When a sole trader or partnership transfers a business to a company, a chargeable gain may arise. This is calculated by reference to the market value of the business assets at the date of incorporation (including goodwill), compared with their original base cost. The resulting gain would ordinarily be subject to Capital Gains Tax. In […]
Category Archives: News Updates
Bonuses are treated as taxable earnings, so both employers and employees need to understand how they are taxed and reported. For cash bonuses (including vouchers that can be exchanged for cash), the rules are straightforward. The payment is added to an employee’s normal salary and taxed through the Pay As You Earn (PAYE). This means […]
A recent initiative led by the Lucy Rigby is shining a light on a surprising issue, many young adults in the UK may be sitting on savings they do not even realise they have. The focus is on Child Trust Funds, long term, tax free savings accounts set up for children born between September 2002 […]
The UK Government has launched a new campaign urging businesses to strengthen their defences against cybercrime, reflecting growing concern about the scale and cost of online attacks on UK firms. The announcement, published on gov.uk this week, has attracted strong interest from business owners, particularly small and medium sized enterprises that may lack dedicated IT […]
Today the Office for National Statistics confirmed that UK inflation has fallen to 3.0 per cent in the year to January 2026, the lowest rate seen in about ten months and down from 3.4 per cent in December. This brings good news for households and businesses dealing with high costs, particularly as it follows a […]
Many UK businesses are trading through a period of prolonged economic uncertainty. Costs remain high, consumer confidence is fragile, and access to finance is tighter than it was only a few years ago. In this environment, protecting cash flow and maintaining adequate cash reserves has become more important than chasing short term growth or headline […]
A UK parliamentary report has been widely covered this week warning that small firms are operating under pressures similar to those seen during the pandemic, but without equivalent support. The business and trade committee highlighted rising taxes, high energy costs, crime and chronic late payments as factors threatening the survival of many local firms, with […]
Many business owners and individuals only think about tax when a deadline approaches or a tax bill arrives. While this is understandable, leaving tax planning until the last minute often limits the options available and can result in higher overall costs. Tax planning is most effective when it is forward-looking. Decisions made earlier in the […]
For many people, pensions are seen as something to think about later in life rather than as part of annual tax planning. In reality, reviewing pension contributions before the end of the tax year on 5 April can be one of the most effective ways to reduce a current tax bill while also strengthening long-term […]
The United Kingdom’s competition regulator, the Competition and Markets Authority (CMA), has launched a public consultation on a package of measures aimed at improving how Google’s search services operate in the UK. This follows the CMA’s decision last October to designate Google as having strategic market status in search services, meaning that Google’s dominance in […]