The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation to existing reliefs had been introduced.The cap is set at the greater of 25% of income or £50,000. This limit applies to the total amount of relevant reliefs claimed in a tax year and is calculated
- [Landlords with undeclared Income](https://thward.co.uk/2025/01/07/landlords-with-undeclared-income/) - The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. Participation in the campaign is open to all residential property landlords
- [Spreading tax payments by using Time to Pay](https://thward.co.uk/2025/01/09/spreading-tax-payments-by-using-time-to-pay/) - Can't pay your tax bill in full by 31 January 2025? HMRC's online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible option can help you avoid late payment penalties.Those eligible for the self-serve option can arrange payments online without
- [No tax changes for those who sell online](https://thward.co.uk/2025/01/09/no-tax-changes-for-those-who-sell-online/) - Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a year. Casual sellers are exempt, but regular traders may need to register for Self-Assessment.New rules, which became effective from 1 January 2024, require digital platform operators in the UK to collect and verify information about sellers
- [Self-assessment scam warning](https://thward.co.uk/2025/01/09/self-assessment-scam-warning/) - Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns that HMRC never emails or texts about tax refunds. Stay alert, report suspicious contacts, and protect your money from fraudsters.Fraudsters are increasingly targeting taxpayers with scam emails as the deadline for submitting self-assessment returns for the 2023-24 tax year approaches. Between November 2023 and October
- [Insurance payouts for property are usually taxable](https://thward.co.uk/2024/11/18/insurance-payouts-for-property-are-usually-taxable/) - If the worst happens and you do need to claim on an insurance policy you need to be aware that the proceeds are likely taxable. Insurance proceeds are normally to replace something that is lost. Rent If you receive proceeds to replace lost rent the insurance proceeds are taxable just as the rent would have
- [Scottish Budget Statement 2025-26](https://thward.co.uk/2025/01/09/scottish-budget-statement-2025-26/) - Scotland's 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, but bands shift to protect low incomes. A hopeful step forward for Scotland's future!Scotland's Deputy First Minister and Finance Secretary, Shona Robison delivered her second Budget statement to the Scottish parliament on 4 December 2024.The
- [Tax Diary January/February 2025](https://thward.co.uk/2025/01/09/tax-diary-january-february-2025/) - 1 January 2025 - Due date for Corporation Tax due for the year ended 31 March 202419 January 2025 - PAYE and NIC deductions due for month ended 5 January 2025. (If you pay your tax electronically the due date is 22 January 2025).19 January 2025 - Filing deadline for the CIS300 monthly return for
- [Claiming Child Benefits online](https://thward.co.uk/2025/01/09/claiming-child-benefits-online/) - Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims using this speedy service. If you've recently had a baby or a child joins your family, applying online ensures you get support quickly - right when you need it most.HMRC's Director General for Customer Services,
- [Government refuses to compensate WASPI claimants](https://thward.co.uk/2025/01/10/government-refuses-to-compensate-waspi-claimants/) - The ongoing refusal of the UK government to compensate women affected by changes to the state pension age, often referred to as WASPI (Women Against State Pension Inequality) claimants, continues to provoke widespread criticism. This controversy centres around women born in the 1950s who were significantly impacted by the transition from a state pension age
- [UK Spring Statement scheduled for 26 March 2025](https://thward.co.uk/2025/01/15/uk-spring-statement-scheduled-for-26-march-2025/) - Chancellor Rachel Reeves has scheduled the UK's Spring Statement for 26 March 2025. This event will feature the Office for Budget Responsibility's (OBR) latest economic and fiscal forecasts, accompanied by a parliamentary statement from the Chancellor. Reeves has emphasized her commitment to delivering one major fiscal event annually to provide stability and certainty for families
- [The Value of Social Media in Promoting a Business](https://thward.co.uk/2025/02/04/the-value-of-social-media-in-promoting-a-business/) - Building Brand AwarenessSocial media platforms provide an unparalleled opportunity to reach a broad audience and increase brand visibility. With billions of users across platforms like Facebook, Instagram, LinkedIn, and TikTok, businesses can showcase their products or services to potential customers who may not have encountered them otherwise. Consistently sharing engaging and relevant content helps to
- [Investing in a final quarter yearend review](https://thward.co.uk/2025/02/04/investing-in-a-final-quarter-yearend-review/) - Many businesses have a 31 March year end date, which means they are now in the last quarter of their current financial year and have an opportunity to review their business finances.The last quarter of the year is a crucial time for businesses to review, evaluate, and prepare for both year-end and the year ahead.
- [AI Revolution - Empowering UK Small Businesses](https://thward.co.uk/2025/02/04/ai-revolution-empowering-uk-small-businesses/) - Artificial Intelligence (AI) is no longer a futuristic concept; it's becoming an integral part of various industries, including those you might not immediately associate with high-tech solutions. The UK government has recently announced a significant initiative to integrate AI into small businesses across the country, aiming to boost productivity and efficiency. Here's a closer look
- [Taking control of Debt in 2025](https://thward.co.uk/2025/02/04/taking-control-of-debt-in-2025/) - As we kick off the New Year, it's a great time to take control of your finances, especially if debt has been weighing you down. The Insolvency Service has highlighted several options to help you manage and alleviate serious debt. Here's a rundown to get you started on your journey to financial freedom.1. Seek Free
- [Thinking of selling your products or services online?](https://thward.co.uk/2025/02/04/thinking-of-selling-your-products-or-services-online/) - We have set out below some of the issues you will need to consider if you are contemplating selling your goods or services online for the first time. 1. Business and Legal ConsiderationsDetermine Online Sales GoalsDefine whether you are selling locally, nationally, or internationally and the expected scale of operations.Legal ComplianceEnsure you comply with UK laws,
- [Profit improvement strategies for SMEs](https://thward.co.uk/2025/02/18/profit-improvement-strategies-for-smes/) - Enhancing Operational EfficiencyOne of the most effective ways to improve profitability is to review operational efficiency. Cutting unnecessary expenses, streamlining processes, and adopting cost-effective solutions can significantly reduce overheads. This might involve renegotiating supplier contracts, embracing automation for repetitive tasks, or outsourcing non-core activities such as bookkeeping or IT support.Optimising Pricing StrategiesPricing strategies play a
- [Spring Statement March 2025](https://thward.co.uk/2025/02/18/spring-statement-march-2025/) - The upcoming Spring Statement, scheduled for March 26, 2025, is shaping up to be a pivotal moment for Chancellor Rachel Reeves and the UK economy. Based on recent reports from the accounting press and national newspapers, here's what we might anticipate: Economic Context and Fiscal ChallengesThe UK is currently grappling with sluggish economic growth, elevated borrowing
- [20 Cash Flow Warning Signs Small Business Owners Cannot Ignore](https://thward.co.uk/2025/02/18/20-cash-flow-warning-signs-small-business-owners-cannot-ignore/) - Cash flow is the lifeblood of any small business, and keeping an eye on certain indicators can help business owners spot potential trouble before it becomes a major issue. Here are the key cash flow warning signs that should raise concern:Declining Cash ReservesIf your cash reserves are consistently shrinking, it's a sign that your business
- [Understanding the Profit Breakeven Point](https://thward.co.uk/2025/02/18/understanding-the-profit-breakeven-point/) - For any business, knowing when it will start making a profit is crucial. The profit breakeven point is the moment where revenue covers all costs-meaning you're no longer losing money, but you're not making a profit yet either. Understanding this point helps business owners make informed decisions about pricing, sales targets, and cost management.Why Is
