Accounting Journal

The Development Charge Developers Forget

Asif Patel — Tue, 27 Oct 2026 21:22:32 GMT

The Community Infrastructure Levy (CIL) is a charge which can be levied by local authorities on new development in their area.

The levy will only apply in an area where the local authority has consulted on and approved a charging schedule which sets out its levy rates and has published the schedule of rates on its website.

Scope

Most developments which create net additional floor space of 100 square metres or more or which create a new dwelling are potentially with the scope of the charge. However, exemptions do apply.

Exemptions

There are a number of exemptions from the CIL, which may be available under the following circumstances:

· minor development exemption;
· exemption for residential annexes or extensions;
· mandatory charitable relief;
· discretionary charitable relief;
· mandatory social housing relief;
· discretionary social housing relief;
· self-build exemption (whole house); and
· exceptional circumstances relief.

Details of the nature of each exemption can be found on the Gov.uk website at www.gov.uk/guidance/community-infrastructure-levy#relief-and-exemptions.

Exemptions must be claimed.

Providing information

When applying for planning permission, applicants should submit the Additional CIL Information form (Form 1). Where the levy applies, in most cases it is found by multiplying the additional gross internal area by the rate for the type of development in question.

Ignorance is not bliss

Developers who were unaware of the CIL or who thought erroneously that it did not apply to them may face hefty bills. It is important that the levy is considered at the outset and, where an exemption applies, this is claimed. It is advisable to check your local authority website in advance for details of charges applying in your area. Professional advice should also be sought.

HMRC publish details of CIL appeals, which are available on the Gov.uk website at www.gov.uk/government/collections/community-infrastructure-levy-appeal-decisions. These provide an insight into building work within the scope of the levy and when exemptions apply.

If you’re planning a development and aren’t sure whether the Community Infrastructure Levy applies, speak to PMA Accountants before you apply for planning permission.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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Can Landlords Claim Incorporation Relief?

Asif Patel — Sat, 24 Oct 2026 20:16:33 GMT

Incorporation relief is a valuable relief that allows landlords to postpone the capital gains tax bill that may otherwise arise when transferring an unincorporated property business to a limited company.

The relief, which is no longer given automatically and must be claimed, applies where the business is transferred to a company wholly or partly in exchange for shares. To the extent that the gain relates to shares received in exchange, it can be rolled over such that the base cost of the shares is reduced by the gain. The gain does not crystallise until the disposal of the shares.

The relief applies when ‘a person who is not a company transfers to a company a business as a going concern, together with the whole of the assets of the business, or together with the whole of those assets other than cash, and the business is so transferred wholly or partly in exchange for shares issued by the company to the person transferring the business’.

Is there a business?

The relief is only available on the transfer of a business as a going concern.

The legislation does not define ‘business’ for the purpose of the relief, so it takes its everyday meaning. Guidance on HMRC’s interpretation of the phrase can be found in their Capital Gains Manual at CG65715.

It should be noted that the terms ‘business’ and ‘trade’ are not synonymous – ‘business’ is treated as including a trade, but the definition is wider.

The issue of the meaning of the term ‘business’ in relation to incorporation relief was considered in Ramsay v HMRC [2013] UKUT 0226 (TCC) in which Judge Berner set out the following factors which suggest that there is a business:

· Is there a ‘serious undertaking earnestly pursued’ or is there a ‘serious occupation’?
· Is there an occupation or function actively pursued with reasonable or recognisable continuity?
· Is there a certain amount of substance in terms of turnover?
· Are the activities conducted in a regular manner and on sound and recognised business principles?
· Are they of a kind which, subject to differences of detail, are commonly made by those who seek to profit from them?

An important additional factor is the extent of the activities.

The First Tier Tribunal found against Mrs Ramsay because they considered that the activities that she undertook in relation to her property were ‘normal and incidental to the owning of an investment property’.

The Upper Tribunal found this was the wrong test. Rather, ‘it is the degree of activity as a whole which is material to the question whether there is a business, and not the extent of that activity when compared to the number of properties or lettings’.

Mrs Ramsay worked on the property for about 20 hours per week. This was found by the Upper Tribunal to indicate the carrying on of a business. The relief was therefore available.

Based on this decision, HMRC operate a rule of thumb and will accept that incorporation relief is available where an individual personally spends 20 hours or more a week on undertaking activities that are indicative of a business.

However, the Upper Tribunal recently considered the meaning of ‘business’ in HMRC v GCH Corporation Ltd and others [2026] UKUT 00219 (TCC). Although the decision does not relate to incorporation relief, it provides useful insight into the approach used to decide whether there is a ‘business’.

The decision highlights the importance of the statutory context and, within this context, the role of case law. Here, there was no ‘hours per week test’; rather, the question was determined by reference to wider factors.

Consequently, landlords relying on the ’20 hours per week’ test to support a claim for incorporation relief would be wise to consider the bigger picture and whether, in the statutory context, the degree of activity as a whole supports the conclusion that there is a transfer of a business as a going concern.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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The Hidden SDLT Trap for Couples

Asif Patel — Wed, 21 Oct 2026 15:35:35 GMT

Different taxes have different rules, and it is important to consider the full picture. Looking at one tax in isolation may lead to an unexpected bill.

Most people are aware of the capital gains tax rule which allows spouses and civil partners to transfer assets or a share in an asset between them at a value which gives rise to neither a gain nor a loss – the transferee simply takes on the transferor’s base cost. This can be handy when putting a house or a flat into joint names.

However, while there may be no capital gains tax to pay on the transfer, it may give rise to a stamp duty land tax (SDLT) liability.

Nature of SDLT

SDLT is payable on the purchase of land and buildings in England and Northern Ireland. It is charged on the ‘chargeable consideration’. This will usually be the amount that is paid for a property. It may also include fees paid to secure the property, for example, where a property is bought at auction, any auction fee payable by the buyer.

However, the definition of chargeable consideration also includes any debt or obligation taken on by the purchaser, even if little or no cash changes hands. This includes taking over a share of a mortgage and it is this which often catches couples out.

