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Do you need to pay tax on your side hustle? Those who have turned their hobby into a side hustle are being reminded by HMRC that their income from these activities may be taxable. With wedding season in full swing, some may be making some extra income from selling wedding…
QUESTIONS OVER FUTURE TAX CHANGES UNDER NEW PRIME MINISTER ANDY BURNHAM Since becoming Prime Minister, Andy Burnham has made cost-of-living support a key focus. One headline measure announced this month is the planned removal of VAT on household electricity from October 2026, which the Government estimates could reduce average household…
Are Family Investment Companies Right for Your Wealth and Inheritance Tax Planning? With ongoing changes to inheritance tax (IHT) legislation and increasing concerns about preserving family wealth, many high-net-worth individuals are exploring advanced estate planning strategies. One option attracting growing interest is the Family Investment Company (FIC). A Family Investment…
For those sole traders and directors that have self-assessment tax commitments, the second payment on account is due by 31 July 2026. It will be important to check what’s due and pay the bill online by the deadline. If there are problems with paying the full amount, there may be the…
Employee Ownership Trusts (EOTs): Why More UK Business Owners Are Choosing a Tax-Efficient Exit For many business owners, selling a company is one of the most significant financial decisions they’ll ever make. Traditionally, this meant finding an external buyer, selling to a competitor, or passing the business on to family…
Could You Be Entitled to an SDLT Refund? Buying a property that requires major renovation can be an excellent investment opportunity. However, many buyers are unaware that purchasing a property that is genuinely uninhabitable may affect the amount of Stamp Duty Land Tax (SDLT) payable and, in some cases, could…
Could the EU’s New Entry-Exit System Trigger a UK Tax Residency Investigation? The European Union’s new Entry-Exit System (EES) is designed to strengthen border security and improve the monitoring of travellers entering and leaving the Schengen Area. However, for UK holiday home owners, remote workers, expatriates and frequent travellers, the…
Could New Inheritance Tax Rules Put Family Businesses at Risk? For many business owners, succession planning is about more than protecting personal wealth. It’s about safeguarding a family legacy, preserving jobs, and ensuring that a business can be passed smoothly to the next generation. However, upcoming changes to inheritance tax…
Welcome to the July 2026 Tax Update. In this issue we take a look at the first MTD deadline, Benefits in Kind, Gov.uk Chat, VAT on public EV charging points and upcoming dates on the Accounting Horizon. MTD FOR INCOME TAX: 7 AUGUST DEADLINE IS NEAR Making Tax Digital (MTD)…
HMRC’s ‘Don’t get caught out’ campaign encourages contractors working through umbrella companies to take a closer look at their circumstances and watch out for tax avoidance. Contractors can use HMRC’s online guidance and tools to learn about tax avoidance, to understand how they are paid and how to check if…