- [What expenses can be claimed against rental income?](https://thward.co.uk/2025/02/18/what-expenses-can-be-claimed-against-rental-income/) - Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief, understanding allowable deductions is key to smart property management.If you are a landlord, it is important to be aware of the expenses that can and cannot be
- [Selling online and paying tax](https://thward.co.uk/2025/02/18/selling-online-and-paying-tax/) - Selling online? Whether it's a hobby or a business, you may need to pay tax if your earnings exceed £1,000. From services to content creation, it's vital to understand self-assessment rules and new reporting obligations for online platforms starting in 2024.If you are selling anything through an online marketplace, it is important to know that
- [Rolling over capital gains](https://thward.co.uk/2025/02/18/rolling-over-capital-gains/) - Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By rolling gains into the cost of new assets, tax is postponed until the new asset is sold. Learn how this relief can optimise your business investments.Rolling over capital gains is a useful way to defer
- [Claiming VAT on pre-registration purchases](https://thward.co.uk/2025/02/18/claiming-vat-on-pre-registration-purchases/) - Businesses can reclaim VAT on pre-registration expenses if they relate to taxable supplies made after VAT registration. The rules differ for goods and services, with time limits of 4 years for goods and 6 months for services. Proper understanding ensures you don't miss out.VAT can only be reclaimed if the pre-registration costs relate to taxable
- [Self-employed must report profits on tax year basis](https://thward.co.uk/2025/02/18/self-employed-must-report-profits-on-tax-year-basis/) - Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here's how the new system affects your tax bill.The reform to the self-employed tax basis period has introduced significant changes
- [Tax Diary February/March 2025](https://thward.co.uk/2025/02/18/tax-diary-february-march-2025/) - 1 February 2025 - Due date for Corporation Tax payable for the year ended 30 April 2024.19 February 2025 - PAYE and NIC deductions due for month ended 5 February 2025. (If you pay your tax electronically the due date is 22 February 2025)19 February 2025 - Filing deadline for the CIS300 monthly return for
- [Significant Boost to State Pension Pots](https://thward.co.uk/2025/02/20/significant-boost-to-state-pension-pots/) - Since April 2024, over 37,000 individuals have proactively topped up their National Insurance (NI) records, collectively adding £35 million to their State Pension pots. This initiative has resulted in more than 68,000 years' worth of contributions, with an average payment of £1,835 per person. Notably, 65% of these contributions cover gaps from 2017 onwards, leading
- [Great news for the UK legal sector](https://thward.co.uk/2025/03/05/great-news-for-the-uk-legal-sector/) - On 24th February 2025, the Arbitration Act received Royal Assent, marking a significant milestone in modernising dispute resolution in England and Wales. This new legislation is set to bolster the UK's position as a global leader in arbitration, attracting more international businesses and investments.Arbitration offers companies a quicker and more cost-effective alternative to traditional court
- [The Pros and Cons of Using Online Meeting Platforms](https://thward.co.uk/2025/03/05/the-pros-and-cons-of-using-online-meeting-platforms/) - In today's digital age, online meeting platforms such as Zoom and Microsoft Teams have become an integral part of how businesses operate. Whether you are working remotely, collaborating with colleagues across different locations, or engaging with clients, these tools offer undeniable convenience. However, like any technology, they come with both advantages and disadvantages.Advantages of Online
- [The Rising Cost of Tax Compliance](https://thward.co.uk/2025/03/05/the-rising-cost-of-tax-compliance/) - Tax compliance has always been a necessary but time-consuming aspect of running a business. However, recent reports highlight a worrying trend: the cost of staying compliant with UK tax regulations is rising significantly. According to the National Audit Office (NAO), businesses are now spending at least £15.4 billion per year just to meet their tax
- [When is a hobby a business](https://thward.co.uk/2025/03/10/when-is-a-hobby-a-business/) - Not sure if your hobby is actually a taxable trade? HMRC uses 'badges of trade' to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings.The 'badges of trade' tests, although not definitive, serve as important tools for HMRC in
- [Is your extra income taxable?](https://thward.co.uk/2025/03/10/is-your-extra-income-taxable/) - HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply:I'm buying or making things to sell.I've got a
- [Health services exempt from VAT](https://thward.co.uk/2025/03/10/health-services-exempt-from-vat/) - Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment.The VAT liability of goods and services provided by registered health, medical, and paramedical professionals, can be a complex area of tax
- [Tax-free redundancy payments](https://thward.co.uk/2025/03/10/tax-free-redundancy-payments/) - If redundancy strikes, you could receive up to £30,000 tax-free. Whether it's statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances.There is a tax-free threshold of £30,000 for redundancy payments, regardless of whether the payment is your statutory redundancy
- [UK residence and tax issues](https://thward.co.uk/2025/03/10/uk-residence-and-tax-issues/) - The UK's shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings - no more non-dom remittance basis.UK Income Tax is generally payable on taxable income received by individuals
- [Tax Diary March/April 2025](https://thward.co.uk/2025/03/10/tax-diary-march-april-2025/) - 1 March 2025 - Due date for Corporation Tax due for the year ended 31 May 2024.2 March 2025 - Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2025, or an agreement has been reached with HMRC under their time to pay facility
- [Progress in gender equality in top companies](https://thward.co.uk/2025/03/10/progress-in-gender-equality-in-top-companies/) - The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy over 43% of board positions across FTSE 350 companies, marking a notable increase from previous years. This progress underscores the UK's commitment to fostering inclusive leadership and harnessing the diverse
- [Charities Warned About Fraudulent Letters](https://thward.co.uk/2025/03/25/charities-warned-about-fraudulent-letters/) - The Charity Commission has recently issued a warning about fraudulent letters being sent to charities and their trustees, impersonating the Commission to deceive recipients.These deceptive communications often request actions such as:Removing a trustee or chief executive from their position.Releasing funds as part of a supposed grant.Supplying sensitive documents like passports or utility bills.The letters may
- [The outlook for UK interest rates](https://thward.co.uk/2025/03/25/the-outlook-for-uk-interest-rates/) - What to ExpectAs we move further into 2025, the direction of UK interest rates remains a key focus for businesses, homeowners, and investors alike. The Bank of England (BoE) has already adjusted rates, and speculation is rife about what comes next.Current State of Interest RatesThe BoE recently reduced the base interest rate from 4.75% to
- [Supply Chain Disruptions](https://thward.co.uk/2025/03/25/supply-chain-disruptions/) - Many UK small businesses rely on imported goods, materials, and components. Trade disruptions-whether due to geopolitical tensions, shipping crises, pandemics, or regulatory changes-can lead to:Delays and shortages, making it harder to meet customer demand.Increased costs, as businesses may need to source alternative, often more expensive, suppliers.Stockpiling and cash flow pressure, where businesses tie up funds
- [What will Rachel Reeves unpack in her Spring Statement](https://thward.co.uk/2025/03/25/what-will-rachel-reeves-unpack-in-her-spring-statement/) - As we approach the end of March 2025, anticipation builds around Chancellor Rachel Reeves's upcoming Spring Statement. Given the current economic landscape, it's insightful to consider the potential measures she might introduce and their implications for businesses and individuals alike.Economic ContextThe UK economy faces several challenges: sluggish growth, elevated borrowing costs, and persistent inflationary pressures.
