In Orsted West of Duddon Sands (UK) Limited & Ors v HMRC, the Supreme Court considered whether major pre‑construction costs could qualify for tax relief as capital allowances. The case arose from offshore wind projects where the companies spent significant amounts on environmental surveys, seabed studies and technical investigations before any turbines were built. The […]
As outlined in Autumn Budget 2025, several changes took place on 6 April that may affect those who use the Construction Industry Scheme. From April 2026, contractors are required by law to either: file a CIS return every month, including nil returns in months where they have not used a subcontractor; or inform HMRC in advance that […]
When buying property in England, Stamp Duty Land Tax (SDLT) often represents a significant cost. One crucial distinction is whether a property is treated as purely residential or mixed‑use. Mixed‑use property includes both residential and non‑residential elements, such as a house with farmland, commercial buildings, or genuinely non‑residential land, and it is taxed at lower […]
Date What’s Due 1 May Corporation Tax for year to 31/07/2025, unless quarterly instalments apply 19 May PAYE & NIC deductions, and CIS return and tax, for month to 05/05/2026 (due 22 May if you pay electronically) 1 June Corporation Tax for year to 31/08/2025, unless quarterly instalments apply 19 June PAYE & NIC deductions, […]
Recent economic instability, both domestically and globally, has increased the challenge for those wishing to invest or save. Planning ahead can be difficult in the face of market volatility and economic uncertainty, but long-term investing remains one of the most reliable ways to reduce risk and build wealth over time. Backed up by numbers Investing […]
It used to seem relatively simple to decide on a way to pass on wealth to the next generation. Pensions were previously outside the scope of Inheritance Tax (IHT) calculations, meaning that you could amass wealth in a pension pot and have it pass tax-free to your beneficiaries. From 2027, that will no longer be […]
In a testament to the power of investment, the true value of ISAs has now been revealed. A Freedom of Information request has shown that the number of people holding ISA portfolios worth more than £1 million is set to increase dramatically. With there being triple the number of ISA millionaires now than three years […]
Further administrative changes are on the cards for close companies, as the Government seeks to gain a better understanding of previously difficult-to-distinguish transactions. Close companies – those companies controlled by five or fewer participators or by their directors if those directors are participators – may soon need to disclose details of transactions with participators in order […]
For landlords and sole traders bringing in qualifying annual income over £50,000 (not including profit or dividends), Making Tax Digital (MTD) for Income Tax is now mandatory. For income to qualify, it must be earned from self-employment or property rental, exceed the threshold in a tax year and be subject to UK Income Tax. Please […]
From the end of the 2025/26 tax year, 5 April 2026, you must report your dividend income accurately as part of wider personal tax reforms. Directors of close companies must disclose the company name, registration number, specific dividend amounts and their highest percentage shareholding on Self-Assessment returns. Dividends from your own company must also be […]
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