If there is no chargeable consideration, there is no SDLT to pay. This would be the case on a gift between individuals of a property where there is no associated transfer of debt.

The debt trap

Spouses and civil partners can be caught out when they put a property into joint names and also put the mortgage into joint names. This can unwittingly trigger an SDLT charge, even though no cash changes hands.

Example

Lucy and Ben live together in a house owned by Lucy. Following their marriage, Lucy transfers a 50% share of the house to Ben. Lucy paid £500,000 for the house on which she has a £400,000 mortgage. They also put the mortgage into joint names. At the date of the transfer, the house is worth £600,000.

There is no capital gains tax to pay as the no gain/no loss rules apply.

However, for SDLT purposes, there is chargeable consideration of £200,000 (the share of the mortgage assumed by Ben). He must pay SDLT of £1,500 ((£125,000 @ 0%) + (£75,000 @ 2%)).

Separation and divorce

Where property is transferred between spouses and civil partners on separation where this is likely to prove permanent or on divorce or the dissolution of a civil partnership, there is no SDLT to pay even where one partner takes over the other’s share of a mortgage.

Avoiding the trap

Aside from the rather drastic step of separating or divorcing, couples can avoid an unwanted SDLT charge where circumstances allow by either clearing the mortgage or reducing the share of the debt taken over to below £125,000 where the couple only have one residential property and to below £40,000 where the property is a second or subsequent property.

If you’re putting a property into joint names, talk to PMA Accountants before you touch the mortgage – it could save you an unexpected SDLT bill.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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VAT on Business Gifts and Samples

Asif Patel — Sat, 17 Oct 2026 15:32:33 GMT

Businesses which give away free gifts or samples need to be aware of the VAT implications to ensure that they account for VAT correctly.

Gifts

Where a business makes a free gift, they do not receive any consideration in return.

If input tax has been incurred in relation to that gift which can be recovered, the business must account for VAT on the cost value of the gift unless the gift is a business gift.

Business gifts

A gift is a business gift if it is made in the course of promoting the business and the business is entitled to reclaim the VAT charged as input tax. The range of items that may count as a business gift is wide, including brochures and posters to expensive executive gifts. The definition also includes long service awards and retirement gifts, items given to trade customers, thank-you gifts given to customers and prizes in free lotteries or competitions or dispensed from gaming machines.

A business does not need to account for VAT on business gifts as long as the total cost of business gifts made to the same person does not exceed £50 in any 12-month period. However, where the total cost of business gifts to the same person exceeds this limit and the business is entitled to recover the VAT incurred on the purchase as input tax, they must account for VAT on the total cost value of the gifts.

Where a gift is used for business purposes by the recipient and VAT is accounted for, as a VAT invoice cannot be issued, the business must issue a tax certificate which must contain the words ‘No payment is necessary for these goods. Output tax of £X has been accounted for on the supply.’

Samples

A sample is defined for VAT purposes as ‘a specimen of a product which is intended to promote the sales of that product and which allows the characteristics and qualities of that product to be assessed without resulting in final consumption, other than where final consumption is inherent in such promotional transactions’.

Free samples are not liable to VAT.

However, it should be noted that a finished item from a discontinued line does not count as a sample. Further, an item is not regarded as a sample where it is provided in greater quantities than necessary to assess its characteristics and qualities. For example, if a wine importer provided a client with a bottle of wine, HMRC would accept that it was a sample. However, the provision of a case of 12 bottles would suggest more than a sample.

If you’re not sure whether VAT applies to gifts or samples your business is giving away, speak to PMA Accountants.

Need help with your tax or accounting affairs?

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Cut Your Employer NI Bill

Asif Patel — Wed, 14 Oct 2026 15:27:02 GMT

Employer’s Class 1 National Insurance is a significant cost for employers, being charged at 15% on earnings over the relevant threshold. However, there are some steps that employers can take to reduce their bill.

Claim the Employment Allowance

The Employment Allowance is a valuable allowance which reduces an employer’s secondary Class 1 bill by up to £10,500 a year. The allowance is capped at the employer’s secondary Class 1 liability for the year where this is less than £10,500.

The allowance is not given automatically and for eligible employers to be able to benefit from it, they need to claim it. This can be done through their payroll software.

The allowance is not available to companies where the sole employee paid above the secondary threshold is also a director, rendering many personal companies ineligible. However, consideration could be given to perhaps changing the director to a spouse or civil partner or taking on a second employee and paying them above the secondary threshold (set at £96 per week).

Employ part-time workers

Employers pay secondary Class 1 National Insurance on employees’ earnings above the secondary threshold. By employing more part-time workers and less full-time workers, the employer is able to benefit from additional secondary thresholds, reducing their overall bill.

Example

An employer employs a full-time worker who is paid £4,000 a month. None of the higher secondary thresholds apply. The employer pays secondary Class 1 National Insurance of £537.45 a month (15% (£4,000 – £417)).

If instead the employer employed two part-time workers, paying them each £2,000 a month, the employer would pay secondary Class 1 National insurance of £237.45 a month for each employee (15% (£2,000 – £417)) – a total monthly bill of £474.90. By employing two part-time workers rather than one full-time worker, the employer saves £62.55 a month (15% of the monthly secondary threshold of £417). This is an annual saving of £750.60.

Employ workers under the age of 21

A higher secondary threshold – the upper secondary threshold for under 21s – applies where the worker is under 21. For 2026/27, it is set at £967 per week, £4,189 per month and £50,270 per year. Employer contributions (at 15%) are only payable on earnings in excess of the threshold. Employing a worker under 21 rather than one over 21 can reduce the employer’s secondary Class 1 bill by up to £6,790.50 a year.

Employ apprentices

A higher secondary threshold also applies in respect of the earnings of apprentices under the age of 25. The apprentice upper secondary threshold (AUST) is set at £967 per week, £4,189 per month and £50,270 a year for 2026/27. Taking on apprentices can be beneficial for the business and reduce the employer’s National Insurance bill. However, the apprentice must meet the statutory definition in the National Insurance legislation for the AUST to be available.

