Practical, plain-English guidance on audit, tax, VAT, accounts and advisory — written by our chartered accountants.
1224 articles · page 6 of 102
Choosing between a sole trader and a limited company comes down to three things: liability, tax and paperwork. A sole trader is personally liable for every business debt and pays income tax and…
Read articleTax code 0T means you get no tax-free Personal Allowance from that job or pension. Every pound of pay is taxed through the normal bands: 20%, 40% and 45% in England, Wales and Northern Ireland, or…
Read articleThe capital gains tax allowance — formally the annual exempt amount — is £3,000 for individuals in the 2026/27 tax year, the same as in 2025/26 and 2024/25. Most trustees get £1,500 . Gains above…
Read articleMaking Tax Digital for Income Tax applies to individual landlords in the same way as to sole traders. If your gross rents plus any self-employment turnover were over £50,000 in 2024/25, you have…
Read articleScotland has six income tax bands for 2026/27 (6 April 2026 to 5 April 2027), compared with three in the rest of the UK. After the UK-wide £12,570 personal allowance, Scottish taxpayers pay 19%…
Read articleIn the UK you can give your children as much money as you like, and in most cases nobody pays tax on the gift when it is made . Your child pays no income tax on cash received as a gift, and a gift…
Read articleThe EU Pay Transparency Directive (Directive (EU) 2023/970) requires employers in EU member states to disclose pay ranges to job applicants, stop asking about pay history, tell workers how pay is…
Read articleThe BR tax code means all of your income from that job or pension is taxed at the basic rate of 20% , with no tax-free Personal Allowance set against it. It is normally used for a second job or a…
Read articleIf your tax code is wrong, the quickest fix is to update the information HMRC holds about you in its Check your Income Tax online service or the HMRC app. HMRC then sends a corrected code to you…
Read articleA probate application asks the Probate Service for the legal authority to deal with a dead person's estate. In England and Wales you can apply online or by post (form PA1P if there is a will, PA1A…
Read articleThe main advantages of a private limited company are limited liability , a separate legal identity that outlives its owners, corporation tax at 19% to 25% on profits kept in the business, and an…
Read articleGAAP stands for generally accepted accounting practice (in the US, "principles"): the body of standards, law and accepted practice that determines how accounts are prepared. In the UK, UK GAAP…
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