As we approach the end of March 2025, anticipation builds around Chancellor Rachel Reeves’s upcoming Spring Statement. Given the current economic landscape, it’s insightful to consider the potential measures she might introduce and their implications for businesses and individuals alike. Economic Context The UK economy faces several challenges: sluggish growth, elevated borrowing costs, and persistent […]

As an accountant, we’ve seen businesses thrive-and seen them struggle. One key difference between those that weather storms and those that flounder is simple: planning. It’s great to be optimistic. No one starts a business expecting it to fail. But while optimism fuels ambition, realism ensures survival. That’s why the old saying holds true: wish […]

Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings. The ‘badges of trade’ tests, although not definitive, serve as important tools for HMRC […]

HMRC has launched a new “Help for Hustlers” campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply: I’m buying or making things to sell. I’ve […]

Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment. The VAT liability of goods and services provided by registered health, medical, and paramedical professionals, can be a complex area of […]

If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances. There is a tax-free threshold of £30,000 for redundancy payments, regardless of whether the payment is your statutory […]

The UK’s shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings – no more non-dom remittance basis. UK Income Tax is generally payable on taxable income received by […]