Employ armed service veterans

Taking on an armed forces veteran can also pay. A higher secondary threshold, the veterans upper secondary threshold, applies to the earnings of an armed forces veteran in the first 12 months of employment since leaving the armed forces. It is available for 2026/27 and is set at £967 per week, £4,189 per month and £50,270 a year.

Relocate to a Freeport or an Investment Zone

Employers whose businesses are located in a Freeport or an Investment Zone benefit from a range of tax incentives. These include a higher secondary threshold for new employees in their first three years of employment in a Special Tax Site. The threshold is set at £481 per week, £2,083 per month and £25,000 a year.

It should also be noted that employers can deduct secondary Class 1 contributions in calculating their taxable profits.

If you’d like a review of your payroll to see which of these reliefs you could be using, contact PMA Accountants.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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Mandatory Payrolling Is Coming

Asif Patel — Sat, 10 Oct 2026 15:23:01 GMT

Mandatory payrolling was due to come into effect from 6 April 2027. However, it has now been announced that the introduction will be phased in, with mandatory payrolling only applying to benefits in kind in phase one from 6 April 2027, with all remaining benefits in kind (with the exception of taxable cheap loans and living accommodation benefits) being brought within mandatory payrolling from 6 April 2028. From the same date, employers will be able to opt to payroll taxable cheap loans and living accommodation benefits if they register to do so before the start of the 2027/28 tax year. These benefits are to be brought within mandatory payrolling from a later date.

Nature of payrolling

Under payrolling, the taxable amount of a benefit in kind is treated like extra pay which is paid to the employee with the same frequency as their cash pay. For example, if a monthly paid employee receives medical insurance with a cash equivalent value of £600, the employee’s gross pay for PAYE purposes each month would include £50 in respect of the medical insurance benefit. Tax is worked out on the total gross pay in the pay period and deducted from the employee’s cash pay.

As most benefits in kind are within Class 1A National Insurance, rather than Class 1, the payrolled benefit is not included in gross pay for National Insurance purposes.

Phase one

Mandatory payrolling is phased in from 6 April 2027. From that date it will apply to:

· company cars;
· car fuel;
· company vans;
· van fuel; and
· medical benefits.

Employers must payroll these benefits from that date. For 2027/28, payrolling is optional for other benefits in kind including taxable cheap loans and living accommodation benefits. There is no need to register benefits for which payrolling is mandatory. However, where a benefit is to be payrolled voluntarily in 2027/28, it must be registered for payrolling before the start of that tax year.

Phase two

From 6 April 2028, mandatory payrolling is extended to all other benefits in kind with the exception of taxable cheap loans and living accommodation benefits from 6 April 2028 (however, employers will be able to opt to payroll these voluntarily as long as they are registered for payrolling before the start of the new tax year).

Class 1A National Insurance

For 2026/27 and earlier tax years, Class 1A National Insurance is included in the Class 1A National Insurance calculation on the P11D(b). The liability is paid in a single lump sum after the end of the tax year. Payment must be made by 22 July following the end of the tax year where payment is made electronically or by 19 July if payment is made by cheque.

However, under mandatory payrolling, the associated Class 1A National Insurance will be reported through Real Time Information on the Full Payment Submission each month and paid over to HMRC with the PAYE and Class 1 National Insurance for the month. This will bring forward the payment date and may have cashflow implications for employers.

During the move to in-year collection, employers may pay some Class 1A National Insurance monthly and some after the end of the tax year.

Impact on P11D and P11D(b)

Where a benefit is payrolled, it is not reported on the P11D. The introduction of mandatory payrolling will render the P11D obsolescent. For 2028/29 and later tax years, it will only be used to report taxable cheap loans and living accommodation where the employer has not opted to payroll these.

As noted above, under mandatory payrolling, Class 1A National Insurance contributions are reported and paid in-year. This will mean that benefits in kind within mandatory payrolling will not be included in the Class 1A calculation on the P11D(b). For 2028/29 and later tax years, the P11D(b) will only be used to calculate the Class 1A National Insurance liability on taxable cheap loans and living accommodation benefits where these are not payrolled.

If you’d like help preparing your business for mandatory payrolling, get in touch with PMA Accountants.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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How Pension Tax Relief Really Works

Asif Patel — Wed, 07 Oct 2026 15:19:42 GMT

Pension contributions benefit from tax relief. However, the amount of the relief is capped at the lower of 100% of earnings (or £3,600 where this is higher) and the available annual allowance.

Annual allowance

The annual allowance is set at £60,000 for 2026/27. However, it is reduced where both adjusted net income exceeds £260,000 and threshold income (broadly income excluding pension contributions) exceeds £200,000, by £1 for every £2 by which adjusted net income exceeds £260,000 until the minimum allowance for the year is reached. This is set at £10,000 for 2026/27.

Once the current year’s allowance has been used up, unused allowances from the previous three years can be used, with an earlier year’s available allowance used before a later year.

Employer contributions

Employer contributions count towards the annual allowance but are not subject to the 100% of earnings cap.

Methods of tax relief

Individuals benefit from tax relief at their marginal rate of tax on pension contributions that they make up to the permitted limits.

There are two methods by which relief may be given – under a net pay arrangement or under a relief at source arrangement.

Relief at source

Under a relief at source arrangement, an employer takes an employee’s pension contribution from their net pay. The amount paid to the pension provider is net of basic rate tax. The pension provider reclaims the basic rate of tax from HMRC. If the employee pays tax at the higher or additional rates, they will need to claim relief for the difference between the rate at which they pay tax and the basic rate in their Self-Assessment tax return.

Example

David is a higher rate taxpayer. He pays into a personal pension and his employer deducts pension contributions of £300 a month from his net pay (£3,600 a year).

This is paid net of basic rate tax and equivalent to a gross contribution of £4,500. The pension provider claims an amount equal to the basic rate (£900) from HMRC.

As a higher rate taxpayer, David is entitled to relief at 40%. This is worth £1,800. He has received relief of £900 from HMRC. He can claim relief for the remaining £900 in his Self-Assessment tax return.

