A significant change is on its way for sole traders, with new rules set to reshape how income is reported and managed.

The idea of selling a business to its management team has long been part of succession planning in the UK.

Following changes to legislation, HM Revenue & Customs (HMRC) has revised the way it calculates interest on late and early payments, linking it more closely with the Bank of England base rate.

As global stock markets rise and fall erratically in response to US President Donald Trump’s flipflopping on tariffs, many UK businesses may assume this is a crisis confined to Wall Street or the multinational giants.

VAT is complex, and too many businesses are making costly, avoidable mistakes.

Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC).

The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year.

The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA).

Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively.

The earlier you file a return, the sooner you will find out how much tax you owe.

While the changes made in the Autumn Budget could cause you financial problems, capital allowances provide a efficient way to reduce taxable profits.

From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return.

This change will affect an estimated 900,000 directors across the UK.

Last week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.

The end of the tax year is fast approaching, and if you are considering making personal pension contributions, it is important to plan ahead to avoid missing the deadline.

Chancellor Rachel Reeves today delivered her Spring Statement, outlining the Labour Government’s economic priorities and reaffirming a commitment to fiscal discipline and long-term investment.

If you are thinking about selling your business, timing could be everything.

Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief, helps business owners reduce their Capital Gains Tax (CGT) liability when selling qualifying assets.

From 6 April 2025, changes to employer National Insurance Contributions (NICs) will take effect, increasing payroll costs for many businesses.

If you employ staff, it is advisable to prepare now for how these changes will impact you financially.

As the end of the tax year approaches, it is a good time to review your personal tax position and ensure you are making the most of available allowances.

Unlike company tax planning, which can take place throughout the year, personal tax is closely tied to the tax year-end on 5 April.

Upcoming changes to Inheritance Tax (IHT) will be phased in over the next two years.

With property values rising and the IHT nil-rate thresholds remaining frozen until 2030, more estates will face unexpected tax bills if they fail to plan accordingly.

If you have had career breaks, worked abroad, or earned below the National Insurance (NI) threshold, you could have gaps in your State Pension.

President Trump’s tariff proposals are creating uncertainty in global markets.

While the UK has not been directly targeted yet, British businesses could still feel the impact of U.S. trade policies.

If you are hoping to maximise your State Pension, you only have two months left to take action before a key deadline on 5 April 2025.