- [Wish for the Best and  Plan for the Worst](https://thward.co.uk/2025/03/25/wish-for-the-best-and-plan-for-the-worst/) - As an accountant, we've seen businesses thrive-and seen them struggle. One key difference between those that weather storms and those that flounder is simple: planning.It's great to be optimistic. No one starts a business expecting it to fail. But while optimism fuels ambition, realism ensures survival. That's why the old saying holds true: wish for
- [Boosting SME Exports - Government Launches Expert Trade Panel](https://thward.co.uk/2025/03/26/boosting-sme-exports-government-launches-expert-trade-panel/) - The UK government has recently unveiled a revamped Board of Trade aimed at bolstering the export capabilities and growth of small and medium-sized enterprises (SMEs). This initiative is part of the broader 'Plan for Change' strategy, which seeks to empower the nation's 5.5 million SMEs to expand their reach in global markets.Composition and Objectives of
- [Spring Statement 2025](https://thward.co.uk/2025/03/27/spring-statement-2025/) - Making Tax Digital: A cautious but firm step forwardThe most significant administrative update was the proposed, phased extension of Making Tax Digital for Income Tax (MTD for IT). The new timeline will see sole-traders and landlords with income over £20,000 required to join from April 2028. Those earning less than £20,000 remain outside of the
- [Rachel Reeves Spring Statement - A Mixed Bag of Reactions](https://thward.co.uk/2025/04/01/rachel-reeves-spring-statement-a-mixed-bag-of-reactions/) - Rachel Reeves delivered her much-anticipated Spring Statement on 26 March 2025, setting out plans to balance the books while tackling sluggish growth and rising fiscal pressures. As expected, the reaction has been swift and divided, reflecting the challenge of navigating economic responsibility in an election year.The statement outlined a bleak economic outlook, with the UK's
- [The tax year end brings around plenty to think about for landlords. Here are some things to work on...](https://thward.co.uk/2025/03/17/the-tax-year-end-brings-around-plenty-to-think-about-for-landlords-here-are-some-things-to-work-on/) - I got a nudge from a reader in the week about year end planning. Spot on timing wise as we all have a couple of weeks to get things in place. Landlords are just like anyone else. There are things that apply to all taxpayers and some that apply specifically to landlords. Let have
- [Company Directors and Shareholders - Time to Get Verified](https://thward.co.uk/2025/04/02/company-directors-and-shareholders-time-to-get-verified/) - If you're a company director, person with significant control (PSC), or someone who files on behalf of companies, there's a major change on the horizon. Companies House is tightening up its rules under the Economic Crime and Corporate Transparency Act, and one of the big shifts is the introduction of identity verification.This isn't just for
- [Letting out part of your home - claiming lettings relief](https://thward.co.uk/2025/04/05/letting-out-part-of-your-home-claiming-lettings-relief/) - Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability.If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, there
- [Child Benefits for over 16s](https://thward.co.uk/2025/04/05/child-benefits-for-over-16s/) - 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
- [Tax liability if you sell a business asset](https://thward.co.uk/2025/04/05/tax-liability-if-you-sell-a-business-asset/) - When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don't face unexpected tax liabilities. Learn how to handle asset disposals correctly.Typically, the value of the asset sold is considered to be the amount for which it
- [Beneficial interests in jointly held property](https://thward.co.uk/2025/04/05/beneficial-interests-in-jointly-held-property/) - Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married or in a civil partnership, Form 17 lets you split income based on actual ownership-provided you meet HMRC's rules.The standard tax treatment for couples living together, whether married or in a civil partnership, is that
- [Making Tax Digital for Income Tax](https://thward.co.uk/2025/04/05/making-tax-digital-for-income-tax/) - Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you're self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system.Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income exceeding
- [Tax Diary April/May 2025](https://thward.co.uk/2025/04/05/tax-diary-april-may-2025/) - 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
- [Roll out of new Minimum Wage Rates](https://thward.co.uk/2025/04/08/roll-out-of-new-minimum-wage-rates/) - Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let's break down the numbers and chat about what this means for employers navigating these changes.New Wage Rates:National Living Wage
- [Roll out of new Minimum Wage Rates](https://thward.co.uk/2025/04/10/roll-out-of-new-minimum-wage-rates-2/) - Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let's break down the numbers and chat about what this means for employers navigating these changes.New Wage Rates:National Living Wage
- [Managing the Cost of Living](https://thward.co.uk/2025/04/15/managing-the-cost-of-living/) - With the rising cost of everyday essentials continuing to impact households and businesses alike, many clients have been asking us how they can better manage their money in the current climate.While no single solution fits everyone, there are several practical areas that can help ease the financial pressure. This blog sets out some straightforward steps
- [Small changes can make a difference](https://thward.co.uk/2025/04/17/small-changes-can-make-a-difference/) - Small changes can have a significant impact when it comes to business finances. This is particularly true when considering adjustments to pricing and cost control. In this article, we will illustrate how increasing sales prices by just 2% and reducing costs by 2% can create a considerable uplift in overall profitability.Starting FiguresConsider a business with
- [Export funding given government boost](https://thward.co.uk/2025/04/22/export-funding-given-government-boost/) - In a significant move to bolster British businesses amidst evolving global trade dynamics, the UK government has unveiled a comprehensive support package aimed at enhancing financial backing and fostering growth across various sectors.Strengthening Financial Support for ExportersCentral to this initiative is the expansion of UK Export Finance (UKEF) capabilities, with an additional £20 billion allocated
- [Exporting Goods from the UK -  A Step-by-Step Checklist](https://thward.co.uk/2025/04/25/exporting-goods-from-the-uk-a-step-by-step-checklist/) - 1. Determine If You Need to Follow Export ProceduresExport procedures apply when you're moving goods permanently from:England, Wales, or Scotland (Great Britain) to a country outside the UKNorthern Ireland to a country outside the UK and the EUDifferent rules apply if you're:Moving goods between Great Britain and Northern IrelandSending goods through the postTaking a small
- [New Trade Measures Aim to Protect UK Businesses](https://thward.co.uk/2025/04/29/new-trade-measures-aim-to-protect-uk-businesses/) - In a significant move aimed at bolstering British businesses, Chancellor Rachel Reeves has unveiled a comprehensive plan to ensure a level playing field in international trade. Announced during the IMF Spring Meetings in Washington D.C., the initiative seeks to address unfair trading practices and support domestic industries facing challenges from global competitors. Tackling Unfair Trade PracticesCentral
- [What are your upcoming State Pension entitlements?](https://thward.co.uk/2025/05/01/what-are-your-upcoming-state-pension-entitlements/) - If you're approaching retirement age and want to ensure you're on track to receive your full State Pension, it's crucial to check your entitlements. Here's a step-by-step guide to help you navigate the process using official UK government resources. 1. Determine Your State Pension AgeThe State Pension age is the earliest age you can start receiving
- [Spring 2025 Tax Reforms - What UK Small Businesses Need to Know](https://thward.co.uk/2025/05/06/spring-2025-tax-reforms-what-uk-small-businesses-need-to-know/) - The Spring 2025 Tax Update brings a series of reforms aimed at simplifying tax administration and reducing burdens for UK businesses. Here's a breakdown of the key changes: 1. Capital Goods Scheme Simplification The government plans to simplify the Capital Goods Scheme by removing computers from the assets it covers and increasing the capital expenditure
- [Did she say yes?](https://thward.co.uk/2024/12/04/did-she-say-yes/) - Marriage is a beautiful tradition. I genuinely love it. I've also been witness to two separate impromptu marriage proposals. They were amazing. Just me, the poor wife to be and the hopeless bloke who proposed. Both could have been beautiful moments that I would have cherished forever. Instead I have two good anecdotes. Stories I
- [Expense claims during voids... part 2](https://thward.co.uk/2024/12/18/expense-claims-during-voids-part-2/) - Expenses while waiting to sell are much more complex than during voids. There are a few things you need to consider. First of all the rules on revenue vs capital are the same. Capital costs are always allowable against the final sale value so there are no changes here. If prior to sale you add
- [What do you mean you want more tax?](https://thward.co.uk/2024/12/03/what-do-you-mean-you-want-more-tax/) - Joe decided to buy a house refurb it and sell it. He declared the sale to HMRC within 60 days of completion and sent then 24% of the uplift because he is a higher rate taxpayer. Job done and money used as a deposit on his home. He’s happy. His wife is happy. Everyone is
- [How much?](https://thward.co.uk/2024/10/25/how-much/) - Tax returns are often undervalued. I once had a prospect tell me my pricing was too high because his mate, a fireman, only charged £150. Now because I have a modicum of dignity I didn't reply the way I wanted to here but I told him to call me for tax and his mate if
- [Family Payroll](https://thward.co.uk/2024/10/29/family-payroll/) - Most landlords don't think about payroll much. They are far more likely to be on someone else's payroll than need to set up a payroll for their own staff. Quite a lot of landlords do however pay people to do work for them and often these can be family members. For instance I will
- [Are landlords workers then?](https://thward.co.uk/2024/10/28/are-landlords-workers-then/) - With Labour struggling to give much clarity on whether landlords are workers or not let's go through what I think is likely. No. We are not but we also don't want to be! So then what do we think is in the mind of Labour? They have spoked about workers for a while now
- [Can you get tax relief on a kitchen fit?](https://thward.co.uk/2024/10/30/can-you-get-tax-relief-on-a-kitchen-fit/) - I mentioned recently that I did an interactive webinar on Ten Things All Landlords Should Know About Tax. One question was " You replace the kitchen in a new AST purchase BEFORE it is let. Is it a repair or capital?" Out of the people asked 59% got this wrong and said it
- [Can you get tax relief on furniture in a new HMO?](https://thward.co.uk/2024/10/31/can-you-get-tax-relief-on-furniture-in-a-new-hmo/) - Continuing with my ten things all landlords need to know... "A new HMO is fully furnished. Is the cost allowable?" This one should be nice and easy yeah? Someone buys a big house, furnishes it and rents the rooms out. Surely tax relief is due on the furniture! Nope! Not initially at least.
