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Monthly Tax Q&A
How Much Tax Will I Pay on Redundancy Settlement of £32,450?
Q. I’ve just been told I’m being made redundant by my employer, but they have agreed to a significant settlement agreement. My employment will continue for
How Salary Increases Impact Statutory Maternity Pay and Other Child-Related Benefits?
Last updated: 16 October 2026 The question When an employee on maternity leave gets a pay rise, we know we must recalculate her average weekly
How Should I Record a £50 ‘thank you’ Payment in my Accounts?
Last updated: 16 October 2026 How are payments for work experience taxed? It depends on whether the person is a worker. If someone on work
How Should I Report Employee Benefits to HMRC?
Q: I’m going to be introducing benefits to employees of my business for the first time, including gym membership and private medical insurance. I believe I
How Should I Save and Plan for Tax When Going Freelance?
Last updated: 14 October 2026 How do you plan and save for tax when going freelance? Set aside a fixed percentage of every payment you
How to Calculate VAT-Inclusive Prices and Net/Gross Amounts for a Business?
Last updated: 14 October 2026 How do you calculate VAT-inclusive prices and net and gross amounts? At the 20% standard rate, multiply the net price
How to File Taxes for Freelance Income While Employed?
Last updated: 14 October 2026 How do you file taxes for freelance income while employed? Your salary is taxed through PAYE, but your freelance income
How to Get Your 18-Digit Reference Number for NIC Record Top-up Online?
Last updated: 14 October 2026 How do you top up your National Insurance record online? Check your record first using the “Check your State Pension
How to Handle Sales Income for a Sole-Trader Business that Ceased After the Owner’s Death?
Last updated: 14 October 2026 What happens to tax when a sole trader using the cash basis dies? The business ends on the date of
How to Increase Your Tax-Free Personal Allowance
Q: My income is close to hitting the tax-free personal allowance. Is there any way to increase it? A: With the personal allowance threshold remaining frozen,
How to Minimise Capital Gains and Protect my Father’s Home from Care Costs?
Q.3 How Best to Minimise Capital Gains and Protect my Father’s Home from Care Costs? I moved into my father’s home in the Midlands circa
How Will 2025 Changes Affect My Tax Status?
Q: I’m a long-term non-domiciled resident in the UK – how will the 2025 changes impact my tax status? A: Firstly, you’re right to say there are
How Will a £95,000 Income and Bonus Affect My Tax and Higher Tax Bands?
Last updated: 14 October 2026 How will a bonus affect your tax on a £95,000 income? On a £95,000 salary you’re already a higher rate
How Will BiK Reporting Changes Affect Small Businesses?
Q: I’m in the process of starting a new business and want to ensure I’m fully prepared for upcoming compliance changes. I’m aware requirements for reporting
How will Budget 2024 Changes Impact Tax on Carried Interest?
Last updated: 14 October 2026 How is carried interest taxed after the 2024 Budget? From 6 April 2026, carried interest is no longer taxed as
How Will Upcoming Tax Changes Affect the Sale of My Business?
Q: I’m thinking about selling my business, which I’ve owned for five years. How will the upcoming tax changes affect me? A: You’re right to
I want to pay for my employees to be screened regularly for COVID-19. Is this a taxable benefit or is it exempt?
Last updated: 16 October 2026 Is it taxable to pay for employees’ health screening or tests? Usually not. Employers can provide one health screening and
I’m converting a non-residential property into my new home. I’ve heard that I may be able to use the DIY Housebuilder Scheme but am unsure what it is. Can you explain?
Last updated: 14 October 2026 How do you reclaim VAT under the DIY housebuilders scheme? If you build your own new home, or convert a
I’m in receipt of an NHS pension, contribute to a private pension and think I’ve become a higher rate taxpayer. I’ve never done a tax return before – how do I claim the tax relief please?
Last updated: 14 October 2026 How do you claim higher-rate tax relief on a private pension if you have an NHS pension? If you pay
I’ve received a letter from HMRC stating I have a drop in my tax-free allowance, so my tax code will change from April. My salary has not increased this past tax year, so why the change?
Last updated: 14 October 2026 Why has HMRC changed your tax code because of savings interest? If your savings interest is above your tax-free allowances,