Over 11.5 million people met the 31 January 2025 self-assessment deadline, but 1.1 million taxpayers missed it. If you're one of them, expect a £100 penalty. Learn about late fees and HMRC’s payment
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Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help
From 1 February 2025, alcohol duty on draught pints has been cut for the first time in a decade, saving drinkers 1p per pint. Small breweries also benefit from tax relief. However, duty on non-draught
1 March 2025 - Due date for Corporation Tax due for the year ended 31 May 2024. 2 March 2025 - Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge unless liabilities are
Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs across the UK. According to the Federation of Small Businesses (FSB), around
Expanding into international markets can be a game-changer for UK small businesses, opening up new revenue streams and increasing business resilience. With the right knowledge and support, even small
From 6 April 2025, employers will face a 1.2% rise in National Insurance contributions, alongside a lower NICs threshold. However, an increased Employment Allowance aims to ease the burden for small
From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new 4-year Foreign Income and Gains regime offers tax relief for new arrivals, while
Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters and numbers can affect how much you owe. From marriage allowance to emergency codes,
If you are moving goods across borders, an EORI number may be essential for customs clearance. Whether trading with the EU, Northern Ireland, or beyond, knowing which type you need—GB, XI, or