- [The press will be riddled with tax talk after the budget. What will it all mean though?](https://thward.co.uk/2024/10/28/the-press-will-be-riddled-with-tax-talk-after-the-budget-what-will-it-all-mean-though/) - In probably the first exciting budget in a generation (tax wise at least!) it will be hard to figure out what it all means. Luckily for those in the North East I will be covering this off more than once! Robson Laidler Full Budget summary - 8am 5th November - book here - our
- [What will the budget mean for landlords?](https://thward.co.uk/2024/11/01/what-will-the-budget-mean-for-landlords/) - I'm sure you've had your fill on the budget by now but just in case here is a little more. There are some pretty obvious headline matters which we'll get out of the way first. SDLT up to 5% is the main thing that will directly affect landlords. Only those buying more properties of
- [Reminder about the SDLT surcharge...](https://thward.co.uk/2024/11/04/reminder-about-the-sdlt-surcharge/) - As I said sophisticated investors will build the SDLT increase in to their figures but others will get a surprise. Those surprised people will either swallow it or fall for online scammers promising refunds. I ask a question on this in my Ten Tax Things presentation. "A house is riddled with asbestos and
- [Tax free sale of your home](https://thward.co.uk/2024/11/05/tax-free-sale-of-your-home/) - Another from Ten Things... I get asked a LOT how long someone has to live in a house before it will be tax free. It will surprise you to hear there is no minimum length of time you have to live in a house. Really. That's because time isn't really what is considered. It's the
- [Is entertaining an allowable expenditure?](https://thward.co.uk/2024/11/06/is-entertaining-an-allowable-expenditure/) - Landlords love a good deal. They especially like getting deals before they come to market. One of the ways you might try to curry favour is through entertaining. Take agents out for a meal, solicitors to get the inside road on prorate properties. You might even take your tax advisor out to say thank you
- [One bank account? I'd recommend another.](https://thward.co.uk/2024/11/07/one-bank-account-id-recommend-another/) - Most people can get away with a single current account. Their wages drop in and they pay their bills, send some money off to savings and all is well. Why then should a landlord have a separate bank account for their rental receipts and expenses? Well there are a few pretty good reasons. The
- [Reeves puts more people in to quarterly updates.](https://thward.co.uk/2024/11/08/reeves-puts-more-people-in-to-quarterly-updates/) - It's no secret that I am a fan of digital record keeping for landlords. Obviously nobody likes the idea of doing tax returns (unless you're pretty unusual!) but it does have a lot of benefits. Regardless it's worth noting that the recent budget has dropped the thresholds for people that will need to comply
- [The landlords weren't happy. Just generally. Not really the budgets fault...](https://thward.co.uk/2024/11/11/the-landlords-werent-happy-just-generally-not-really-the-budgets-fault/) - Well over 100 landlords heard me give my summary of the budget for landlords on Thursday. If you missed it you can watch it here. The overall theme is that the budget was not directly too bad for landlords but there are a lot of other moving parts to be aware of. I
- [Whether you are a landlord or not there are some simple things to remember!](https://thward.co.uk/2024/11/12/whether-you-are-a-landlord-or-not-there-are-some-simple-things-to-remember/) - I spoke with a chap yesterday who was trying desperately to move his property income around to save tax. He was one half of a husband and wife combo that had shares in their private trading company, a bunch of joint properties and one property owned just by him. The shares in the business
- [When people as what you do what do you say?](https://thward.co.uk/2024/11/13/when-people-as-what-you-do-what-do-you-say/) - If you say landlord how does that work for you? Most people I find are completely fine with me being a landlord but there are some that give the impression you have just admitted to being a member of the nazi party. The recent debates on what a worker is don't really seem to
- [Why is my tax so high bro?](https://thward.co.uk/2024/11/14/why-is-my-tax-so-high-bro/) - All landlords at some point get to the point where a family member or a friend asks if they can move in to one of their properties. Most landlords aren't horrible evil people so many will say yes. A good number will also let the rent be lower than a commercial rent because they not
- [Can landlords pay in to a pension?](https://thward.co.uk/2024/11/15/can-landlords-pay-in-to-a-pension/) - In short yes! The amount is probably quite restricted though unless you have other income. I am talking here about individuals by the way. Companies have a whole different rule set. Generally pensions payments can only be made if you have "earned" income. That is loosely defined as income from employment, self employment or from a
- [Deduction for cleaning or damages](https://thward.co.uk/2024/11/19/deduction-for-cleaning-or-damages/) - On the back of my insurance email yesterday I suppose I should cover off tenancy deposit deductions. If your tenant moves out and leaves your place in a mess you'll likely keep some money back to cover the cleaning. Same goes with damages. Just like insurance claims if you pay the money out
- [Non Resident Landlord Scheme](https://thward.co.uk/2024/11/20/non-resident-landlord-scheme/) - This won't affect most of my readers but where it does it's a biggy! Did you know that there is a whole scheme setup specifically to provide for tax to be deducted at source on rent payments? Yep. It applies to those landlords with a "usual place of abode" outside of the UK. It applies
- [Do I need to do a tax return?](https://thward.co.uk/2024/11/21/do-i-need-to-do-a-tax-return/) - Life is much easier with tools. It's one of the reasons humans dominate over other animals on earth - tools! Luckily HMRC like a good tool as well. They aren't all that great but some are pretty useful. This one on who needs to submit a tax return is pretty good for instance!
- [Claim the RIGHT amount of interest.](https://thward.co.uk/2024/11/22/claim-the-right-amount-of-interest/) - First off all landlords can still claim tax relief on mortgage interest. Higher rate landlords can't claim quite as much relief as they used to be able to but the first point to note is that interest should still be put on your tax returns! The next point though is about how much of
- [The remortgage CGT trap](https://thward.co.uk/2024/11/25/the-remortgage-cgt-trap/) - One of the great things about property is that over time the value goes up. When it does you get to remortgage. This is great! Raising capital against an existing BTL creates a cash pile to use elsewhere. One of the terrible things about property is that over time the value goes down. Sometimes.
- [Incorporation of property portfolios](https://thward.co.uk/2024/11/26/incorporation-of-property-portfolios/) - This is a big topic and won't be covered all at once. For now I want to focus on one aspect that I keep seeing mentioned on socials and forums. When you put your companies in to a limited company there are multiple tax considerations as well as dozens of commercial ones. Aside from whether
- [More bedrooms please](https://thward.co.uk/2024/11/27/more-bedrooms-please/) - Splitting large bedrooms in two, or carving out an en-suite in the corner of a large bathroom, is a great way to add rental value to a property. In fact many landlords specifically buy properties where this is an option and in with their initial works a good proportion of their spend is for this.
