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South Shields
0191 420 0550 172-174 Albert Road, Jarrow, NE32 5JA info@kpsimpson.co.uk
0191 420 0550 4 Saint Mary's Terrace, Newcastle upon Tyne, NE2 4PS info@kpsimpson.co.uk
0191 455 0518 171 Sunderland Road, South Shields, NE34 6AD info@kpsimpson.co.uk

Blog

March 26, 2026

The 7-year gift rule is still available

The 7-year gift rule is still an available option for those making lifetime gifts, offering a way
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March 26, 2026

Rolling over capital gains

Rolling over capital gains can be an effective way for business owners to defer Capital Gains Tax
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March 26, 2026

Could you claim the Marriage Allowance

The Marriage Allowance applies to married couples and civil partners where one partner does not pay
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March 26, 2026

MTD for Income Tax – are you affected?

If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, now is
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March 26, 2026

VAT recovery on car leasing

The VAT treatment of car leasing is an important consideration for businesses that incurs VAT on
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March 23, 2026

Cash flow challenges facing small businesses

Cash flow remains one of the most significant challenges facing small businesses in the UK. Even
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March 23, 2026

Ways businesses can reduce fuel bills

Tensions in the Middle East have increased concerns about potential disruption to global oil
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March 19, 2026

Tax if selling a second property

You may have to pay Capital Gains Tax (CGT) tax when you sell or dispose of a property that is not
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March 19, 2026

Tax on inherited property, money or shares

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the
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March 19, 2026

How long should you keep your tax records

Following the deadline for submission of self-assessment tax returns for the 2024-25 tax year, it
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March 19, 2026

Estimate your Income Tax for the current tax year

If you are concerned by the continuing pressures on your take-home pay and need some certainty on
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March 19, 2026

Companies House blunder

A Companies House blunder has raised concerns after a flaw in the WebFiling service briefly exposed
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March 18, 2026

When is a “self-employed” contractor a de facto employee?

The employment status of a former bricklayer was recently called into question in establishing
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March 17, 2026

Business solvency, why it matters

Business solvency refers to a company’s ability to meet its financial obligations as they fall due
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March 17, 2026

Exit planning, an essential step for business owners

Many business owners spend years building their companies but give far less attention to planning
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March 13, 2026

Tax Diary April/May 2026

1 April 2026 - Due date for corporation tax due for the year ended 30 June 2025.19 April 2026 -
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March 12, 2026

Who will be subject to MTD for IT from 6 April 2026

Taxpayers who are self-employed or receive rental income should check whether they will be subject
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March 12, 2026

Seven million people started new jobs in 2025

New figures published by HMRC show that more than 7 million people started a new job in 2025, an
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March 12, 2026

Tax allowances frozen for 2026-27

It was confirmed as part of the Autumn Budget that the Income Tax thresholds will continue at their
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March 12, 2026

Changes to the calculation of Income Tax

A number of changes to the taxation of dividends, property income and savings income were announced
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March 12, 2026

Increase in company late filing penalties

After the end of its financial year, a private limited company must prepare full annual accounts
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March 9, 2026

Accelerate Return on Investment

The speed with which a business can achieve a return on investment is often just as important as
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March 9, 2026

Reducing energy consumption

Reducing energy intensity is one of the most practical ways for small businesses to protect
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March 5, 2026

What Is a person with significant control?

A person with significant control (PSC) is someone who owns or exercises significant influence over
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March 5, 2026

Meaning of “bona vacantia”

Bona vacantia is Latin term meaning “ownerless goods”. The bodies that deal with bona
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March 5, 2026

Reclaiming VAT on a self-build home project

Reclaiming VAT on a self-build home project can significantly reduce the overall cost of building
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March 5, 2026

Claiming a tax refund from HMRC

If you have paid too much tax to HMRC, you may be able to claim a tax refund. Overpayments can
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March 5, 2026

Changes to reporting of BiKs

Mandatory payrolling of benefits in kind (BiKs) and taxable employment expenses will be introduced
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March 3, 2026

Spring Statement 2026

The Chancellor’s Spring Statement, presented to Parliament 3 March 2026, was packed with political
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March 3, 2026

Why disregarding the minimum wage constitutes modern slavery

The National Minimum Wage (NMW) Act 1998 remains contentious, especially after the introduction of
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March 2, 2026

Renewed conflict in the Middle East

Renewed conflict in the Middle East is already having knock on effects for the global economy, and
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March 2, 2026

AI and the future of work: why healthcare remains resilient

As artificial intelligence becomes embedded in everyday business activity, many clients are asking
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February 26, 2026

Which supplies are zero rated for VAT?

