Updated October 2026: National Insurance rate and annual allowance points corrected for 2026/27. What is a Pension? A pension is a smart way to save for your future when you're no longer working. There are two main types: Personal Pension: You set this up yourself with a pension provider.
Going Solo? Get Registered For Self Assessment Quickly
Updated October 2026: National Insurance, VAT and Making Tax Digital points revised. Starting your own business is exciting! But before you dive in, there's one key step: registering as self-employed with HMRC. This ensures you pay the right taxes. You need to register if your income from
Spring Budget 2024: Key Points and Upcoming Details – The Chancellor’s Final Spring Statement
Archived article: this was published in March 2024 and reflects the Spring Budget 2024 at that time. Some rates and rules have since changed. For the latest position, read our Budget 2026 summary and the ACCA guide to tax rates for 2027/28. This was the Chancellor’s final Spring Budget before
Navigating the National Minimum Wage in the UK: A Guide for Businesses
Updated October 2026: rates revised for April 2026, with the increases announced for April 2027. As accountants, we know keeping up with complex regulations is paramount for your business's success. One crucial area is the National Minimum Wage (NMW). Here's a quick refresh to make sure you're
Demystifying UK Payments on Account for Self Assessment: A Comprehensive Guide
Navigating the intricacies of UK tax regulations can be a daunting task, especially for self-employed individuals. One aspect that often causes confusion is the concept of payments on account, a mandatory requirement for certain self-assessment taxpayers. Fear not, for this comprehensive guide will
A guide to the Autumn Statement 2023
Archived article: this was published in November 2023 and reflects the Autumn Statement 2023 at that time. Many rates and rules have since changed. For the latest position, read our Budget 2026 summary and the ACCA guide to tax rates for 2027/28. The headline message from the Chancellor The
Navigating the Tax Maze: Your Responsibilities as a Self-Employed Individual
Update October 2026: the trading allowance and Self Assessment registration threshold of £1,000 is due to rise to £3,000 from 6 April 2027 (Budget 2026). Sole traders with qualifying income over £50,000 (£30,000 from April 2027) must also use Making Tax Digital for Income Tax. As a self-employed
IR35 and off-payroll working in the UK: What you need to know
IR35 is a set of rules that determine whether a contractor working through their own limited company should be treated as an employee for tax purposes. If the contractor is deemed to be an employee under IR35, the client will be responsible for paying employer's National Insurance contributions
Guide to VAT Penalties
Updated October 2026: corrected and updated for the current VAT penalty rules. For VAT return periods starting on or after 1 January 2023, HMRC introduced a new penalty system that replaced the old Default Surcharge. There are separate penalties for submitting VAT returns late and for paying VAT
Use Of Home Expenses – What is Allowable?
The HMRC (Her Majesty's Revenue and Customs) allows you to claim certain expenses related to the use of your home for work purposes. These expenses can be claimed as a deduction from your taxable income, which can reduce the amount of tax you have to pay. The following expenses are allowable for the