Tax

Discover how Corporation Tax applies when your UK limited company sells business assets — whether it's property, shares, or intangible assets like goodwill. This guide breaks down tax rules, reliefs, and reporting requirements in plain English to help business owners make smart, compliant decisions.

Self-employed and unsure about tax? Learn how to work out what you owe, what expenses you can claim, and how the tax bands and National Insurance rules affect your income. Includes real-life examples and expert advice to help you stay compliant and keep more of what you earn.

S455 tax can catch business owners off guard when a director borrows money from their company and fails to repay it within the required timeframe. This post breaks down everything you need to know about s455 tax — what triggers it, who is responsible for paying it, and how you can avoid unexpected tax charges. From repaying loans on time to understanding how tax is calculated, we offer actionable insights for directors on how to manage their loans and minimize exposure to s455 tax. Stay compliant, save money, and avoid penalties!

"In this world, nothing is certain except death and taxes." — Benjamin Franklin. And yet, understanding your tax code can feel just as mysterious as the afterlife. Every year, thousands of people in the UK overpay or underpay their tax without realising. Why? Because they don't fully understand those random-looking numbers and letters on their payslips. Let's change that. In this guide, I’ll walk you through everything you need to know about UK tax codes — what they mean, how they’re calculated, and what to do if something doesn’t look right. I’ll share real examples and tips from the trenches so you can navigate the system with more confidence (and maybe a little less frustration).

As of April 2025, furnished holiday lettings (FHLs) no longer benefit from their previous tax advantages and are now taxed like standard residential rental properties in the UK. Landlords can no longer claim upfront capital allowances, and mortgage interest relief is limited to a 20% basic rate tax credit. Pension contributions can’t be deducted from rental income, and the cost of furniture can only be claimed when items are replaced. Capital Gains Tax reliefs, including Business Asset Disposal Relief and rollover relief, have also been withdrawn, potentially increasing tax liabilities when selling a property. These changes significantly impact the profitability of holiday lets and should be factored into future tax planning. Holiday property owners must ensure they’re fully up to date with the new FHL tax rules now in effect.

Each tax year, UK individuals benefit from a Capital Gains Tax (CGT) annual exemption – a valuable allowance that enables gains up to a certain threshold to be made free of tax. However, with recent reductions in this exemption, it’s more important than ever to make the most of it.

It’s not uncommon for directors of small companies — particularly those with a background in self-employment — to blur the lines between business and personal finances. However, it’s essential to remember that a limited company is a separate legal entity, and treating company funds as a personal wallet can lead to unexpected tax consequences.

Recent developments have brought notable changes to Capital Gains Tax (CGT), with significant shifts in 2024 and more on the horizon. With the Labour government having recently passed a Budget and a Spring Statement on the way, now is a good time to assess where we stand with CGT in early 2025.

As the tax year-end (5 April) approaches, now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs. A few simple steps could help you save money and ensure your tax affairs are in the best possible shape.