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Knowing which business expenses, you can claim is one of the most effective ways to reduce your tax bill. These allowable expenses are deducted from your income to calculate your taxable profit. HMRC has one key rule - Expenses must be “wholly and exclusively” for the purpose of your trade or the expense must be in the production of income.

If you're working in the construction industry, you've probably come across the term CIS – the Construction Industry Scheme. Recently, we’ve had a few clients needing to register for CIS and set it up in their accounting software, so we thought it would be helpful to share what we’ve learned, especially when using platforms like FreeAgent and Xero.

If you’ve been claiming non-domicile status and using the remittance basis, things are about to shift. Here’s the short version: the non-dom status is being scrapped. From April 2025, everyone who lives in the UK and is tax resident will be taxed on worldwide income and gains, no matter where it’s earned or whether it’s brought into the UK.

Many clients often ask what they can claim for home office expenses when working from home, and how the rules differ between claiming as a sole trader versus as a director of a limited company. While the amounts you can claim may be similar, the criteria and evidence required are different depending on your business structure. Here's a breakdown of the key differences and what you need to know for each scenario.

What You Need to Know for 2025–26. If you rent out a holiday home or short-term let—whether it’s in the Highlands, Cornwall, or anywhere in between—there’s a major tax change coming in April 2025 that could affect how much tax you pay and how you report it. And this affects individuals, companies, and trusts that own or sell FHL properties, whether in the UK or overseas.

As the world of digital currency and cryptocurrency continues to grow, it's essential to understand the tax implications of your investments. If you've received gains from digital currencies, you need to declare these on your tax return. HMRC requires that any gains or income from digital currencies be declared on your tax return. This includes cryptocurrencies like Bitcoin, Ethereum, and other digital assets. Failing to declare these gains can result in penalties and interest charges.

Did you know we can already prepare and calculate your tax liability for 2024/2025? This makes it easier to plan what you will be paying to HMRC in July 2025 as part of the prepayment, and then in January 2026 as the final payment.

We always start with our retainer client self-assessment returns first, but if you are ready to send us your information, please do. We love being prepared and getting the dreaded 'tax' out of the way!