If your self-employed income has dropped, your January and July payments on account may be too high. How the claim to reduce works, and the trap to avoid.
Children's clothing is zero-rated for VAT in the UK, but only up to certain size limits. Once a growing child moves into adult-sized garments, the standard 20% VAT applies, which quietly raises the back-to-school bill for older children.
Scottish income tax has six bands, so pension relief above 20% often has to be reclaimed from HMRC. Here is how Scottish taxpayers in the 21%, 42%, 45% and 48% bands can claim the difference for 2026/27.
The 45p per mile method is the simplest way for sole traders to claim vehicle costs. How it works, when actual costs beat it, and a worked example.
A sole trader earning GBP 60,000 pays Class 4 NI and higher-rate tax, but a GBP 10,000 SIPP contribution can reclaim GBP 2,000 of higher-rate relief on top of the basic 20% added at source. Here is the full worked example for 2026/27.
HMRC flat rates can save record-keeping, but actual costs often beat them. A worked comparison for sole traders deciding which method to use.
New sole traders are often blindsided by a tax bill that includes income tax, Class 4 National Insurance and a payment on account. Here is how much of each invoice to set aside in 2026/27, with a clear worked example.
The Capital Gains Tax Annual Exempt Amount is just GBP 3,000 in 2026/27. Splitting a disposal across two tax years and transferring assets to a spouse can shelter up to GBP 12,000 of gains, legally and free of tax between spouses.
Hiring a subcontractor looks cheaper than an employee, but employer NI, holiday and status risk change the maths. A side-by-side cost comparison for small businesses.
The April 2026 reform to Agricultural Property Relief (APR) and Business Property Relief (BPR) -- the new £1m combined cap, the 50% relief above it, and estate planning strategies for farmers and business owners.
APD rates for all bands in 2026/27, who is exempt, how it affects business travel costs, and how UK air tax compares with European equivalents.
HICBC explained for 2026/27: the £60,000 threshold, the £80,000 full clawback, how the charge is calculated, and how pension contributions can reduce your adjusted net income.