- [Incorporation of property portfolios - CGT](https://thward.co.uk/2024/11/28/incorporation-of-property-portfolios-cgt/) - In 2013 the Ramsay case changed property forever. Mrs Ramsay persuaded HMRC that she was "busy" enough to claim capital gains tax rollover relief. Since then the property industry has ran riot with claims that they are also busy enough. In short if you are doing 20 hours a week you could be
- [Tax Relief on Survey Fees](https://thward.co.uk/2024/11/29/tax-relief-on-survey-fees/) - From my Ten Things series. When you buy a house you will normally get a survey or as a minimum of valuation report. These things cost and you’ll like want to claim the cost as an expense. Like other purchase or sale costs these are part of the capital side of the deal and will
- [Do I really need a tax advisor?](https://thward.co.uk/2024/12/02/do-i-really-need-a-tax-advisor/) - Regular readers will know I am going through some of the questions from a recent interactive quiz I did called “Ten Tax Things all Landlords should know”. The average score when I do this is 3 out of 10. All of the questions are fairly routine things that are likely to happen to landlords. My
- [S M A R T](https://thward.co.uk/2024/12/05/s-m-a-r-t/) - I've just done something big. Pretty big. I just got back from climbing Mount Toubkal. It's the highest peak in the Atlas Mountains. It was tough. It didn't happen by accident. I made sure to have the right gear, the right guide and I did the training beforehand. Despite this it wasn't all completely plain
- [HMRC and Local Authorities](https://thward.co.uk/2024/12/06/hmrc-and-local-authorities/) - I was speaking at Durham Council's Landlord event last night. They talked openly about the need for selective licensing and what they are doing within the scheme. One strange thing came up though. They mention ed HMRC in their talk. Why would that be? Well you might not know but there are already some licenses
- [Speaking at NEPC](https://thward.co.uk/2024/12/09/speaking-at-nepc/) - We all learn in different ways. Some like to read, some watch, some listen. In person presentations provide all three! I'm speaking tonight at North East Property Collective so however you learn you can absorb my budget update and general reminder of things you need to know. You can book your tickets here - BOOK
- [Should I put my home in a company?](https://thward.co.uk/2024/12/10/should-i-put-my-home-in-a-company/) - I was speaking at an event last night and updated the audience with my thoughts on the recent budget and some general updates that landlords need to know about. At the end of the talk I was approached by a lady who said she was still confused and asked me directly if she should buy
- [How much is my tax bill?](https://thward.co.uk/2024/12/11/how-much-is-my-tax-bill/) - Tax is a strange one. It is often one of the things we worry about the most but yet we don't do all we can to figure out what the actual number is. Having overseen the preparation of tens of thousands on tax returns over many year, and having personal prepared thousands one thing was
- [What is this 60 day rule all about on sales?](https://thward.co.uk/2024/12/12/what-is-this-60-day-rule-all-about-on-sales/) - Just a quick reminder that if you are selling a residential property that has a tax liability attached you need to declare the capital gain and pay the tax within 60 days of the date of disposal. Some tips: > As soon as the property is on the market, or certainly as soon as you
- [My advisor is dry!](https://thward.co.uk/2024/12/13/my-advisor-is-dry/) - I had a great chat with a chap today who has used a couple of different advisors over the years and told me that the main problem he has now is that his current one is "dry". Obviously you're all surprised to learn that there are dry tax advisors out there but there are! A
- [The Dunning-Kruger Effect](https://thward.co.uk/2024/12/16/the-dunning-kruger-effect/) - The Dunning-Kruger Effect is a cognitive bias where individuals with low ability or knowledge overestimate their competence, while highly skilled people may underestimate theirs. This occurs because those with limited expertise lack the insight to recognise their deficiencies, while experts are more aware of the complexity of their domain. You know this exists but probably
- [Expense claims during voids... part 1](https://thward.co.uk/2024/12/17/expense-claims-during-voids-part-1/) - Even the best landlords will have voids and some will even plan them (student housing and those selling to names two!) but what are the rules while a house is empty. Well if the void is simply on a turnaround between tenants then all expenses are allowable in precisely the same way as if it
- [Expense claims during voids... part 3](https://thward.co.uk/2024/12/19/expense-claims-during-voids-part-3/) - You sit at the computer, logged in to Air B'n'B or similar, and block out a week in May, a couple of weeks in July, a couple in October and the Christmas period. Half a dozen weeks put aside for you and the family to go and stay in your holiday let. You pay all
- [Sold a property. What is the date of disposal?](https://thward.co.uk/2024/12/20/sold-a-property-what-is-the-date-of-disposal/) - So you managed to get a sale to go through. You know you have to declare and pay the capital gains tax within 60 days of the sale so you start the process. Down the line you’re surprised to find out that even though you paid the tax within 60 days of the cash dropping
- [Did you have a good break?](https://thward.co.uk/2025/01/06/did-you-have-a-good-break/) - Whatever your belief about Christmas a good proportion of the UK turns off for a couple of weeks over Christmas. It's quite hard to get anything done if you need to. Nursing a rapidly developing cold I left the office hopeful to shake it off in time to enjoy Christmas Dinner. Just as I was
- [Where do you get value for your spend?](https://thward.co.uk/2025/01/07/where-do-you-get-value-for-your-spend/) - I was speaking with a landlord yesterday that is really struggling to do their own tax return. I spent some time with them on the phone to try to guide them through. They had a couple of fairly basic questions and I don't mind spending five minutes helping. In those five minutes though a few
- [How many companies should you have?](https://thward.co.uk/2025/01/08/how-many-companies-should-you-have/) - It's not always obvious that even one company is a good thing but for those where it is the next question is often how many? In no particular order think about the following: - ⁠lenders sometimes insist that a lender is in a company on its own to protect their risk - ⁠⁠you should do risky things
- [Have you got the app yet?](https://thward.co.uk/2025/01/09/have-you-got-the-app-yet/) - HMRC often struggle to get wins that help a lot of people but they seem to have landed once here. Not directly property related but definitely of use for anyone doing tax returns or looking for help dig out past employment income details for mortgager purposes etc. You can use it to check your: Tax
- [Very old pre-trading expenditure - how old?](https://thward.co.uk/2025/01/10/very-old-pre-trading-expenditure-how-old/) - For a long time now the profits and losses of rental have been calculated in the same was as those from a business or trade. In fact renting of property is classed as a rental business. Not to be confused in any way with a trade (sparky, hairdresser, solicitors etc are a trade). HMRC legislation
- [State Pension](https://thward.co.uk/2025/01/14/state-pension/) - Many landlords work in either a job or self employment alongside their rental business. Some don't however. The issue with not "working" is that you are unlikely to be paying any national insurance. National insurance is essentially the way to get a state pension. You need sufficient qualifying years of payments to qualify. There are
- [Paying someone for help? Are they employed or self employed?](https://thward.co.uk/2025/01/14/paying-someone-for-help-are-they-employed-or-self-employed/) - Once your portfolio grows a little you will at some point make a decision to seek out help. Many start with a managing agent, some will get a regular gardener or cleaner and others will take on help with their bookkeeping or other works. It won't surprise you that tax law has over the years
- [Married? In a civil partnership? Did you know...](https://thward.co.uk/2025/01/15/married-in-a-civil-partnership-did-you-know/) - Married couples (and civil partners) can do some things other couple cannot. Here are some of the advantages: Marriage Allowance - A spouse earning less than the Personal Allowance (£12,570 in the 2023/24 tax year) can transfer up to £1,260 of their unused Personal Allowance to their higher-earning partner, reducing their tax bill by up to
- [Never promise a change by the end of parliament](https://thward.co.uk/2025/01/17/never-promise-a-change-by-the-end-of-parliament/) - I’ve mentioned Making Tax Digital a few times now but did I mention that Rachel Reeves announced that the threshold for participation will be as low as £20,000 by the end of the parliament? Now first of all I suspect she is planning a normal five year term so this could be 2029 but based
- [HMRC team planning to strike](https://thward.co.uk/2025/01/18/hmrc-team-planning-to-strike/) - A strike at HMRC might surprise you. It certainly surprised me! I didn't know anyone was working over there to go on strike! Joking aside the strike is of a group of about 300 people that work for HMRC vi Fujitsu (yep, I know!). It really shouldn't make much difference unless they are all in
- [What happens to Furnished Holiday Let losses?](https://thward.co.uk/2025/01/20/what-happens-to-furnished-holiday-let-losses/) - The tax treatment of Furnished Holiday lets (or SAs as you might know them) is changing and from 6th April 2025 they are going to be treated much like any other residential letting. So you will lose so nice tax advantages. You get to keep the VAT charges on the rents however. The ending of
- [HMRC win another SDLT case](https://thward.co.uk/2025/01/22/hmrc-win-another-sdlt-case/) - Forums, socials, magazines. They are all filled with mighty tax and SDLT claims. Most crumble fairly readily under the scrutiny of anyone with any tax knowledge at all but some do make it right through to the tribunal and court systems. I have already talked about the comprehensive list of cases win by HMRC and
- [Will the state pension become inevitable?](https://thward.co.uk/2025/01/21/will-the-state-pension-become-inevitable/) - I can remember all the changes in state pension ages when I was just setting out in to the working world. In 1995 the state pension age was equalised for men and women and as a bright young 19 year old this made me think. From about then I decided it would be easier to
- [What is it so hard to get things right?](https://thward.co.uk/2025/01/25/what-is-it-so-hard-to-get-things-right/) - It's not your fault. It really isn't. Tax is simply a topic just like anything else. Why then would it be any easier or harder to get to the bottom of!? No matter what your area of expertise you will likely read the press, watch the TV, read a blog and pick fault with a
- [MTD for landlords - latest](https://thward.co.uk/2025/01/27/mtd-for-landlords-latest/) - HMRC are trying to do something huge. They want everyone with self employed income and property income to report their earnings quarterly. Considering the difficulties of collecting the information annually this is an interesting and very ambitious plan. They recently updated their guidance on who can do what. Three-line accounts If your turnover (income before
- [Do HMRC petrify you?](https://thward.co.uk/2025/01/27/do-hmrc-petrify-you/) - I was working with a landlord client today getting the final information for their tax return and something strange happened. They told me that they would rather overpay income tax than have HMRC look in to their affairs. Now you might say that is a reasonable approach if you have huge complex affairs and the
- [If you sell a house that you inherited what happens with tax?](https://thward.co.uk/2025/01/29/if-you-sell-a-house-that-you-inherited-what-happens-with-tax/) - When you sell a property the proceeds are normally fairly easy to establish. What if the property was inherited though? What is the deemed cost? Well it’s actually easier than you think. The value of the property at the date of death of the person that left it to you will be your deemed cost.
