The government is reporting that it has blocked hundreds of thousands of companies with outstanding or potentially fraudulent Bounce Back Loans from dissolving before they would have to pay anything back. It is reported that they have clawed back millions of pounds from companies that took out Covid loans that they were not entitled to, […]
If you’re self-employed, you will be taxed on the profit after claiming business expenses. HMRC allows two approaches: detailed cost calculations or simplified expenses. The latter is especially useful for working from home and vehicle use. Simplified Expenses for Home Working If you work from home at least 25 hours per month, HMRC lets you […]
You may have noticed your take-home pay shrinking, even without a tax rate increase. This is caused by fiscal drag — when tax thresholds stay the same while wages rise, pushing more people into higher tax brackets. A larger proportion of income is now exposed to tax with more taxpayers crossing into higher tax brackets […]
The UK offers two special allowances that can simplify your tax return: the trading allowance and the property income allowance. Each provides up to £1,000 of tax-free income, making them ideal for people with small amounts of extra income. The Trading Income Allowance The Property Income Allowance The Rent a Room Allowance This is a […]
The UK government is rolling out Making Tax Digital (MTD) to modernise the tax system. By moving away from paper records and annual tax returns, HMRC aims to make tax reporting more accurate and efficient. Who Does It Apply To?From April 2026, MTD for Income Tax Self Assessment (ITSA) will apply to self-employed people and […]
Specific Self Employment Expenses: What You Can & Cannot Claim When you’re self-employed in the UK, HMRC allows you to deduct certain costs from your income before calculating your tax bill. These are known as allowable business expenses. Knowing what qualifies can significantly reduce your taxable profit — but getting it wrong can lead to […]
Being self-employed in the UK means you manage your own finances — including paying tax and National Insurance. Unlike employees, who have PAYE deductions made automatically, self-employed individuals must register with HMRC, track income, and complete an annual Self Assessment. Understanding how much you owe and when to pay is essential to staying compliant. Income […]
The other most important question is, “if I do not tell HMRC about these hustles, will anyone tell them?”. On both questions, the short answer these days in most instances is YES. Changes that were brought in by HMRC in January now requires online e-Commerce and online services platforms to automatically report the income and […]
When you save money in a UK bank, building society or credit union that’s authorised by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), your money is protected by the Financial Services Compensation Scheme (FSCS). Why this matters: Many savers don’t realise that their deposits are protected. Understanding the FSCS rules can give […]
Many people only glance at their net pay, but a payslip contains crucial details about how your income is taxed and where your money goes. By understanding each section, you can check for errors, avoid overpayments, and budget more effectively. 1. Income Tax and National Insurance (NI) For the 2025/26 tax year, the Personal Allowance […]