Thompson Elphhick News
Have you overlooked this valuable capital allowance?
If you have invested in a new commercial building or carried out significant renovation work, you may have overlooked a valuable capital allowance. The Structures and Buildings Allowance (SBA)
Are you claiming all your allowable business expenses?
If you are self-employed, claiming all of your allowable business expenses can reduce your taxable profit and, in turn, the amount of Income Tax you pay. Allowable expenses are costs that are incurred
Where do we draw the line between free speech and racism?
The volatile boundary between workplace speech, belief, and discrimination was recently ignited in a case that tested the sanctity of protected beliefs. The dispute began when a white British
Tax Diary August/September 2026
1 August 2026 - Due date for Corporation Tax due for the year ended 31 October 2025. 19 August 2026 - PAYE and NIC deductions due for the month ended 5 August 2026. (If you pay electronically, the
When did you last check your credit rating?
Many business owners regularly monitor their bank balance, sales and cash flow, but overlook another important financial indicator, their credit rating. Whether you are applying for finance,
Company filing penalties you should avoid
Most company directors are aware that they must file annual accounts and a confirmation statement with Companies House. However, missing these deadlines can lead to unnecessary costs and, in some
Child Benefit and the High Income Child Benefit Charge
The High Income Child Benefit Charge (HICBC) applies where an individual or their partner receives Child Benefit, and their adjusted net income currently exceeds £60,000. The charge may also apply
Avoid 60% Income Tax band
A ‘60% Income Tax band’ can arises when an individual’s income exceeds £100,000 in a tax year. Once this threshold is crossed, the personal allowance is gradually withdrawn at a rate of £1 for every
Meaning of Carried Interest
Carried interest is essentially a share of the profits from an investment fund that is paid to the fund managers. Unlike a fixed fee, its value depends directly on the fund's performance. This type of
Construction Industry Scheme responsibilities
The Construction Industry Scheme (CIS) is used within the UK construction sector to help manage payments between contractors and subcontractors effectively. This scheme mandates that contractors
Don’t forget to pay your Class 1A NICs
Employers are reminded that Class 1A National Insurance contributions (NICs) for the 2025-26 tax year must be paid by 19 July 2026 (or 22 July 2026 if paying electronically) to avoid penalties. These
Meaning of Permanent Establishment
The term permanent establishment (PE) is an important tax concept for businesses that operate across international borders. In simple terms, it determines whether a business has created a sufficient