- [Go on, give me a good talking to!](https://thward.co.uk/2025/01/28/go-on-give-me-a-good-talking-to/) - I love to learn but often the act of learning is tedious. I send newsletter but really don't like to read! Go figure! For me one of the best ways of learning is to mingle with my peers and hear a good speaker or two. Luckily that's what is happening this Thursday in Newcastle! My
- [Do I have to break down my property expenses?](https://thward.co.uk/2025/01/30/do-i-have-to-break-down-my-property-expenses/) - No. But also yes. The tax return basically lumps everything in to relative few boxes with whole loads of things combined in to boxes together. Box 24 on the property page for instance is the total of "Rent, rates, insurances and ground rents". That covers a lot and HMRC only need to have a single figure.
- [How do I pay my tax?](https://thward.co.uk/2025/01/31/how-do-i-pay-my-tax/) - If, like most people, you jump to Google every year to figure out how to pay your tax maybe do it different going forward. I've mentioned the HMRC App before but on 31st January, the day when more people pay tax than any other day, it's worth a quick mention again. Why? Well you can
- [How long does it take for HMRC to agree my tax return?](https://thward.co.uk/2025/02/03/how-long-does-it-take-for-hmrc-to-agree-my-tax-return-2/) - If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don't agree returns. We have a system of self assessment. That is you calculate and report your tax position. That's it. That
- [When is property ownership a partnership?](https://thward.co.uk/2025/02/04/when-is-property-ownership-a-partnership/) - The incorporation of properties seem to follow two basic steps at the moment. For capital gains tax the question about whether you can defer your capital gains tax is about how busy you are. If you have a larger oircfolio and self manage every aspect then there is a chance you will be. The next
- [How long does it take for HMRC to agree my tax return?](https://thward.co.uk/2025/02/03/how-long-does-it-take-for-hmrc-to-agree-my-tax-return/) - If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don't agree returns. We have a system of self assessment. That is you calculate and report your tax position. That's it. That
- [Who is sharing information about you with HMRC?](https://thward.co.uk/2025/02/05/who-is-sharing-information-about-you-with-hmrc/) - I don't put much stock into the tax news shared by pundits but sometimes they do realise important issues. Martin Lewis has hit the news over recent days warning that websites are now sharing data with HMRC. He mentioned Air BnB. This isn't new however. Air BnB, along with other bookings portals and regular hughstreet
- [I don't need help thanks. Move on...](https://thward.co.uk/2025/02/06/i-dont-need-help-thanks-move-on/) - We’re told that in the information age that any answer you need is out there and you just need to find it. Is that really the case though? Elon Musk of all people has said in recent years there is no reason not to be able to learn new skills now due to the abundant
- [Should I claim expenses against income or capital gains?](https://thward.co.uk/2025/02/08/should-i-claim-expenses-against-income-or-capital-gains/) - I've been helping a client with some capital gains calculations. They provided a breakdown of their property costs from their accountant and at first I was pretty impressed that they'd actually kept the details. On inspection though it became clear that the list of expenditure, kept solely for the purposes of working out the capital
- [What happens to my costs on a purchase I never go ahead with?](https://thward.co.uk/2025/02/10/what-happens-to-my-costs-on-a-purchase-i-never-go-ahead-with/) - This is a great question that was asked this week. Before it can be answered we need to separate investors from traders. This is a huge topic but loosely, for property, Investors generate their income from rent. Traders generate their income from flipping and developing for sale. Let's deal with investors in the first instance
- [Is cashback taxable?](https://thward.co.uk/2025/02/11/is-cashback-taxable/) - A lot of lenders offer cashbacks on mortgage deals. Are these taxable? The answer is simply that you think and makes complete sense. The business income manuals (part of HMRC internal guidance - publicly available however) states at BIM100210 that: "A cash-back received in the course of trading is a receipt of the
- [Out of 12 million returns due not quite 11 million were submitted by 31st January 2025.](https://thward.co.uk/2025/02/12/out-of-12-million-returns-due-not-quite-11-million-were-submitted-by-31st-january-2025/) - Every year a staggering amount of people get fined for not submitting their tax returns. This year was no exception. HMRC have published the numbers here. Not surprising the highest volume of returns was received in the last working hour of the tax year with 732,498 returns going in between 4pm and 5pm. What now
- [Can I get tax relief for the costs of my personal tax return?](https://thward.co.uk/2025/02/13/can-i-get-tax-relief-for-the-costs-of-my-personal-tax-return/) - This is a great question and it comes up a lot! Strictly any costs have to be able to meet the "wholly and exclusively" test just like any other deduction. So, again strictly, this would mean the costs associated with preparing financial accounts for a business would be allowable BUT preparation of your personal
- [Who pays the tax on rented properties that I inherit?](https://thward.co.uk/2025/02/14/who-pays-the-tax-on-rented-properties-that-i-inherit-2/) - SO let's say someone close to you has passed away and they were a landlord. You have been left the let property as part of their will and at some point you need to start declaring rental income on the money received. How and when? It is actually quite complex and depends on precisely
- [Who pays the tax on rented properties that I inherit?](https://thward.co.uk/2025/02/17/who-pays-the-tax-on-rented-properties-that-i-inherit/) - So let's say someone close to you has passed away and they were a landlord. You have been left the let property as part of their will and at some point you need to start declaring rental income on the money received. How and when? It is actually quite complex and depends on precisely
- [Don't forget to claim your mortgage interest! Especially interest on mortgages raised elsewhere.](https://thward.co.uk/2025/02/18/dont-forget-to-claim-your-mortgage-interest-especially-interest-on-mortgages-raised-elsewhere/) - I went to see a new client late last week and she told me how upset she was that she could not afford to pay her tax bill on her rental income. Now I am seeing a lot of landlords with tax bills of over 100% so this is not the first time I have
- [Do we really need a will if we have no kids?](https://thward.co.uk/2025/02/19/do-we-really-need-a-will-if-we-have-no-kids/) - I get this one a lot. A couple will be sitting in front of me giving me a run down on their exciting plans for growing their property portfolio. They plan to get married but aren't yet. We cover all of the usual questions in the fact find then I ask them what their wills
- [I've warned for a while that a lot of advisors will end up getting sued. Is it already happening?](https://thward.co.uk/2025/05/02/ive-warned-for-a-while-that-a-lot-of-advisors-will-end-up-getting-sued-is-it-already-happening/) - A solicitor reached out to me yesterday asking how I've been keeping and what I was up to. She works in the defence of claims against accountants. I mentioned that I think there will be a lot of claims in future from people advised on the wrong structure for their property investment activities. She asked
- [Why am I paying SDLT on a house HMRC would not live in?](https://thward.co.uk/2025/05/01/why-am-i-paying-sdlt-on-a-house-hmrc-would-not-live-in/) - What is a dwelling? What does it mean for something to be suitable for use as one? Why does this matter? What am I talking about? In a group chat I am in someone posted a picture of what was a truly terrible room in a house that needed a staggering amount of work to bring
- [Why don't I do videos?](https://thward.co.uk/2025/02/20/why-dont-i-do-videos/) - My wife sent me a clip the other day and asked me "Why don't you do something like this?" It was a video from a property investor on Facebook. My reply to her? I do! It made me think though. Maybe I don't share enough the fact that I have content out
- [100 down... how many more to go?](https://thward.co.uk/2025/02/21/100-down-how-many-more-to-go/) - On Monday 23rd September 2024 something big started. This newsletter! Today marks the 100th edition. Other than the Christmas break I've sent a short property tax related email five times a week. The first edition had the follow text in it: "Starting off a little bit numerous but a client mentioned to me
- [Can I claim expenses from before I start to receive rent?](https://thward.co.uk/2025/02/24/can-i-claim-expenses-from-before-i-start-to-receive-rent/) - If you have took a while to bring a property to market you will have some costs from before you started receiving rent. I was speaking to a chap last week in precisely this position. He has been gradually working on a property for a couple of years and it is now ready to
- [You can read me, watch me and now listen to me!](https://thward.co.uk/2025/02/25/you-can-read-me-watch-me-and-now-listen-to-me/) - You really are spoiled for choice at the moment! You can catch me all over! Later this morning I will be on Spice FM talking to Mayank on his excellent Property Pulse show. Head over to Spice FM to listen in at 11am. Looking at the list of topics he has we won't get
- [I've been fined. Can I claim it as an expense against my property income?](https://thward.co.uk/2025/02/26/ive-been-fined-can-i-claim-it-as-an-expense-against-my-property-income/) - There are many ways you can be fined as a landlord. Some obvious and some not so obvious. In the news this week I saw that someone had been fined £30,000 for not following HMO licensing rules. Fines don;t have to be this extravagant of course. You might just be one of the
- [Do we need to worry about HMRC getting their hands on AI?](https://thward.co.uk/2025/02/27/do-we-need-to-worry-about-hmrc-getting-their-hands-on-ai/) - I've posted before about all the ways HMRC can find out what you're up to. I've also said that in the budget last year Rachel Reeves said HMRC were adding 5,000 compliance officers to the workforce. You also know that I was on the radio yesterday where I reminded people about this.
