Accounting on a cash basis
From April 2024, the cash basis is the default method for sole traders and most partnerships when preparing Self-Assessment returns. Designed to simplify tax reporting, the cash basis lets businesses record income and expenses when money actually moves, easing the admin burden for many. Those who
Claiming for uniforms, work clothing and tools
Buying tools or clothing for your job? You could claim tax relief. Check if you qualify and how to get your money back. If you have spent your own money on items essential for your work, such as tools or specialist clothing, HMRC may allow you to claim tax relief, even up to four years after you
Tax rules for savings interest
You could earn up to £18,570 in tax-free savings interest in 2025-26, thanks to the personal allowance, starting rate for savings, and the Personal Savings Allowance.
If your taxable income for the 2025-26 tax year is less than £17,570, you will not pay tax on the interest you receive. This figure
Who must send in a tax return
From self-employment to rental income, there are many reasons you may need to file a Self-Assessment return. Know the triggers and register with HMRC by 5 October if this is your first time.
There are a number of reasons why you might need to complete a self-assessment return. This includes if you
When do the higher rates of Income Tax apply
Once your income passes £100,000, your tax-free allowance starts to shrink. Between £100,000 and £125,140, the effective tax rate climbs to 60%, but smart planning can help.
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net
Do not forget to claim the marriage allowance
If one partner in a marriage or civil partnership earns under £12,570, you could save up to £252 a year, and up to £1,260 if you backdate your Marriage Allowance claim for the past
Can you reduce your 31 July tax payment on account
Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on account. Act early to manage cash flow. Use your online account or we
Could you extend Child Benefit claim?
Parents of 16-19-year-olds: confirm your child’s continued education or training by 31 August 2025 to keep Child Benefit payments going. Last year, over 870,000 families updated
Why filing early makes sense
Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering your tax details today.
The 2024-25
MTD for Income Tax deadline is approaching
MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k+ income. Plan early to stay compliant and avoid disruption.
MTD represents one of the most