The contribution of £4,500 costs him £2,700 (the £3,600 deducted from his pay, less the further relief of £900 claimed in his tax return).

Net pay

Under a net pay arrangement, a pension contribution is deducted from a person’s gross pay (before applying PAYE). In this way, relief is given at their marginal rate of tax, and there is no need to claim relief through Self-Assessment. This method is usually used by workplace pensions.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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Approved mileage allowance payments

Asif Patel — Sun, 04 Oct 2026 15:10:20 GMT

The approved mileage allowance payments (AMAP) system allows employers to make tax-free mileage allowance payments to employees who use their own vehicles for work.

The payment is tax-free as long as it does not exceed the ‘approved amount’. This is the number of business miles in the tax year multiplied by the approved rate for the vehicle in question.

Different rates are set for cars and vans, motorcycles and cycles. Additionally, for cars and vans there are two rates – a higher rate for the first 10,000 business miles in the year and a lower rate for any further business miles in the tax year.

In light of the fuel price rises as a result of the Iran war, the rate for the first 10,000 business miles in a car or a van was increased from 45p per mile to 55p per mile for 2026/27. The other rates were unchanged.

Consequently, the approved mileage rates for the 2026/27 tax year are as follows:

It is important to note that the approved amount is calculated for the tax year as a whole, rather than for each individual journey.

Payments not exceeding the approved amount

As long as the payment does not exceed the approved amount, the payment can be made tax-free.

If the amount paid is less than the approved amount, the employee can claim tax relief for the shortfall.

Example 1

Andy uses his own car for business and drives 15,000 business miles in the 2026/27 tax year. His employer pays a mileage rate of 45p per mile for all business miles. Andy receives a mileage payment of £6,750 (15,000 miles @ 45p per mile).

The approved amount is also £6,750 ((10,000 miles @ 55p per mile) + (5,000 miles @ 25p per mile)).

As the amount paid does not exceed the approved amount, the payment can be made tax-free.

Example 2

Ben uses his car for business journeys. He drives 6,000 business miles in the 2026/27 tax year. His employer pays a mileage rate of 50p per mile. Ben receives a mileage payment of £3,000. The approved amount for 2026/27 is £3,300 (6,000 miles @ 55p per mile).

In this case, the mileage payment made to Ben of £3,000 is less than the approved amount of £3,300. Ben can claim tax relief for the shortfall.

Where employers have not increased their rates in line with the increase in the approved rate, employees may be entitled to tax relief.

Amount paid exceeds the approved rate

The approved amount is the maximum amount that can be paid tax-free, even if it is possible to demonstrate that actual costs exceed the approved amount.

Where the amount paid exceeds the approved amount, the excess is taxable.

Example 3

Callum uses his own van for work. His employer makes mileage payments for business travel at the rate of 55p per mile for all business mileage. In 2026/27, Callum uses his own van for 25,000 business miles. He receives mileage payments of £13,750 (25,000 miles @ 55p per mile).

The approved amount is £9,250 ((10,000 miles @ 55p per mile) + (15,000 miles @ 25p per mile)).

As the amount paid exceeds the approved amount, Callum is taxed on the excess of £4,500.

National Insurance

A similar system applies for National Insurance, except that the higher rate for cars and vans (55p per mile for 2026/27) applies to all business miles in the tax year, not just the first 10,000. This means that while there is a tax liability in example 3 above, there will be no National Insurance to pay.

Need help with your tax or accounting affairs?

Contact PMA Accountants for expert, practical advice tailored to your circumstances. We’re here to help individuals, landlords and business owners navigate tax with confidence.

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Taxation of dividends in 2026/27

Asif Patel — Thu, 01 Oct 2026 00:32:19 GMT

As announced at the time of the 2025 Autumn Budget, the ordinary and upper dividend tax rates are increased by two percentage points from 6 April 2026. The additional dividend rate remains unchanged. The increase will affect those with investments in shares who receive dividend income and also shareholders in personal and family companies who extract profits by way of dividends.

All taxpayers, regardless of the rate at which they pay tax, receive a dividend allowance. This is set at £500 for 2026/27, unchanged from the previous year. The dividend allowance acts as a nil rate band, and dividends sheltered by the allowance are received free of tax. However, the allowance uses up part of the tax band in which it falls.

Where dividends are not sheltered by the dividend allowance, they are treated as the top slice of income and taxed at the dividend tax rates. The dividend ordinary rate applies to dividends falling within the basic rate band and is set at 10.75% for 2026/27 (up from 8.75% for 2025/26). Dividends falling in the higher rate band are taxed at the dividend upper rate which is set at 35.75% for 2026/27 (up from 33.75% for 2025/26). Where dividends fall in the additional rate band, they are taxed at the dividend additional rate, which remains at 39.35% for 2026/27.

The tax rises mean that taxpayers paying tax on their dividends at the ordinary or upper dividend rates will pay an additional £20 in tax for every £1,000 of dividend income in 2026/27.

Example

John is retired. He receives a pension of £20,000 each year. He has invested in shares over the years and receives dividends of £30,000 a year which boost his retirement income.

For 2026/27, he will pay tax of £3,171.25 on his dividend income. The first £500 of dividends is tax free, being sheltered by the dividend allowance of £500. The remaining £29,500 is taxed at the dividend ordinary rate of 10.75%. After tax, John retains £26,828.75.

In 2025/26, he also received dividend income of £30,000. However, his tax bill for that year was £2,581.25, leaving John with £27,418.75 after tax.

As a result of the rise in the dividend ordinary rate, John is £590 worse off in 2026/27 (£29,500 @ 2%).

Impact on profit extraction

For directors of personal and family companies, a popular profit extraction strategy is to take a salary equal to the personal allowance and to extract further profits as dividends. Where the dividends are taxed at the ordinary or upper dividend rates, the director/shareholder will pay more tax on those dividends than in 2025/26.