- [Gifting a house to a family member? Don't forget the tax!](https://thward.co.uk/2025/02/28/gifting-a-house-to-a-family-member-dont-forget-the-tax/) - A common thing to happen among landlords is that as they age they decide to start passing properties down the generations. Often this crops up in the "any other news" part of a chat as something that happened a while back. I ask if the gain on the gift was declared and people look
- [How are married couples taxed on joint property income?](https://thward.co.uk/2025/03/03/how-are-married-couples-taxed-on-joint-property-income/) - This very common question came up again recently. Married couples (and indeed civil partners) have something slightly unusual about the way they are taxed. Ever since independent taxation was introduced (in the early nineties from memory!?) there has been a rule that states the income from jointly held property will always be taxed 50/50
- [HMRC issue video confirming their views on SDLT refunds.](https://thward.co.uk/2025/03/04/hmrc-issue-video-confirming-their-views-on-sdlt-refunds/) - Regular readers will be sick of me talking about this but I just spotted that HMRC have issued a video on their YouTube Channel confirming that very few properties will be able to qualify for a reduction in SDLT. As they highlight in the video (it's only a few minutes long!) that scammers are
- [You pay tax on profits not proceeds!](https://thward.co.uk/2025/03/05/you-pay-tax-on-profits-not-proceeds/) - I was asked this week to give an indication of tax due on a property sale. The chap asking said he had already had someone out that had given him a figure. Based on a quick fact find I said I thought his figure was too low. We went through the details and figured out what was
- [Does it matter what my house was worth when I moved out and started renting it?](https://thward.co.uk/2025/03/06/does-it-matter-what-my-house-was-worth-when-i-moved-out-and-started-renting-it/) - A lot of landlords keep an old home and turn it in to a rental. What does that do to the tax on the growth in value? It might not worth how you think. Let's paint a scenario. Bob bought a house in 1989 for £250,000. He moved out of it in late 2007
- [Can I claim for fees associated with a mortgage or remortgage?](https://thward.co.uk/2025/03/09/can-i-claim-for-fees-associated-with-a-mortgage-or-remortgage/) - I ran this as a poll in my Landlord Tax WhatsApp Group (join below!) after being asked it by one of the members. The simple answer is yes! Before we get on to the reasoning how did the group do? Well out off 11 respondents 9 got the answer right and 2 got it wrong.
- [Property Pulse on Spice FM](https://thward.co.uk/2025/03/10/property-pulse-on-spice-fm/) - Mayank Patel has started something a little unusual. A property show on the radio! His show on Spice FM is gathering listeners and I was lucky enough to be part of his journey. I was on the show a couple of weeks ago and we talked about all kinds. You can listen to
- [Darts Champion misses the board completely](https://thward.co.uk/2025/03/11/darts-champion-misses-the-board-completely/) - Mervyn King (the darts player, not the ex governor of the Bank of England) has said he is bankrupt due to tax liabilities. He seemingly spent many years collecting winnings not realising that "winnings" were taxable as earnings. The cynics reading will be asking him to pull the other one but it is surprising how
- [Could the tax system be simpler? Yep!](https://thward.co.uk/2025/03/12/could-the-tax-system-be-simpler-yep/) - I’m sure a lot of you would rather not have to engage with a tax advisor to get your affairs up to date each year. Believe it or not the Chartered Institute of Taxation believes the same. For spring 2025, the Government has committed to announcing a package of measures to simplify tax administration and
- [When was the last time you checked if someone was licensed?](https://thward.co.uk/2025/03/13/when-was-the-last-time-you-checked-if-someone-was-licensed/) - I was tagged in a post on a Facebook group for someone that was asking for tax advice. The poster added the question "Are they licensed?" at the end of the post. It raised an interesting question. As much as social media is not a great place to get your tax advice from it's not
- [What is your plan for your records? Shredder, fire or keep secure?](https://thward.co.uk/2025/03/14/what-is-your-plan-for-your-records-shredder-fire-or-keep-secure/) - I was surprised to see an unusual story this week. Whatever your thoughts on DOGE and their antics I would imagine we can all agree that anyone under their scrutiny should probably not shred and burn all of their records. Even worse to do it en
- [I know some of you really do not want HMRC looking at your bank accounts but it's going to happen whether you like it or not.](https://thward.co.uk/2025/03/19/i-know-some-of-you-really-do-not-want-hmrc-looking-at-your-bank-accounts-but-its-going-to-happen-whether-you-like-it-or-not/) - Quarterly updates of your income and expenses are what will be required under Making Tax Digital. The rules as drafted at the moment show a clear intention that HMRC want a two way connection to your records. What does that mean? Well, in theory, HMRC want to be able to query the connection you will
- [There's budget?! Am I too late?](https://thward.co.uk/2024/10/22/theres-budget-am-i-too-late/) - You'd have to of been under a rock not to know there is a budget coming soon. If this is your first news on this they you might be asking if you have left it too late to do anything? Well the literal answer is no. You haven't! Realistically though yes you have. Anything done
- [How much discount should you really be asking for to pay cash?](https://thward.co.uk/2025/03/28/5303/) - How much discount should you really be asking for to pay cash? We all know the score. Someone fixes a broken fence, plasters a wall, paints a ceiling or one of the hundreds of other things landlords incur costs for. You ask them how much and they say "less for cash". Quite how much less,
- [Fancy some easy money? Know someone not paying their share? Let HMRC know and they will share the spoils with you.](https://thward.co.uk/2025/03/19/fancy-some-easy-money-know-someone-not-paying-their-share-let-hmrc-know-and-they-will-share-the-spoils-with-you/) - HMRC made some announcements recently. You may ave seen some of them get trailed in the press. Did you see the one about them paying informants? Yes, Exchequer Secretary James Murray will be announcing a new reward scheme for informants to be launched later this year. This will look to target serious non-compliance in large corporates,
- [Did you know that HMRC publish a list of tax defaulters and that there are quite a few property related people on the list?](https://thward.co.uk/2025/03/20/did-you-know-that-hmrc-publish-a-list-of-tax-defaulters-and-that-there-are-quite-a-few-property-related-people-on-the-list/) - HMRC regularly publishes lists of serious tax defaulters. The list makes for some interesting reading on a couple of fronts. First of all the recent version includes some cases that go back as much as ten years. This should shatter the illusion that if you've been up to something long enough ago you have
- [Of all the tax returns submitted by unrepresented taxpayers only 3% used software](https://thward.co.uk/2025/03/21/of-all-the-tax-returns-submitted-by-unrepresented-taxpayers-only-3-used-software/) - HMRC have released some stats which show taxpayers have a lot of work to do if they are going to be ready for quarterly updates. 97% of unrepresented taxpayers used the HMRC online tool. This is the very same tool that is being shut down in April 2026. By April 2027 1.6million taxpayers will
- [You cannot just literally make things up when it comes to taxes](https://thward.co.uk/2025/03/24/you-cannot-just-literally-make-things-up-when-it-comes-to-taxes/) - I've covered the allocation of income before here and also the importance of getting the right help with your taxes. I might not have mentioned I've been giving tax advice for over 30 years. I have an as you would imagine I've seen a lot. I mean, A LOT! I have never seen anything
- [From 5th April 2025 your Furnished Holiday Lets will be treated the same as other rentals](https://thward.co.uk/2025/03/25/from-5th-april-2025-your-furnished-holiday-lets-will-be-treated-the-same-as-other-rentals/) - I'm staggered by the number of people that have jumped on to the FHL market in recent years. A perfect storm of tax plus socials issues meant they became a target for many landlords. Tax wise they enjoyed full deduction of mortgage interest. Socially, Covid meant that more people holidayed in the UK and
- [What is an enveloped dwelling and what do I need to do if I have one?](https://thward.co.uk/2025/03/26/what-is-an-enveloped-dwelling-and-what-do-i-need-to-do-if-i-have-one/) - The Annual Tax on Enveloped Dwellings is a curious sounding thing. ATED is an unusual sounding thing with dramatic consequences. It is a domestic property tax that is levied on entities that own high value residential properties. Generally this means companies but it can sometimes mean partnerships with a corporate partner and other things.
