From 2024/25, unincorporated businesses; sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April each year. This is a significant taxation change, removing the basis period rules and preventing the creation of further overlap relief in a new system known as the ‘tax year basis’.

A new survey shows taxpayers have an alarming lack of readiness and enthusiasm for the Making Tax Digital (MTD) changeover. Most taxpayers lack awareness that MTD for Income Tax begins in less than two years. HM Revenue & Customs (HMRC) commissioned pollsters Ipsos to undertake new research to explore the preparedness of Income Tax Self-Assessment

With the current labour shortage affecting pretty much all areas of the economy, taking on an apprentice could reap rewards for many businesses. There are many reasons why hiring an apprentice can benefit your business. However, for hard-pressed employers with limited budgets, the financial incentives offered by the Government are an encouraging reason to take

There is little doubt that the working from home phenomenon is well and truly established. With a laptop, a phone and an internet connection, you can perform many tasks as adequately at home or elsewhere, as in an office. While returning to the office is a must for many,  recent rail strikes and fuel price

As property prices soar, more and more people are being drawn into paying Inheritance Tax (IHT). Why? Chancellor Rishi Sunak froze the nil rate thresholds for paying the tax at £325,000 until 2026, while the value of homes has rocketed, potentially drawing people into paying the tax. There are some exceptions, but generally, people are

A company has lost an £11 million dispute with the taxman over whether contract construction workers were entitled to claim travel costs tax-free. As many as 600,000 temporary workers in the UK are thought to be employed by umbrella companies, used by recruitment agencies and companies to cut temporary payroll costs. Exchequer Solutions Limited (ESL) is

Thousands of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22. Early withdrawal from LISAs attracts a 25