Example

Julia runs a personal company. She prepares accounts to 31 March each year. In the year to 31 March 2027, she expects to make a profit of £80,000 after tax, having taken a salary of £12,570 from the company. She extracts the profits as dividends. Apart from the salary from the company, she has no other income.

The first £500 of the dividends are sheltered by her dividend allowance. The dividend allowance uses up £500 of the basic rate band, leaving £37,200 available.

The first £37,200 of the remaining dividend falls in the basic rate band and is taxed at the dividend ordinary rate of 10.75% – a tax hit of £3,999.

The remaining £42,300 of the dividend falls in the higher rate band and is taxed at the dividend upper rate of 35.75% – a tax hit of £15,122.25.

Consequently, Julia pays tax of £19,121.25 on her dividend of £80,000, leaving her with £60,878.75.

Assuming she also took a dividend of £80,000 in 2025/26, she would have paid tax of £17,531.25, leaving her with £62,468.75. As a result of the increase in the ordinary and upper dividend tax rates, she is £1,590 worse off in 2026/27 (£79,500 @ 2%).

Taxpayers whose dividends are taxed at the dividend additional rate are unaffected by these changes.

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Are you paying sufficient National Insurance for a full state pension?

Asif Patel — Mon, 28 Sep 2026 00:30:29 GMT

State pension entitlement depends on a person having sufficient qualifying years, which in turn depends on them having paid or been treated as having paid sufficient National Insurance contributions. A person will receive the full single tier state pension (also known as the new state pension) if they have at least 35 qualifying years. Where a person has less than 35 qualifying years but at least ten, they will receive a reduced

state pension. A person with less than ten qualifying years does not receive a state pension. Only the individual’s own qualifying years count – a person cannot qualify for the new state pension by virtue of contributions paid by their spouse or civil partner.

Employed earners

It is the payment of primary Class 1 National Insurance contributions which provides a qualifying year for employees. An employee will secure a qualifying year for state pension purposes if their earnings for that year are at least equal to the lower earnings limit for Class 1 National Insurance purposes. For 2025/26, this is £6,500. For 2026/27, it will rise to £6,708.

However, a person’s liability to pay Class 1 National Insurance only starts once their earnings exceed the primary threshold, which for 2025/26 and 2026/27 is £242 per week (£1,048 per month; £12,570 per year). Where an employee’s earnings are between the lower earnings limit and the primary threshold, they do not actually pay Class 1 contributions but are treated as if they have paid notional primary Class 1 contributions at a zero rate. This provides them with a qualifying year for zero contribution cost.

Self-employed earners

For 2024/25 and later tax years, self-employed earners secure a qualifying year through the payment of Class 4 National Insurance contributions. A self-employed earner is liable to pay Class 4 contributions for a year in which their profits exceed the lower profits limit, which for both 2025/26 and 2026/27 is set at £12,570. However, where a self-employed earner’s profits are between the small profits threshold (set at £6,845 for 2025/26 and £7,105 for 2026/27) and the lower profits limit, the self-employed earner receives a National Insurance credit which provides them with a qualifying year. Self-employed earners whose profits are below the small profits threshold can opt to pay voluntary Class 2 contributions, at a rate of £3.50 per week for 2025/26 and £3.65 per week for 2026/27.

For 2023/24 and earlier tax years, it was the payment of Class 2 National Insurance contributions which provided the self-employed earner with a qualifying year. Class 4 National Insurance had no associated benefit entitlement prior to 6 April 2024. A self-employed earner needed to pay 52 weeks of Class 2 contributions to earn a qualifying year. For 2022/23 and 2023/24, the liability arose where profits exceeded the lower profits threshold. However, where profits were between the small profits threshold and the lower profits threshold, the self-employed earner received a credit, providing them with a qualifying year. For 2021/22 and earlier years, self-employed earners whose profits exceeded the small profits threshold were liable for Class 2 contributions. Self-employed earners with profits below the small profits threshold could pay Class 2 contributions voluntarily to secure a qualifying year.

National Insurance credits

There are a number of circumstances in which an individual may receive a National Insurance credit which will provide them with a qualifying year. This is the case where a person receives or is entitled to receive child benefit or is in receipt of certain state benefits.

Voluntary contributions

A person can pay voluntary Class 3 or, if eligible, voluntary Class 2 National Insurance contributions to plug gaps in their contribution record. Where a person is eligible to pay voluntary Class 2 contributions, this is a much cheaper option.

Check your state pension forecast

A person should check their state pension forecast online to see how many qualifying years they have and whether they will have 35 qualifying years by the time they reach state pension age. Where a person will not qualify for a state pension, they can consider paying voluntary contributions to make up a shortfall. This will only be worthwhile if, after making the contributions, the individual will have at least ten qualifying years when they reach state pension age.

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Benefits of an alphabet share structure

Asif Patel — Fri, 25 Sep 2026 00:29:17 GMT

Where a business is operated through a limited company, profits need to be extracted if they are to be used personally. Where the personal allowance remains available, it is generally beneficial to pay a salary equal to the personal allowance and to extract any further profits needed outside the company in the form of dividends.

In a family company, there may be a number of shareholders.

Paying dividends is not as straightforward as paying a salary or a bonus as there are company law rules which must be adhered to. The first point to note is that dividends are paid from retained profits. These are profits on which corporation tax has already been paid, and which have yet to be distributed. A company can only pay a dividend if it has sufficient retained profits from which to pay it.

The second point to note is that where there is more than one shareholder for a class of share, dividends must be paid in proportion to the shareholdings, which can be very limiting and may not give a tax-efficient result. This is where an alphabet share structure comes in.

Under an alphabet share structure, each shareholder has their own class of share, for example, A ordinary shares, B ordinary shares, etc. This allows different dividends to be paid for each class of share, making it possible to tailor the dividends to the shareholder’s personal circumstances. For example, a company may tailor dividends to mop up any unused dividend allowances and basic rate bands.

Example

Albert and Anna are shareholders in A Ltd. They each own 50% of the ordinary share capital.

The company has profits of £50,000 it wishes to distribute. Neither Anna nor Albert have used their dividend allowance. Albert has no other income in 2026/27, whereas Anna has income of £200,000 from her property portfolio.

