Practical, plain-English guidance on audit, tax, VAT, accounts and advisory — written by our chartered accountants.
1224 articles · page 8 of 102
Rental income is taxed as part of your ordinary income. Your rental profit is the rent you receive minus allowable expenses. It is added to your salary, pension and other income and taxed at your…
Read articleThe £100k tax trap is the band of income between £100,000 and £125,140 where your personal allowance is withdrawn. For every £2 of adjusted net income above £100,000 you lose £1 of the £12,570…
Read articleThe UK dividend allowance is £500 for 2026/27, the same as in 2025/26. What changed on 6 April 2026 is the tax rate on dividends above the allowance: 10.75% for basic rate taxpayers (up from…
Read articleThe Making Tax Digital deadline depends on your qualifying income. Sole traders and landlords with more than £50,000 in 2024/25 had to start on 6 April 2026 . Those over £30,000 in 2025/26 start…
Read articleA bank reconciliation is the check that the balance in your accounting records agrees with the balance on your bank statement at the same date, with every difference explained. The differences are…
Read articleNo, there is no VAT on train tickets in the UK. Rail fares are zero-rated , which means VAT is charged at 0% . Passenger transport in any vehicle designed or adapted to carry 10 or more passengers…
Read articleIf you are self-employed, you can claim any cost incurred wholly and exclusively for the business. The main categories are office costs, travel, stock, staff, premises, financial costs, marketing…
Read articleIf you are an employee, the HMRC working from home allowance has gone for the current year. From 6 April 2026 , you can no longer claim tax relief from HMRC for extra household costs, including…
Read articleA discretionary trust is a trust in which the trustees decide who benefits, when and by how much. No beneficiary has a fixed right to the income or capital. The trust deed or will names a class of…
Read articleThe UK's money laundering regulations are the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692. They apply to banks and…
Read articleInsolvency means being unable to pay your debts. In UK law there are two tests, and failing either one is enough. The first is cash flow : you cannot pay your debts as they fall due. The second is…
Read articleThe main pension contribution limit, often called the pension cap, is the annual allowance of £60,000 for 2026/27. It covers everything paid into your pensions in the tax year, by you, your…
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