Vulnerable Person’s Trusts: What Are the Tax Benefits?
A Vulnerable Person’s Trust (VPT) is usually set up by a settlor to provide for the future financial security of a vulnerable person. If the trust is correctly established for this purpose and the beneficiary meets the relevant criteria, it can benefit from a number of tax advantages that are not generally available to…
National Insurance Replacement Credits Delayed Until April 2027
The National Insurance Replacement Credits Service (NIRCS) is finally on its way, although the launch date has now been pushed back from April 2026 to April 2027. NIRCS is intended to help certain parents and carers fill gaps in their National Insurance (NI) record which could otherwise affect their State Pension entitlement. Who could…
Land Remediation Relief: What Property Developers Need to Know
With the Government striving to meet its pledge to build 1.5 million new homes during the course of this Parliament, the use of brownfield sites is coming into sharper focus. One tax incentive available to companies taking on the commercial risk of developing contaminated or derelict land is Land Remediation Relief, often referred to…
Could your building work qualify for the 5% VAT rate?
The reduced 5% VAT rate for certain residential conversions and renovations has been available for more than 25 years. However, builders, developers and property owners can still miss out on the relief, potentially resulting in more VAT being paid than necessary. While the standard rate of VAT is currently 20%, certain types of building…
Key person insurance: what businesses need to know about tax
Many businesses rely heavily on the knowledge, experience and relationships of a small number of key people. These could be directors, senior employees or other individuals whose contribution is central to the success of the business. If one of these people were unable to work because of an accident, illness or injury, or were…
HMRC is preparing to sign up MTD no-shows automatically
The first Making Tax Digital (MTD) for Income Tax quarterly update deadline has now passed, but HMRC is already turning its attention to those who have not yet joined the system. HMRC has announced that, from September 2026, it will begin automatically signing up taxpayers who it believes should have been using MTD for…
Tips, Service Charges and Troncs: What Hospitality Businesses Need to Know
Tips and service charges are a normal part of the hospitality industry, but the tax treatment behind them is not always straightforward. Whether a payment is made in cash, by card or through a digital tipping platform, the way that money is collected and distributed can affect Income Tax, National Insurance, VAT and payroll…
Using Your Own Vehicle for Work: HMRC Mileage Rates Explained
Employees who use their own vehicle for business journeys may be entitled to receive mileage payments from their employer. Provided these payments remain within HMRC’s approved limits, they can normally be made without Income Tax or National Insurance becoming due. However, different rules apply when an employer pays more or less than the approved…
Can You Trust Financial Advice from Social Media and AI?
Social media and artificial intelligence are changing how business owners find answers to accounting and tax questions. Instead of contacting an accountant, many people now turn to Google, an AI chatbot or a short video on TikTok, Instagram or YouTube. While these platforms can make financial information easier to access, they can also present…
We’ve joined DJH!
We're excited to share that Thorne Widgery has joined DJH, one of the UK's fastest-growing accountancy groups, marking a fantastic new chapter for our firm. Over the past 80 years, we've grown from a single office in Hereford into a firm with further offices in Ludlow and Shrewsbury, building a reputation for our forward-thinking,…