For the first time in 15 years, the approved mileage rate has increased from 45p to 55p per mile for the first 10,000 business miles travelled each tax year. If you use your own car for business journeys, or reimburse employees for business mileage, it’s worth taking note. The change has been backdated to 6th April 2026 too. …
If you run a limited company, there are several tax-efficient expenses that often get overlooked: Professional subscriptions & memberships Certain industry bodies, trade memberships or professional subscriptions relevant to your role can often be paid through the company as an allowable business expense. Trivial benefits Ltd companies can provide directors/employees with small gifts (like meals, wine or vouchers) within HMRC rules – without tax…
Running a business is hard enough – your finances and tax deadlines shouldn’t add to the stress. A recent client came to us and said they were “in a panic” with the end of the tax year approaching. After meeting with the Ascentant Accountancy team, they were guided through their tax return with calm, clear support that immediately put them at ease. …
Are you a Sole Trader or do you have property rental income above £50,000 per year? From April 2026, you will need to change the way you file your Tax Returns under the new Making Tax Digital (MTD) rules. If this applies to you, you should have already received a letter from HMRC notifying you of the upcoming changes. Over the next week, we will also…
MTD ITSA (Making Tax Digital for Income Tax Self Assessment) is a government initiative in the UK aimed at modernising the tax system by requiring individuals, self-employed people, and landlords with income over a certain threshold to keep digital records and submit tax information more regularly to HMRC via compatible software. Here’s a breakdown of…
Since first being introduced over forty years ago, furnished holiday let (FHL) tax breaks have been very beneficial to those owning qualifying properties. With the spread of Airbnb and years of low interest rates, it seems that more and more people have been buying properties to let short-term to holiday makers. This has distorted the…
With the end of the tax year fast approaching, it’s a good time to organise your finances and make sure you make the most of your tax allowances, reliefs, and exemptions. Some of these allowances will be lost if you don’t use them before the end of the tax year. Additionally others will be reduced…
With just seven days to go, nearly four million people have yet to file their tax returns. HM Revenue & Customs estimates more than 12.1 million people need to file a self-assessment tax return for the 2022-2023 tax year by January 31, yet just 8.3 million have done so thus far. More taxpayers will need…
In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions for both employees and self-employed people. Changes to National insurance contributions for employeesThere will be a cut in the main rate of Employee’s National Insurance contributions from 6 January 2024. This will see Class 1 National insurance contributions reduced by 2%, from 12% to 10%,…
Chancellor backs business and rewards workers to get Britain growing Tax cuts for working people and British business headlined Chancellor Jeremy Hunt’s ‘Autumn Statement for Growth’ today, Wednesday 22 November. Tax cuts for working people and British business headlined Chancellor Jeremy Hunt’s ‘Autumn Statement for Growth’ today, Wednesday 22 November. Autumn Statement Aimed at building a…