Understanding which supplies are zero rated for VAT is essential for any business. A zero-rated
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February 26, 2026

Tax effects of letting out part of your home

If you have tenants living in your property, it is important to understand the Capital Gains Tax
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February 26, 2026

When not to charge VAT

When issuing invoices, it is important to apply the correct VAT treatment. In some cases, that
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February 26, 2026

Filling in NIC contribution gaps

National Insurance credits can help qualifying applicants to fill contribution gaps in their
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February 26, 2026

How to claim child benefits

An application to claim child benefits can usually be made 48 hours after you have registered the
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February 23, 2026

Creative businesses to benefit from government finance package

The government has announced a new package of measures designed to improve access to finance for
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February 23, 2026

Why inflation matters when funding pension funds

When planning pension funding, inflation is often acknowledged but not always fully reflected in
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February 19, 2026

Claiming the Annual Investment Allowance

The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of
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February 19, 2026

Who needs to file a self-assessment tax return

There are several reasons why you might need to file a self-assessment tax return. This could apply
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February 19, 2026

HMRC reminder for self-employed and landlords

If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, you
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February 19, 2026

Check how to claim a tax refund

If you believe that you have overpaid tax to HMRC, you may be entitled to claim a tax refund.
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February 16, 2026

New business formations exceed business “deaths”

The latest figures from the Office for National Statistics show that in 2025 the number of UK
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February 16, 2026

Business exit planning matters

For many business owners, the focus is firmly on growth, profitability and day to day operations.
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February 16, 2026

Intimidating claimants with costs orders may be at an end.

A claimant made allegations of unfair dismissal, discrimination, and detriment resulting from
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February 12, 2026

Entertaining employees

In general, entertaining employees is an exception to the normal rule that business entertainment
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February 12, 2026

Claiming Business Asset Rollover Relief

Claiming Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) when
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February 12, 2026

Inheriting Additional State Pension

The Additional State Pension is only available to those who reached the state pension age before 6
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February 12, 2026

Sign up for online services

HMRC online services allow individuals, businesses and agents to manage tax matters securely over
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February 12, 2026

31 January deadline met by more than 11.48 million people

HMRC has confirmed that more than 11.48 million people submitted their 2024-25 self-assessment tax
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February 11, 2026

Tax Diary March/April 2026

1 March 2026 - Due date for Corporation Tax due for the year ended 31 May 2025.2 March 2026 –
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February 9, 2026

Business rates support and cash flow for hospitality businesses

Hospitality businesses continue to operate in a challenging environment. Rising wage costs, energy
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February 9, 2026

Budgeting and forecasting in a period of lower confidence

Many business owners are entering the new year with a sense of caution. Confidence across the UK
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February 4, 2026

Payments made into employee benefit trusts constitute taxable income

A Tribunal recently ruled that payments made for work into a third-party trust constitute immediate
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February 2, 2026

Turning waste disposal into an income stream

For many businesses, waste disposal is seen purely as a cost, an unavoidable expense required to
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February 2, 2026

The rise of the silver economy

The term “silver economy” is used to describe the growing economic activity linked to
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January 26, 2026

Do you need a company audit in the UK?

Not every UK limited company needs a statutory audit. Many smaller companies qualify for audit
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January 26, 2026

Protecting your online passwords

With so many online accounts now in daily use, including banking, shopping, email and HMRC
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January 22, 2026

Annual payroll reporting chores

There are a number of annual payroll reporting issues that employers are required to complete. With
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January 22, 2026

Saving tax using the Marriage Allowance

If one partner earns under £12,570, you could transfer part of their unused personal allowance and
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January 22, 2026

Selling a second property?

CGT on certain UK residential property sales often has a strict 60-day reporting and payment
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January 22, 2026

Struggling to meet tax payments this month?

With the balancing payment and first payment on account both due on 31 January 2026, it is worth
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January 22, 2026

Basis period reform – spreading rules for payment

If your business has transitional profits from basis period reform, spreading over five years may
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January 19, 2026

What factors affect a person’s credit rating?

A person’s credit rating (often referred to as a credit score) is a measure used by lenders to
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January 19, 2026

What banks look at when a small business applies for a loan

When a small business applies for a bank loan, the bank is mainly trying to answer one question,
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January 16, 2026

Tax Diary February/March 2026

1 February 2026 - Due date for Corporation Tax payable for the year ended 30 April 2025.19 February
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January 15, 2026

Creative Industry Corporation Tax reliefs

If your business works in film, TV, games or the arts, Creative Industry Tax Reliefs could reduce
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January 15, 2026

What is the advance tax certainty service?

