Has a pay rise quietly increased your tax bill?

Has a pay rise quietly increased your tax bill?

by | Jul 20, 2026 | Income Tax

Many employees and business owners have welcomed higher earnings over the past few years. However, for a growing number of taxpayers, a larger salary does not necessarily mean significantly more money in their pocket. The reason is a process known as fiscal drag....
Do you know who must register for VAT?

Do you know who must register for VAT?

by | Jul 16, 2026 | Value Added Tax

Businesses must register for VAT if their taxable turnover exceeds the VAT registration threshold, or if they expect it to exceed the threshold in certain circumstances. The VAT registration threshold is currently £90,000. The threshold applies to the value of...
When does a hobby become a taxable business?

When does a hobby become a taxable business?

by | Jul 16, 2026 | Income Tax

Not every hobby becomes a taxable business, but it is important to be aware when this can happen. This can apply even if you are making some money from your hobby. HMRC looks at a range of factors to decide whether an activity is a genuine trade, including whether...
Could your business recover more VAT?

Could your business recover more VAT?

by | Jul 16, 2026 | Value Added Tax

If your business is VAT registered, you can usually reclaim VAT on many of the goods and services you buy for business purposes. However, many businesses fail to claim everything to which they are entitled  and may be able to recover more VAT. You can normally...