- [So there were no tax changes in the budget BUT...](https://thward.co.uk/2025/03/27/so-there-were-no-tax-changes-in-the-budget-but/) - As previously mentioned Making Tax Digital and quarterly reports are incoming. Rachel Reeves confirmed that the threshold for participation has officially been set at £20,000 from April 2028. This is probably a year earlier than she suggested before Christmas. She had said that it would happen before the end of the current parliament. Is
- [Tax simplicity at the hands of the Rent a Room Scheme](https://thward.co.uk/2025/04/02/tax-simplicity-at-the-hands-of-the-rent-a-room-scheme/) - Tax is a topic full of extreme complication but can also sometimes through out a cheeky little simplification here and there that is worth knowing about. Now if the idea of having a lodger fills you with dread you can sigh off here. If you do have a lodger, or might have one, then keep
- [I would love your feedback please...](https://thward.co.uk/2025/04/01/i-would-love-your-feedback-please/) - I am speaking to a room full of landlords tomorrow (I know! Lucky them!) for Newcastle Council. My topic "Tax Policy and Property Structures" covers a wide range of issues. As you will know I have written what is now 126 emails covering tax on property income and I still have quite a few things
- [No! Sorry! You cannot deduct the full cost of your potatoes!](https://thward.co.uk/2025/04/03/no-sorry-you-cannot-deduct-the-full-cost-of-your-potatoes/) - Imagine if George Osborne had beef with chip shops instead of landlords. What do you think he would have done? Let's reimagine his speech from July 2015 in an alternate world where this is the case. This what he said about landlords. Word for word apart from the obvious changes.
- [If you don't want to use software for your quarterly updates you might want to look at Bridging instead](https://thward.co.uk/2025/04/07/if-you-dont-want-to-use-software-for-your-quarterly-updates-you-might-want-to-look-at-bridging-instead/) - From April 2026 you will may to send quarterly updates depending on the level of rental income you receive. This fills some with dread. For some it is the quarterly part that they don't like. For others it's the idea that you will need software to do it. Making Tax Digital for Income Tax Self
- [Most of us know examples of illegal evasion and legal avoidance but it really isn't that simple](https://thward.co.uk/2025/04/07/most-of-us-know-examples-of-illegal-evasion-and-legal-avoidance-but-it-really-isnt-that-simple/) - Episode 1 of this newsletter referenced a conversation I had with a pal where he mentioned "Tax Invasion". I loved it. A little slip of the tongue that radically changed the meaning of the sentence. Once you look at tax for more than a few minute you realise that evasion is completely illegal. Always. This
- [Most landlords use the cash basis to work out their figures but have you head of accruals?](https://thward.co.uk/2025/04/09/most-landlords-use-the-cash-basis-to-work-out-their-figures-but-have-you-head-of-accruals/) - For most landlords, as individuals, you look at the money received in the bank and the expenses that left, during the window of 6th April through to 5th April, and put those figures on your tax return. Simple. This is called the cash basis. It provides that the money in and out are your figures
- [Everybody likes a sure thing. Why would you not? What can you guarantee in tax?](https://thward.co.uk/2025/04/11/everybody-likes-a-sure-thing-why-would-you-not-what-can-you-guarantee-in-tax/) - A reader and good pal sent me an email to look over recently. It had two elements that should strike fear in to any landlord. First of all it was offering tax work at such low prices that they cannot possibly be "value". I've written before that If you are paying less than a few
- [Do you always have to declare and pay CGT in 60 days?](https://thward.co.uk/2025/04/15/do-you-always-have-to-declare-and-pay-cgt-in-60-days/) - Most of you will know that sales of residential property need to be declared and tax paid in 60 days. There is however one handy exception! I first learnt of this two years ago via a pal but almost forgot about it until it came up just now with a client. Most of you will
- [Apparently there are increase calls to increase the basic rate of tax. What happens to s24 if that happens?](https://thward.co.uk/2025/04/17/apparently-there-are-increase-calls-to-increase-the-basic-rate-of-tax-what-happens-to-s24-if-that-happens/) - s24, the restriction of finance charges, has been a big issue for landlords for coming up on ten years now. Stats show that a larger percentage of houses being sold at the moment are former rented homes so it could be argued that at last Osbornes original plan of ensuring more homes are own by
- [How is Australia planning to solve their housing crisis?](https://thward.co.uk/2025/04/18/how-is-australia-planning-to-solve-their-housing-crisis/) - Housing shortages aren't just causing issues in the UK. Most western countries are in the same boat. They are also trying solve it in different ways. They are even taking to repeating things that haven't worked elsewhere.
- [You've all seen stories in the press about being a landlord that completely misses the point. Well I see it for tax as well.](https://thward.co.uk/2025/04/22/youve-all-seen-stories-in-the-press-about-being-a-landlord-that-completely-misses-the-point-well-i-see-it-for-tax-as-well/) - It won't come as a surprise at all to most of you that the mainstream press don't always get things right. Landlords are seemingly gladly mis portrayed as evil capitalists that don't care at all about their tenants. We are also lumped in with the "rich" when people shouting about "taxing more!" and rarely do
- [Losing tax and wasting time by not taking pictures of your entertaining expenses!](https://thward.co.uk/2025/04/24/losing-tax-and-wasting-time-by-not-taking-pictures-of-your-entertaining-expenses/) - I took someone out for a cuppa recently and snapped a picture of the receipt for my records. They asked what I was doing. I explained my business accounts are on Xero so naturally I snap pictures of my receipts to save time. This chap has been using Xero for many many years but had
- [When is death a good excuse?](https://thward.co.uk/2024/10/23/when-is-death-a-good-excuse/) - No. Not yours. I mean the death of someone close to you. I spoke with someone recently and their husband died in December 23. As a result they did not get their 2023 income tax return by the 31st January 2024. HMRC will be fining them as you read this but is that fair? Well
- [Pay your spouse to manage your properties to save tax!](https://thward.co.uk/2024/10/24/pay-your-spouse-to-manage-your-properties-to-save-tax/) - A lot of people manage their own properties. As a result they don't have to pay an agent which means they have lower tax allowable deductions - and a higher tax bills! Now it's completely up to you if you want to pay a managing agent and I am not suggesting that you should or

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