If your limited company pays interest on loans or makes certain annual payments, you may be required to submit a CT61 return to HMRC. This obligation often comes as a surprise to directors and small business owners, particularly where loans are informal or where interest is paid only occasionally. However, failing to file a CT61…
From April 2026, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will significantly change how sole traders report their income to HMRC. If your annual turnover from self-employment or property income exceeds £50,000, you’ll be required to keep digital records and submit quarterly updates using MTD-compatible software. Those earning over £30,000 will follow…
The 2025/26 tax year brought significant changes to VAT thresholds for the first time in several years. While the adjustments may seem small at first glance, they have already begun to influence pricing decisions, cash flow, and compliance responsibilities for small businesses across the UK. If your turnover is close to the VAT line, understanding…
The festive season is one of the best times of the year to reward your team, thank your clients, and celebrate another year in business. But before you start planning your Christmas party or sending out gifts, it’s important to understand how HMRC treats these festive expenses. There are plenty of tax exemptions available for…
From April 2026, Making Tax Digital (MTD) for Income Tax will transform the way sole traders record and report their earnings to HMRC. While that might sound like a big change, getting prepared early can make the transition much smoother, and even bring new efficiency to how you manage your finances. Here’s how to get…
Managing tax payments can be one of the more stressful aspects of running a business. With deadlines scattered across the year, it’s all too easy to miss one and end up facing penalties. Fortunately, HMRC offers Direct Debit facilities that make paying your taxes easier, more secure, and far less stressful. Whether you’re paying Self-Assessment,…
If you’re preparing to sell your business, wind it down, or even pass it on to the next generation, there’s a major change you can’t afford to overlook. New Capital Gains Tax (CGT) rules came into effect from 6th April 2025. These changes are already influencing how much tax business owners pay when exiting, and…
If you’re self-employed, a landlord, or have other income that isn’t taxed at source, you may have heard of payments on account. It’s a part of the UK tax system that often causes confusion, but don’t worry, it’s actually quite straightforward once you break it down. Let’s take a quick look at what it means,…
Selling a second property in the UK involves understanding the Capital Gains Tax (CGT) implications to ensure compliance and effective financial planning. As of 1st April 2025, several changes to CGT rates and allowances will affected how much tax you may owe upon disposal of such properties. Understanding Capital Gains Tax on Second Properties When…
At Greystone Advisory, we believe that running a tax-efficient business is one of the easiest ways to boost your bottom line without working harder. It’s about being smart, organised, and making the most of the reliefs and allowances available to you. Here are 10 simple yet powerful ways to improve your business’s tax efficiency: 1.…