If your business is planning a major UK investment, HMRC’s new advance tax certainty service could
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January 15, 2026

MTD for Income Tax – what’s required from April 2026

From April 2026, Making Tax Digital for Income Tax (MTD for IT) will become mandatory for many
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January 12, 2026

Pre-tax year end planning

Pre-tax year end planning is one of the most practical and controllable ways for UK businesses and
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January 12, 2026

Company liquidations and insolvencies are still elevated

The Insolvency Service data for England and Wales shows monthly company insolvencies remain high by
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January 8, 2026

The scope of the trivial benefits legislation

The trivial benefits legislation provides a simple and practical tax exemption that allows
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January 8, 2026

Starting or changing jobs

Providing the right information when you start a new job helps ensure your tax code is correct from
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January 8, 2026

Company car expenses and benefits – what’s exempt?

While company cars often come with tax implications, there are specific situations where the
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January 8, 2026

Did you file your tax return over the festive period?

HMRC’s figures show thousands of taxpayers are filing over the festive period, but leaving your
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January 8, 2026

Changes to Agricultural and Business Property Relief reforms

The government recently announced significant changes to the planned reforms to Agricultural
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January 8, 2026

New First Year Allowance from 1 January 2026

The new 40% First Year Allowance (FYA) for qualifying main-rate plant and machinery expenditure
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January 7, 2026

Suing whistleblowers for a breach of confidence is not a viable strategy

The Court of Appeal has ruled that the initiation of legal or arbitral proceedings by an employer
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January 5, 2026

Saving to pay tax

For many individuals and business owners, paying tax is one of the largest regular financial
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January 5, 2026

Learning from mistakes in business

Making mistakes in business is unavoidable. No matter how experienced or careful someone is,
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January 2, 2026

Nominating a property as your home

Owning more than one home can create valuable Capital Gains Tax planning opportunities, but only if
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January 2, 2026

VAT Annual Accounting – filing your return

For eligible businesses, the VAT Annual Accounting Scheme can reduce paperwork, smooth cash flow
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January 2, 2026

Payroll annual reporting obligations

As we move into the start of 2026, it is not that long until the current 2025-26 tax year comes to
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January 2, 2026

Are you ready for Making Tax Digital for Income Tax?

Are you ready for Making Tax Digital for Income Tax (MTD for IT)? This new way of reporting will
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January 2, 2026

Bank of England delivers narrow vote rate cut

The Bank of England’s Monetary Policy Committee (MPC) last met on 18 December and, in a narrow 5-4
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December 16, 2025

Employers may now be personally liable for unfair dismissal claims

A recent ruling has increased the scope of statutory protection for whistleblowers to include
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December 15, 2025

Funding options for asset acquisition

Acquiring new assets is often essential for small businesses looking to grow, improve efficiency or
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December 15, 2025

Cash flow pressures

Cash flow remains one of the most pressing concerns for small businesses, even where trading
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December 15, 2025

Tax Diary January/February 2026

1 January 2026 - Due date for Corporation Tax due for the year ended 31 March 202519 January 2026 -
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December 11, 2025

IHT treatment of unused pension funds and death benefits

The 2027 reforms will shift more responsibility to personal representatives, who may need to manage
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December 11, 2025

Agricultural and business property relief changes

Agricultural and business property relief changes that were first announced at Autumn Budget 2024
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December 11, 2025

Winter Fuel Payment tax charge

The June 2025 reforms introduce a £35,000 income limit for keeping the Winter Fuel Payment, with
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December 11, 2025

VCT and EIS changes

The new rules will allow companies to raise more capital under the following schemes although
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December 11, 2025

Property and savings income subject to new tax rates

The government announced at Budget 2025 that dividend income, property and savings income, will be
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December 8, 2025

The value of an overhead audit

Many businesses regard their overheads as fixed, predictable, and largely outside their control. In
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December 8, 2025

Avoid over-stocking

Accountants often see the impact that excess stock has on a business long before the business owner
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December 4, 2025

Defer paying Class 1 National Insurance on a second job

Employees with a second job, third job or more may be able to defer or delay paying Class 1
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December 4, 2025

Work out your VAT fuel scale charge

VAT road fuel scale charges are fixed, standardised amounts that businesses must use to account for
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