As Anna and Albert each own 50% of the shares, each will receive a dividend of £25,000. Albert can set his dividend allowance and personal allowance against his dividend so £13,070 is tax-free. The remaining £11,930 is a taxed at 10.75% – a tax bill of £1,282.47. Anna will also receive a dividend of £25,000, of which £500 is sheltered by her dividend allowance. The remaining £24,500 is taxed at 39.35% – a tax bill of £9,640.75. Their combined tax bill is £10,923.22.

If instead they had adopted an alphabet share structure whereby Albert owned one ordinary A share and Anna owned one ordinary B share, they could have tailored the dividends to their personal circumstances. Instead of each receiving a dividend of £25,000, a dividend of £49,500 could be declared for the A share and a dividend of £500 for the B share. Albert would receive a dividend of £49,500 on which tax of £3,916.25 would be payable, while Anna would receive a dividend of £500 which would be sheltered by her dividend allowance. Their combined tax bill is over £7,000 lower where an alphabet share structure is used.

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Understanding your tax code

Asif Patel — Tue, 22 Sep 2026 00:29:26 GMT

The tax code is fundamental to the operation of PAYE. It is made up of letters and numbers which take account of the allowances that you receive and also any deductions from those allowances, for example, to collect underpaid tax. If you have received a tax code for the 2026/27 tax year, it is important that you understand what it means and check that it is correct.

The number in the tax code tells the employer or pension provider how much tax-free pay you are entitled to for the tax year. The number is found by taking the personal allowances that the individual is entitled to for the tax year (if any). Deductions are made to collect unpaid tax, tax on untaxed income, such as interest received gross, tax on company benefits which have not been payrolled and the High Income Child Benefit Charge.

The final digit is removed to arrive at the number in the tax code. Where the code is a suffix code, a letter is added at the end. This may be L, M, T, M1, W1 or X.

L indicates that the person is in receipt of the standard personal allowance. For 2026/27, where a person is entitled to the standard personal allowance of £12,570 and has no deductions in their code, their tax code will be 1257L.

Code M indicates that a person has received the marriage allowance from their spouse or civil partner, while code N indicates that a person has transferred 10% of their personal allowance to their spouse or civil partner.

A T in the tax code indicates that the tax code includes other calculations to work out the personal allowances, for example, where adjusted net income exceeds £100,000 and the personal allowance is abated.

Codes that contain M1 and W1 indicate that the individual is on an emergency code operated on a non-cumulative basis. X also indicates an emergency code. NONCUM also indicates that tax is be calculated on a non-cumulative basis.

Where deductions exceed allowances, the number is preceded by a K (a K code).

There are also a number of special codes:

· 0T – the personal allowance has been used up elsewhere or a person has started a new job, and the employer does not have the details needed to give the employee a correct tax code;

· BR – all income from the job is to be taxed at the basic rate;

· D0 – all income from the job is to be taxed at the higher rate; and

· D1 – all income from the job is to be taxed at the additional rate.

Where the taxpayer is a Welsh taxpayer, their code is preceded by a C. Scottish taxpayers have an S prefix, so that CD0 would be a Welsh taxpayer where all income from the job is taxed at 0the higher rate. As there are more Scottish rates of tax, there are more codes – SD0), SD1, SD2 and SD3, indicating that all income is taxed, respectively, at the Scottish intermediate rate, the Scottish higher rate, the Scottish advanced rate and the Scottish top rate.

Updating your code

If you think that your tax code is wrong, it may be because HMRC have missing or incorrect information. Taxpayers can update their details using the ‘Check your income tax online’ service on the Gov.uk website. If HMRC need to amend the code, they should do this within 15 days.

Taxpayers can also write to their tax office if they think that their code is wrong.

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Taxation of company vans in 2026/27

Asif Patel — Sat, 19 Sep 2026 00:28:44 GMT

Where an employee is provided with a company van that is available for private use, a tax charge may arise under the benefit in kind legislation. However, this will not always be the case. Unlike company cars, where a van benefit charge does arise, it does not depend on CO2 emissions. Instead, it is a set amount.

Employment Allowance – Can you claim it?

Asif Patel — Wed, 16 Sep 2026 00:27:43 GMT

The Employment Allowance is a very valuable allowance which allows eligible employers to reduce their secondary Class 1 National Insurance bill by up to £10,500 in 2026/27. The allowance is not given automatically and must be claimed.

Who can claim

Employers can claim the allowance if they are a business or a public body and they do less than half their work in the public sector. However, the allowance is not available to companies which only have one employee liable for secondary contributions who is also a director. This means that most personal companies where the same person is the director and the only employee do not benefit.

The Employment Allowance can also be claimed by charities and those who employ a care or support worker.

The Employment Allowance is no longer restricted to employers whose Class 1 National Insurance liability in the previous year was £100,000 or less.

How it works

The allowance is set against the employer’s secondary Class 1 National Insurance liability each month until it is used up. If the employer’s secondary Class 1 National Insurance liability is less than £10,500 in 2026/27, their allowance is capped at their secondary Class 1 National Insurance liability for the year.

Example

A Ltd is a family company. Its secondary Class 1 National Insurance liability is £3,000 a month. It claims the Employment Allowance for 2026/27.

The allowance shelters their secondary Class 1 liability in months one, two and three, leaving £1,500 available to set against their secondary Class 1 liability for month four, reducing it to £1,500. As the allowance has now been used up, the company must pay their secondary Class 1 liability in full for months five to 12.

Claiming the allowance

A claim can be made at any time in the tax year. However, the earlier the claim is made, the sooner the employer can start to benefit from it.

The claim is made through the employer’s payroll software (or by using HMRC’s Basic PAYE Tools package if the software does not facilitate a claim) by clicking ‘yes’ in the Employment Allowance indicator box in the Employer Payment Summary (EPS).

A claim can also be made for any of the previous four tax years in which the employer was eligible but did not claim.

Where an employer has more than one PAYE scheme, they are only entitled to one Employment Allowance rather than one per PAYE scheme.

