Posts by TomReid

Making Tax Digital for Income Tax is a legal requirement to keep digital business records and send HMRC a short online update every three months, rather than relying on one Self Assessment return a year. It has applied since 6 April 2026 to sole traders and landlords with qualifying income over £50,000, and from 6…

Capital Gains Tax can arise in more situations than simply selling an investment for a profit. Giving an asset to a family member, transferring ownership, exchanging one investment for another or selling something for less than its full value can all count as disposals for Capital Gains Tax purposes. The tax is charged on the…

Late payment can turn a profitable sale into a cashflow problem. A business may have completed the work, paid its employees and suppliers, and accounted for tax before the customer settles the invoice. The scale of the problem remains significant. Research commissioned by the Department for Business and Trade and the Office of the Small…

Divorce or the end of a civil partnership often involves difficult personal and financial decisions. Tax may not be the first point on the list, but it can change the real value of a settlement. A proposed division of assets may look fair on paper. The after tax position may be different if one person…

Salary sacrifice can be a useful way to reduce tax and National Insurance, increase pension savings and access certain employee benefits at a lower net cost. Used well, it can reduce the tax and National Insurance paid on some benefits, preserve allowances that would otherwise be lost, and help build pension savings more efficiently. Used…

E-invoicing is moving from a software choice to a compliance and finance planning issue. The government has confirmed that e-invoicing will become mandatory for all VAT invoices from April 2029. HMRC and the Department for Business and Trade are due to publish an implementation roadmap at Budget 2026, setting out the milestones businesses should expect…

Running more than one limited company is common for many owner-managers. You might have a trading company alongside a property company, a separate company for a different service line, a holding company above the group, or an old company kept for a brand name. Each company may have made sense when it was set up.…

Many business owners withdraw funds from their companies beyond salary and dividends at some point. It could cover a short-term personal cost, help with a property deposit, or bridge the gap between dividend declarations. That flexibility can be useful, but director’s loan accounts come with tax rules that are easy to underestimate. If the balance…

Spending time abroad for work has become much more common. You might be moving for a posting, taking a permanent role overseas, working remotely from another country, or returning to the UK after several years away. What often surprises people is how far UK tax can follow them. Leaving the country does not automatically make…

E-invoicing has moved from a back-office improvement to a planning issue for UK businesses. The government has said that all VAT invoices will need to be issued as e-invoices from April 2029. In practice, that mainly affects business-to-business and business-to-government VAT invoices, rather than ordinary business-to-consumer sales. The detailed UK roadmap and standards are still…