Simplified expenses on motor vehicles
There are simplified expenses arrangements available for sole traders and business partnerships (with no corporate partner) that allow the use of fixed mileage rates instead of working out the actual costs of buying and running a vehicle (such as fuel, insurance, servicing and repairs). This
What is a salaried member of an LLP
The salaried member legislation applies to certain members of a Limited Liability Partnership (LLP) whose terms of membership are more like an employee than a partner. To be a salaried member, the individual must perform services for the LLP in their capacity as a member.
The legislation uses a
What is a UK property business
The income generated from land or property in the UK is treated as arising from a UK property business. The underlying legislation defines this broadly to include all activities that produce rental income or similar receipts from UK land, whether the taxpayer is subject to Income Tax or Corporation
New 40% First Year Allowance now in force
The new 40% First Year Allowance came into force from 1 January 2026. This marks an important development for businesses investing in plant and machinery. The new allowance was first announced at Autumn Budget 2025 and is intended to encourage continued capital investment while changes to other
Changes to Agricultural Property Relief from April 2026
By Clare Slattery, Tax Director The government has announced significant reforms to Agricultural Property Relief (APR) and Business Property Relief (BPR), which will take effect from 6 April 2026. These changes are designed to balance continued support for farms and businesses with the government’s aim of improving public finances and funding public services. Under the […]
Pre-trading expenditure for companies
Starting a new business can be expensive, but many of your pre-trading costs may qualify for tax relief if they meet the right conditions.
There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. This could include expenses that are required to help
Expenses for the self-employed
If you are self-employed, knowing which everyday costs you can legitimately claim can make a real difference to how much tax you end up paying.
The question of which costs you can claim against your self-employed business is a common one. If you are self-employed it is important to be aware if an
Festive Reminders: Tax Rules on Christmas Gifting and Benefits in Kind
By James Gibson, Director As the festive season approaches, many directors look for ways to thank their teams, or even treat themselves, with gifts and celebrations. While generosity is encouraged, it’s important to keep HMRC rules in mind to avoid unexpected tax charges. Here’s what you need to know: Tax Allowances and Trivial Benefits for […]
HMRC contacting sole traders
HMRC is currently contacting certain sole traders by email to reiterate the importance of adjusting business expenses for personal use.The email explains:why personal use must be adjusted on your self-assessment tax return; andwhat you need to do if your business expenses cover business and personal
Unlocking Innovation – European Grant Funding Options for Growing Businesses
By Dr Rehman Rafiq For ambitious companies looking to accelerate innovation, European grant funding offers a compelling alternative to private investment. Unlike equity-based finance, these non-dilutive programmes allow businesses to retain full ownership while gaining the resources, credibility, and momentum needed to bring breakthrough ideas to market. Working with Streets dramatically accelerates your path to […]