HMRC Announces Temporary VAT Reduction HMRC has announced a temporary reduction in the VAT rate from 20% to 5% on qualifying children's meals supplied by restaurants, cafés and similar establishments. The reduced rate will apply from 25 June 2026 to 1 September 2026...

For many owner-managed businesses, involving a spouse in the company structure can be an effective way to utilise personal allowances and optimise the family’s overall tax position. However, while paying dividends to a spouse may seem like a simple planning strategy,...

As a general rule, VAT cannot be recovered on goods or services that are intended for personal use. Where a business incurs expenditure and those goods or services are subsequently used privately, this is treated as a taxable self-supply, meaning VAT may need to be...

This newsletter looks at how VAT recovery on an asset alters with a change in its use. Suppose that a business purchased an asset (e.g., a building) for a project expecting to use it in its taxable business, and recovers all the VAT on the purchase. However,...

Running a small business in the UK comes with a great deal of financial responsibility, and understanding your tax obligations is one of the most important parts of staying compliant. Tax can feel overwhelming, but with the right guidance, it becomes far more...

Ceasing to trade does not automatically end a company’s legal or tax obligations. Where funds remain in the business, directors and shareholders should carefully consider how those monies are extracted in the most tax-efficient way. What Does ‘Dormant’ Mean? The...

King Charles III has delivered the 2026 King’s Speech, unveiling a massive slate of bills and regulatory overhauls. From a total crackdown on late business payments to a complete reshuffling of the railways and a vote for 16-year-olds, the legislative roadmap is...

With continued economic pressure affecting many sectors, unpaid customer invoices are becoming an increasing concern for businesses. For businesses taxed on an accrual basis, where income is taxed when invoiced rather than when payment is received — bad debt relief...

Many owner-managed businesses rely on shareholder loans to fund growth, acquisitions, or capital investment. While tax relief on interest paid on these loans can be valuable, it is subject to strict conditions—and in some cases, that relief can be lost unexpectedly....