Tax Save Tips Archives - BS Associates Blog

A Sole Trader’s First MTD Quarter: What Actually Happens Between 6 April and 7 August

Leave a Comment / Accounting Services London, Making Tax Digital, Tax Save Tips / Pat Sharma FCA, ACCA

Picture a self-employed electrician named Daniel who also rents a one-bed flat in Leeds. His combined turnover from the two pushed him just over £50,000 last year, so from 6 April 2026 he became one of the first people in the country required to file under Making Tax Digital for Income Tax. Walking through what happens to someone like Daniel, […]

A Sole Trader’s First MTD Quarter: What Actually Happens Between 6 April and 7 August Read More »

Smart Financial Planning Tips from London Accounting Experts in 2026

Leave a Comment / Tax Save Tips / Pat Sharma FCA, ACCA

Financial planning has become one of the biggest challenges for UK businesses in 2026. Rising operating costs, stricter HMRC compliance requirements, Making Tax Digital updates, inflation pressure, and changing tax rules are forcing businesses across London to rethink how they manage money. Many business owners still believe accounting only matters during the tax season. Modern financial planning now plays a

Smart Financial Planning Tips from London Accounting Experts in 2026 Read More »

HMRC Compliance Letters to Uber Drivers 2026 Guide

Leave a Comment / HMRC News, Self Assessment tax return, Tax Save Tips / Pat Sharma FCA, ACCA

HM Revenue & Customs has started issuing data driven compliance letters to Uber drivers and other private hire drivers across the United Kingdom. These letters follow the receipt of income data directly from digital ride hailing platforms such as Uber and comparison of that data against submitted Self Assessment tax returns. The message is clear: all income generated

HMRC Compliance Letters to Uber Drivers 2026 Guide Read More »

Lifetime ISA Explained: Why You Should Open One Before Age 40

Leave a Comment / accounting tips, News, Tax Save Tips / Pat Sharma FCA, ACCA

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 »

UK Tax Residency Checklist (Statutory Residence Test – SRT)

Leave a Comment / Tax Save Tips / Pat Sharma FCA, ACCA

This checklist is designed to help individuals and businesses understand how HMRC determines UK tax residency under the Statutory Residence Test (SRT). It is an essential tool for non-UK taxpayers, expatriates, and internationally mobile individuals who want to confirm their tax position and avoid unexpected UK tax liabilities. Our firm uses this as part of

UK Tax Residency Checklist (Statutory Residence Test – SRT) Read More »

Payroll in the UK: Regular Payroll vs Tronc Payroll – A Complete Guide for Employers

Leave a Comment / accounting tips, Business Tax, Tax Save Tips / Pat Sharma FCA, ACCA

What is Payroll and How Does It Work in the UK? Payroll is the process that ensures your employees are paid accurately and on time. But it’s much more than just issuing wages. In the UK, payroll involves calculating salaries, deducting PAYE income tax, managing National Insurance Contributions (NICs), and reporting everything to HMRC. Here’s

Payroll in the UK: Regular Payroll vs Tronc Payroll – A Complete Guide for Employers Read More »

Key Self-Assessment and MTD for Income Tax Deadlines You Shouldn’t Miss

Key Self-Assessment and MTD for Income Tax Deadlines You Should not Miss

Leave a Comment / Business Tax, Tax Save Tips / Pat Sharma FCA, ACCA

Staying on top of your tax obligations is essential to avoid penalties, interest charges, and unnecessary stress. With Making Tax Digital (MTD) reshaping how individuals and businesses manage their tax records, keeping a clear timeline of important dates is more important than ever. This guide outlines the key upcoming deadlines for Self-Assessment and MTD for Income Tax

Key Self-Assessment and MTD for Income Tax Deadlines You Should not Miss Read More »

Essential Tax Deductions for UK Doctors and Medical Professionals

Leave a Comment / Tax Save Tips / Pat Sharma FCA, ACCA

Tax season can feel overwhelming, especially for doctors and medical professionals in the UK. With busy schedules and complex finances, it’s easy to miss out on valuable tax deductions for doctors. But don’t worry! Understanding the essential allowable expenses for doctors can save you money and make tax filing less stressful. In 2025, there are several key deductions

Essential Tax Deductions for UK Doctors and Medical Professionals Read More »

Family Investment Companies (FICs): A Tax-Efficient Wealth Management Solution for UK Families

Leave a Comment / Tax Save Tips / Pat Sharma FCA, ACCA

A Family Investment Company (FIC) is a private company structure in the UK, commonly used by families to manage and control their wealth while benefiting from the lower corporate tax rates compared to personal income tax. It can serve as an alternative to trusts for estate planning, providing a flexible way to pass on wealth

Family Investment Companies (FICs): A Tax-Efficient Wealth Management Solution for UK Families Read More »

Does an Indian Domicile Person Have to Pay Inheritance Tax (IHT) in the UK?

Leave a Comment / Tax Save Tips / Pat Sharma FCA, ACCA

Inheritance tax (IHT) can be a challenging subject, especially for individuals domiciled in India who have connections or assets in the UK. Understanding how IHT rules apply to Indian citizens and how to navigate cross-border inheritance tax planning can help in managing potential liabilities effectively. Here’s a detailed look at how Indian domicile status impacts

Does an Indian Domicile Person Have to Pay Inheritance Tax (IHT) in the UK? Read More »