The 7-year gift rule is still available

The 7-year gift rule is still an available option for those making lifetime gifts, offering a way to potentially reduce Inheritance Tax (IHT) liability. Most gifts made during a person’s lifetime are

Employing young people in your business

When a new employee joins your payroll, it is the employer’s responsibility to ensure they are aware of their rights and that the correct tax is deducted from their salary. This responsibility also

Cash flow challenges facing small businesses

Cash flow remains one of the most significant challenges facing small businesses in the UK. Even profitable businesses can encounter difficulties if income is received later than expected or costs

Ways businesses can reduce fuel bills

Tensions in the Middle East have increased concerns about potential disruption to global oil supplies. Even where physical shortages do not arise, uncertainty can still push up fuel prices and

How long should you keep your tax records

Following the deadline for submission of self-assessment tax returns for the 2024-25 tax year, it is a useful time to revisit the rules on how long you should keep your tax records. There are no

What are dividends and how are they taxed

A dividend is a distribution of a company’s profits to its shareholders. Companies may pay dividends in cash or additional shares, giving investors a share of the business’s earnings. Dividends are a

The Rent a Room Scheme

The Rent a Room Scheme is a set of special rules designed to help homeowners who rent out a room in their home, creating a potentially valuable tax-free income stream. Under the scheme, rent received

Tax if selling a second property

You may have to pay Capital Gains Tax (CGT) tax when you sell or dispose of a property that is not your main home. This includes buy-to-let properties, business premises, land and inherited

Tax on inherited property, money or shares

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance itself. This is because any Inheritance Tax (IHT) due is normally paid out of the

Estimate your Income Tax for the current tax year

If you are concerned by the continuing pressures on your take-home pay and need some certainty on your Income Tax liability, the HMRC calculator available at https://www.gov.uk/estimate-income-tax can