Key person policies and tax relief

Many businesses take out “key person” insurance policies to protect against the financial impact of losing an important employee, director or other individual who is central to the success

A reminder of tax-free trivial benefits

Employers looking to provide staff with small gifts or seasonal tokens of appreciation should remember the rules for tax-free trivial benefits.

A benefit can qualify as a trivial benefit where all of

IHT – gifts made with reservation of benefits

Most lifetime gifts are treated as potentially exempt transfers (PETs) for Inheritance Tax (IHT) purposes. In general, these gifts become fully exempt if the donor survives for seven years after

Claiming to reduce payments on account

Self-assessment taxpayers are usually required to make payments on account to pay their Income Tax liabilities. These are paid in two instalments, the first on 31 January during the tax year and the

VAT – opting to tax property

The option to tax is a VAT election that allows businesses to treat supplies of most non-residential land and buildings as taxable rather than VAT exempt. Once an option to tax is made, supplies in

Tougher action on late payments

The Government has introduced a landmark new Bill aimed at tackling the growing problem of late payments to small businesses, with ministers describing the measures as the biggest crackdown in more

New measures aimed at easing living costs

The Government has announced a new package of measures designed to help households manage rising living costs during the summer months, as concerns continue over inflation, fuel prices and household

Making Tax Digital – which software to use

Making Tax Digital (MTD) for Income Tax is now in force for many self-employed individuals and landlords. Since 6 April 2026, taxpayers with qualifying business or property income exceeding £50,000

Fiscal drag explained

The freezing of tax thresholds can result in a phenomenon commonly referred to as ‘fiscal drag’. This occurs when tax allowances and rate bands remain unchanged while wages and inflation increase. As

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