The Ultimate Guide to Partnerships and Capital Gains Tax (CGT) – Part 1
Partnerships can be tax-efficient, but when it comes to Capital Gains Tax (CGT), the rules are not always straightforward. Unlike companies, partnerships don’t pay tax in their own right. Instead, gains and losses flow through to the individual partners. This guide pulls together the key principles, HMRC’s Statement of Practice D12, and some practical examples […]
P&L filing for small companies paused – what it really means in practice
Plans to require small companies and micro-entities to file their profit and loss accounts publicly have been formally paused, removing (for now) one of the most controversial elements of the recent Companies House reform programme. Following an update to official guidance in late January, Companies House confirmed that the proposed changes to accounts filing will […]
Understanding Part Disposals of Land for Capital Gains Tax
When dealing with capital gains tax (CGT), most people think about selling a whole asset, such as an entire property or a piece of land. But sometimes, only part of an asset is sold. This is called a part disposal, and it has its own set of rules under the Taxation of Chargeable Gains Act […]
Companies House Fees Are Increasing
From 1 February 2026, Companies House will increase a number of filing fees. Most notably, the company incorporation fee will double, rising from £50 to £100. Why timing matters It’s important to factor in: • Identity verification checks • Obtaining your Personal Code • Any delays caused by incomplete or incorrect submissions […]
Introduction To Partnership Losses in the UK – How Partners Can Claim Relief (2025/26)
Many people think of “partnership losses” as one big pool, but that’s not how the UK tax system works. Each partner’s share of the partnership’s loss is treated as if they had made the loss personally in their own trade. This means each partner chooses, and claims, loss relief individually. Below is a guide to […]
Starting Self-Employment in the UK: When to Tell HMRC and What Happens If You’re Late
Becoming self-employed is an exciting step — whether you’re starting a freelance business, offering consulting services, or running an online shop. But one thing many people don’t realise is that there are strict deadlines to notify HM Revenue & Customs (HMRC). Missing this deadline can lead to penalties — even if your income is small […]
Can a Self-Employed Person Claim Home Office Expenses if Their Partner Pays the Bills?
If you’re self-employed and work from home, you can usually claim part of your household costs — things like electricity, gas, broadband, rent, or Council Tax — as business expenses. But what if those bills are paid by your partner or come out of a joint account? Can you still claim them on your tax […]
Child Benefit: Protecting your National Insurance (NI) record
When clients think about Child Benefit, they often focus on the weekly payments — £26.05 a week for the first child and £17.25 for each additional child in 2025/26. But there’s a much bigger — and often overlooked — benefit: protecting your National Insurance (NI) record, particularly if you’re not currently working or earning below […]
Penalties for Incorrect Tax Returns – How HMRC Decides
When submitting your UK Self-Assessment tax return, accuracy matters. HMRC has the power to charge penalties if your return contains an inaccuracy that leads to an understatement of tax, a false or inflated loss, or a false or inflated repayment claim. These penalties are governed by Schedule 24 of the Finance Act 2007 and depend […]
Understanding Controlled Foreign Companies (CFC) Rules – When Overseas Profits Are Taxed in the UK
Introduction The Controlled Foreign Company (CFC) rules – set out in Part 9A of the Taxation (International and Other Provisions) Act 2010 (TIOPA 2010) – are designed to stop UK businesses and individuals from diverting profits to companies in low- or no-tax countries to avoid UK tax. If a foreign company is classed as a […]