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Monthly Tax Q&A
HMRC launches UK VAT number checking tool
Following the UK’s exit from the European Union, VAT registration details of UK companies will no longer be maintained on the VAT Information Exchange System
HMRC review of import VAT deducted as input tax by non-owners
Last updated: 14 October 2026 Can you reclaim import VAT if you don’t own the goods? Generally no. HMRC’s position is that only the owner
HMRC Says I’m Owed Money—Is It a Tax Code Error or Scam?
Last updated: 14 October 2026 HMRC says you’re owed money: is it a tax code error or a scam? It can be either. HMRC does
How Are Business Expenses Made With My Personal Credit Card Recorded?
Last updated: 19 October 2026 Can you use a personal credit card for business expenses? Yes. You can pay business costs on a personal credit
How are Long Service Awards Taxed for Employees?
Q:I’ve got a couple of staff at my company who are approaching long service milestones and I want to award them with something to show
How Can a Sole Trader Reduce Tax with a Lower-Rate Taxpayer?
Last updated: 14 October 2026 How can a sole trader plan tax with a spouse or civil partner? The main options are to employ your
How can I increase pension contributions to mitigate higher rate income tax?
Last updated: 14 October 2026 Can you increase pension contributions to reduce higher-rate tax? Yes. Personal pension contributions get tax relief at your highest rate.
How Can I Offset Trade Loss Against My Income?
Q. A business colleague has recently recommended I look into how I set off my trade loss against my general income. This is not something I
How do Budget CGT Changes Affect Selling my Assets Now?
Q: I own a second home worth £400,000, which I bought for £250,000 and I have shares valued at £50,000, which I purchased for £40,000. How
How Do I Complete the Trust and Estate Return?
Last updated: 14 October 2026 How do you complete the trust and estate tax return? The Trust and Estate Tax Return (SA900) is filed by
How Do I Elect Main Residence Relief for Capital Gains Tax on a Second Home?
Last updated: 14 October 2026 How do you make a section 222 election? If you have more than one home that you live in, you
How Does a Side Hustle Affect My Tax with a Main Job?
Q: I have a main job with a company (tax paid through PAYE) and a secondary ‘side hustle’. How does this affect my tax status and
How does HMRC determine if a property is ‘inhabitable’ for SDLT purposes?
Last updated: 14 October 2026 How does HMRC decide if a property is uninhabitable for SDLT? HMRC looks at whether the property is suitable for
How Does Incorporating a Business for Shares Affect CGT?
Q: I am thinking that I may incorporate my business by transferring it for shares. I am trying to understand how it works, the relief and
How does the temporary VAT rate affect my business?
Last updated: 14 October 2026 How did the temporary VAT rate affect businesses, and does it still apply? No, it no longer applies. The temporary
How does the UK ten-year IHT nonresidence rule work?
Last updated: 14 October 2026 What is the UK ten-year rule for inheritance tax? Since 6 April 2025, inheritance tax on worldwide assets depends on
How long do I need to keep VAT records for?
Last updated: 14 October 2026 How long do you need to keep VAT records? You must keep VAT records for at least 6 years. For
How Much Can Sales Rep Pay for Overnight Business Trips?
Last updated: 14 October 2026 How much can you pay a sales rep for overnight business trips? You can reimburse a sales rep’s actual costs
How Much of My Home Office Repairs Can I Claim as a Business Expense?
Q: How much of my home office repairs can I claim as a business expense? A: I work as a consultant full-time in the NHS.
How Much Tax Will I Pay on My State Pension
Last updated: 14 October 2026 Do you pay tax on the State Pension? Yes, the State Pension is taxable income, but it is paid without