Thompson Elphhick News
Inheriting Additional State Pension
The Additional State Pension is only available to those who reached the state pension age before 6 April 2016 and are receiving the Old State Pension. The Additional State Pension is an extra amount
Sign up for online services
HMRC online services allow individuals, businesses and agents to manage tax matters securely over the internet. Using an HMRC online account, you can send information such as self-assessment tax
31 January deadline met by more than 11.48 million people
HMRC has confirmed that more than 11.48 million people submitted their 2024-25 self-assessment tax returns by the 31 January deadline. This included 475,722 taxpayers who left their filing until the
Tax Diary March/April 2026
1 March 2026 - Due date for Corporation Tax due for the year ended 31 May 2025.2 March 2026 – Self-Assessment tax for 2024-25 paid after this date will incur a 5% surcharge unless liabilities are
Business rates support and cash flow for hospitality businesses
Hospitality businesses continue to operate in a challenging environment. Rising wage costs, energy prices and supply chain pressures have all placed strain on margins. Against this backdrop, recent
Budgeting and forecasting in a period of lower confidence
Many business owners are entering the new year with a sense of caution. Confidence across the UK business community has softened, driven by continued cost pressures, uncertainty over tax policy and
Do you charge VAT when you sell a company car?
The question of whether or not you are required to charge VAT when selling a company car depends on how the vehicle was bought and whether VAT was recovered at the time. Understanding these
New employee starter checklist
Setting up the correct tax code when a new employee starts is essential, as even small payroll errors can lead to unnecessary tax overpayments and avoidable complications later on. When hiring a new
Eligibility for Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) can significantly reduce the Capital Gains Tax due when selling a business or shares, but with higher rates coming from April 2026, timing and eligibility matter
Car and travel costs if self employed
If you are self-employed, it is important to understand which car and travel costs can be claimed. You can claim allowable business expenses for car, van, or travel costs, which reduce your taxable
What is a salaried member of an LLP
The salaried member legislation applies to certain members of a Limited Liability Partnership (LLP) whose terms of membership are more like an employee than a partner. To be a salaried member, the
What is a UK property business
The income generated from land or property in the UK is treated as arising from a UK property business. The underlying legislation defines this broadly to include all activities that produce rental