If a claim is made late and the Employment Allowance is not used against the employer’s secondary Class 1 National Insurance liability for the year, the employer can ask HMRC to set any unclaimed allowance against any tax or National Insurance that they owe, including VAT and corporation tax. If they do not owe anything, they can ask HMRC for a refund.

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Section 455 tax and the change in the dividend upper tax rate

Asif Patel — Sun, 13 Sep 2026 00:26:17 GMT

In personal and family companies, director shareholders often borrow money from the company. Where a company is close, as most personal and family companies are, if a loan to a director or other participator remains outstanding on the corporation tax due date for the period in which the loan was taken out, the company must pay tax on the outstanding amount of the loan. Corporation tax is due nine months and one day from the end of the accounting period.

The tax that is due on the outstanding loan balance is known as section 455 tax. While it is payable with the corporation tax for the period, it is not corporation tax. Unlike most taxes, it is a temporary tax as it is repayable nine months and one day after the end of the period in which the loan is repaid.

The rate of section 455 tax is linked to the dividend upper rate. This is set at 33.75% for 2025/26 and will rise to 35.75% for 2026/27.

Where a director is thinking of taking a loan from a company and is unlikely to repay it within nine months of the company year end, taking the loan in 2025/26 rather than in 2026/27 will reduce the section 455 tax paid by the company on the outstanding loan by 2%.

As the rate of section 455 tax paid on a loan depends on the dividend upper rate at the time the loan is made, when clearing loans, it makes sense to clear those that will generate the highest repayment first (i.e. those on which the rate of section 455 tax is the highest).

Example

A Ltd is Andrew’s personal company. The company prepares accounts to 30 June each year.

Andrew, the sole director shareholder is planning on taking a £30,000 loan from the company in April 2026. He is planning on repaying it in 2028 when a savings policy matures. The loan will remain outstanding on 1 April 2027 when the corporation tax for the period is due.

If Andrew takes the loan on 30 April 2026 as planned, the company will need to pay section 455 tax of £10,725 (£30,000 @ 35.75%) on 1 April 2027. However, if instead Andrew takes the loan a month earlier on 31 March 2026, the company’s section 455 tax bill will be £10,125 (£30,000 @ 33.75%). Taking the loan before 6 April 2026 saves the company £600. in tax.

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Reduction in WDAs from April 2026

Asif Patel — Thu, 10 Sep 2026 00:25:03 GMT

Where first year allowances, such as the Annual Investment Allowance or full expensing, are not claimed in respect of capital expenditure on plant and machinery, or not claimed in full, relief is instead given by way of writing down allowances (WDAs). The rate at which the allowance is given depends on whether the expenditure is main rate expenditure of special rate expenditure.

Special rate pool

Expenditure is allocated to the special rate pool where it relates to integral features, items with a long life, solar panels, thermal insulation or cars with CO2 emissions above a certain threshold. For cars purchased on or after 6 April 2021, cars with CO2 emissions of 50g/km or above are added to the special rate pool. Special rate expenditure attracts WDAs at the rate of 6% per annum on a reducing balance basis. As for all capital allowances, there is no requirement to claim them or claim the full amount.

Main rate pool

Expenditure not relieved by first year allowances on plant and machinery that was not allocated to the special rate pool is allocated to the main rate pool. The rate of main rate WDAs fell to 14% from 1 April 2026 for companies and from 6 April 2026 for individuals. Previously, the rate was 18%. The allowance is given on a reducing balance basis.

Where the accounting period spans the date on which the rate changed, a hybrid rate applies for that accounting period which is based on the proportion of the period falling before the rate change and the proportion falling on or after the rate change.

Example

A Ltd prepares accounts to 30 June each year. At the start of the accounting period, the brought forward balance on the main rate pool was £150,000. During the year, the company purchases two new cars with CO2 emissions of 20g/km, costing £35,000 each. The expenditure is added to the main rate pool.

The rate of main rate WDAs is 18% prior to 1 April 2026 and 14% on or after that date. As the year to 30 June 2026 spans the date on which the rate changed, it is necessary to calculate a hybrid rate for that period.

In the year to 30 June 2026, 274 days fell before 1 April 2026 when the rate was 18% and 91 days fell on or after 1 April 2026 when the rate was 14%. The hybrid rate is therefore 17% ((274/365 x 18%) + (91/365 x 14%)).

The company can claim main rate WDAs for the year to 30 June 2026 of £37,400 (17% (£150,000 + £35,000 + £35,000)).

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Benefits of filing your 2025/26 tax return early

Asif Patel — Mon, 07 Sep 2026 00:23:42 GMT

The 2025/26 Self-Assessment tax return must be filed online by midnight on 31 January 2027. However, you do not have to wait until the deadline is approaching to file your return and there can be advantages in filing early.

Before filing your return, it is important to check that you have all the information you need. If you have employment or pension income to include on your return, you may need to wait until you have your P60. You should have that by 31 May 2026. Likewise, you may also need details of payrolled benefits and those reported on your P11D.

Here are seven reasons why filing your tax return early may be a good idea:

1. You will get it out of the way and avoid the stress of having to file it at the last minute.

2. If you have trading and/or property income, you will know whether you will need to start complying with MTD for ITSA from 6 April 2027 if you are not already in it. This will be the case if your combined trading and property income before deduction of expenses is £30,000 or more in 2025/26 The earlier you know, the longer you have to prepare.

3. You will know what tax you have to pay in advance and can ensure that you have the funds available to meet the tax bills, rather than being caught out at the last minute.

4. If you are owed a tax refund, you can claim the money back sooner.

5. If you make payments on account, once you know your 2025/26 tax liability you can check whether you need to reduce them.

6. If you file your return before 30 December 2026 and owe £3,000 or less, you can opt to have the tax that you owe collected through your 2027/28 tax code. This is equivalent to an interest-free instalment option.

