From 6 April 2026, HMRC will introduce a significant change to how UK sole traders and landlords report their income. Under Making Tax Digital for Income Tax, individuals with qualifying income above £50,000 will no longer rely solely on an annual Self Assessment return. Instead, they will be required to keep digital records and submit updates throughout the tax year. This change is part […]
Joint property ownership is a common arrangement for residential and investment properties across the UK. Whether you share ownership with a spouse, partner, friend, or business associate, it’s essential to understand how HMRC treats joint ownership especially when it comes to tax reporting and compliance or UK landlords and property owners. This guide explains the official rules and obligations under UK tax law and
Joint Property Ownership in the UK: Clear Tax Rules for Landlords and Property Owners Read More »
For many individuals across the UK, particularly those aged 18 to 39, there is a valuable financial planning opportunity that is frequently missed not because it is complex, but because the deadline is poorly understood. The Lifetime ISA (LISA) is a government-backed savings and investment vehicle designed to support first-time buyers and long-term retirement planning. However, it comes with a strict age condition that
Lifetime ISA Explained: Why You Should Open One Before Age 40 Read More »
For UK taxpayers, Self Assessment penalties rarely occur because people refuse to comply. They usually happen because deadlines are misunderstood, registration is delayed, or filing is left too late to correct issues. For the 2024–25 tax year, HMRC requires your online Self Assessment tax return to be submitted by 31 January 2026. This date is fixed in law. HMRC systems apply penalties
Self Assessment Tax Return Deadlines: Avoid Late Filing Penalties UK Read More »
UK tax legislation includes a number of historic reliefs that continue to exist under transitional rules, even though they no longer apply to modern financial arrangements. One of the least understood examples is Maintenance Payments Relief, a provision that may still reduce a tax bill for a very limited group of taxpayers. Because this relief
The Chancellor’s 2025 Budget marks a strategic recalibration rather than a radical overhaul of the UK tax system. While much public speculation focused on sweeping reforms to wealth taxation, capital gains, and property levies, the final Budget confirms a more measured approach. For private clients, property investors, trustees, and internationally mobile families, the significance of
UK Budget 2025: Key Tax Impacts for HNWIs, Property Investors & Global Families Read More »
The UK Government’s Budget 2025 sets out major reforms to support households, strengthen public services, modernise taxation, and drive long-term economic growth. Key Point Budget 2025 1. Overall Direction The Budget focuses on reducing the cost of living, cutting borrowing, supporting economic growth, and strengthening public services, particularly the NHS. It also introduces major reforms
Budget 2025 – Key Summary & What It Means for You Read More »
The UK Budget 2025, presented by Chancellor Rachel Reeves, introduces significant tax and financial changes that will impact individuals, families, investors, landlords, and businesses across the UK. As a leading Tax Advisory Firm in London, Brayan & Spencer Associates has summarised the key announcements so UK taxpayers, especially London residents can understand how these changes
UK Budget 2025 Highlights: What UK Taxpayers Should Know About the New Changes Read More »
For UK taxpayers, the Self-Assessment season can feel overwhelming especially when the rules change or deadlines approach quickly. This guide breaks everything down clearly, with step-by-step guidance to help you confidently file your 2024–25 Self-Assessment tax return online before the deadline of 31 January 2026. Whether you are self-employed, a landlord, earning through a side
2024–25 Self-Assessment: HMRC Changes, Key Dates, and What UK Taxpayers Should Know Read More »
This memorandum summarises the assets chargeable and non-chargeable for UK Inheritance Tax (IHT), distinguishing between UK-domiciled (or deemed-domiciled) individuals and non-UK-domiciled individuals. 1. Overview UK Inheritance Tax (IHT) applies based on domicile, not merely residence. UK-domiciled or deemed-domiciled individuals are taxed on worldwide assets, while non-UK-domiciled individuals are taxed only on UK-situated assets. 2. UK-Domiciled
UK Inheritance Tax – Chargeable and Non-Chargeable Assets Read More »