7. If you are looking to get a mortgage and need proof of your income, filing your tax return will provide this.

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Cash basis for landlords

Asif Patel — Fri, 04 Sep 2026 23:23:35 GMT

As for unincorporated trading businesses, the cash basis is the default basis of accounts preparation for landlords running an unincorporated property business. However, unlike traders, landlords can only use the cash basis if their rental receipts

calculated under the cash basis are £150,000 or less for the tax year. Landlords who are not eligible for the cash basis must prepare their accounts using the accruals basis (also known as traditional accounting). Landlords who are eligible to use the cash basis but who would prefer to use the accruals basis must elect to do so.

Nature of the cash basis

The cash basis is a simple basis of accounts preparation under which income is only recognised when received and expenses are only recognised when paid. There is no need to match income and expenses to the period to which they relate, as under the accruals basis. Consequently, there is no need to determine debtors and creditors or to calculate accruals and prepayments. Further, as income is only taken into account when received, the cash basis provides automatic relief for bad debts.

Under the cash basis, it is also possible to deduct capital expenditure in calculating taxable rental profits unless the item is of a type for which a deduction is specifically prohibited, as is the case for land and buildings and cars. Where a deduction is not allowed, relief may be available under the capital allowances system.

Eligibility

Not all unincorporated landlords can use the cash basis. It is only available where none of the following apply:

· The business is run by a company, limited liability partnership, trustees or a partnership with at least one corporate partner.

· Receipts brought into account under the cash basis for the tax year exceed £150,000.

· The property business is carried on jointly by spouses or civil partners and the other spouse/civil partner is taxed under the accruals basis and a Form 17 election has not been made.

· Business premises renovation allowance has been claimed and there is a balancing charge in the tax year.

If any of the above apply, the landlord must use the accruals basis.

Moving between the cash and the accruals basis

If the landlord changes the basis used to prepare their accounts, they will need to make adjustments to ensure that items are not taken into account twice or not at all.

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Utilising the property allowance

Asif Patel — Tue, 01 Sep 2026 23:22:38 GMT

Utilising the property allowance

The property allowance is essentially an additional personal allowance for income from property. It allows individuals to enjoy property income of up to £1,000 each tax year free of tax and without the need to report it to HMRC. Where income from property is more than £1,000, the allowance can be deducted instead of actual expenses. However, there are some exclusions.

Property income of less than £1,000

Where income from property is less than £1,000, it falls wholly within the allowance and as such does not need to be reported to HMRC. This is handy where a small amount of rental income is received in the tax year, for example, from letting out a drive for parking during Wimbledon, as it removes the administrative burden associated with reporting the income to HMRC.

However, if the income is less than £1,000 but expenses are greater than the income, it can be useful to report the loss so it can be set against future rental profits.

Property income of more than £1,000

Where property income is more than £1,000, the landlord has the option of deducting actual expenses in calculating the rental profit or deducting the £1,000 property allowance. Where actual expenses are less than £1,000, deducting the property allowance will provide a more favourable result.

Exclusions

Where a personal or family business is run from home, it is common for the company to pay rent for the use of the home office. However, the property allowance is not available where an individual receives a payment of rent made by or on behalf of a close company at a time when the individual is a participator in the close company or an associate of the participator. This means that where a person has a personal company, the property allowance is not available if rent is paid by the company to that person or to their spouse or civil partner.

Where a person or a person connected to them is a partner in a partnership, the allowance cannot be used against rent paid by (or on behalf) of the partnership.

The allowance is similarly not available if an employer pays rent an employee or their spouse or civil partner.

Further, the allowance cannot be used in addition to rent-a-room relief.

Looking ahead

Last year, the government stated that they planned to increase the property allowance to £3,000 before the end of the current Parliament. This has yet to be introduced and no date has been set.

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Reclaiming the cost of statutory payments

Asif Patel — Sat, 29 Aug 2026 23:21:34 GMT

Employers must make statutory payments to employees who meet the eligibility criteria. This includes statutory maternity pay (SMP), statutory paternity pay (SPP), statutory adoption pay (SAP), statutory shared parental pay (SSPP), statutory parental bereavement pay (SPBP), and statutory neonatal care pay (SNCP). From 6 April2026 onwards, all employees are entitled to statutory sick pay (SSP) from the first day of their sickness absence.

For all statutory payments other than SSP, employers can claim some or all of the cost back from HMRC. The amount which can be claimed depends on the size of the employer.

From 6 April 2026 onwards, employers who qualify for Small Employers’ Relief can reclaim 109% of the cost of the statutory payments (other than SSP) that they make. For 2025/26, the amount was 108.5%. An employer is small if they paid £45,000 or less in Class 1 National Insurance (before deducting the Employment Allowance) in the last tax year before:

· the ‘qualifying week’, i.e. the 15^th week before the due date;

· the ‘matching week’ when an employee was told by the adoption agency they had been matched with a child;

· the date of the official notification where a child is adopted from another country;

· the ‘qualifying week’ before the death of a child; or

· the ‘relevant week’ before the child started to receive neonatal care unless the employee is entitled to SMP, SPP or SAP.

For these purposes a week runs from Sunday to Saturday.

Employers cannot recover the cost of SSP – they must meet it in full.

Making a claim

The employer should make their claim through their payroll software. The claim should be made in the Employer Payments Summary. Effect is given to the claim by deducting it from the amount of PAYE and National Insurance that the employer has to pay to HMRC.

Where the claim cannot be satisfied by offset against the current year’s PAYE and National Insurance liability, the employer can write to HMRC to ask for a repayment. The claim cannot be made until the start of the next tax year. The letter should be sent to:

National Insurance Contributions and Employers Office
HM Revenue and Customs
BX9 1BX.

Financial help

Employers who are struggling financially and cannot afford to make statutory payments to employees can apply in advance for help with paying statutory payments. An application for advance funding to pay SMP, SPP, SAP and SHPP can be made online up to four weeks before the employer needs to make the first payment. Applications for advance funding to pay SPBP or SNCP can also be made online through a separate system.

Employers must still send an EPS for each period that they reclaim statutory payments, even if they receive advanced funding. The advance funding will be reduced by any amount owing to HMRC.

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