Thompson Elphhick News
Pre-trading expenditure for companies
Starting a new business can be expensive, but many of your pre-trading costs may qualify for tax relief if they meet the right conditions. There are special tax reliefs for pre-trading expenses that
Expenses for the self-employed
If you are self-employed, knowing which everyday costs you can legitimately claim can make a real difference to how much tax you end up paying. The question of which costs you can claim against your
Creative Industry Corporation Tax reliefs
If your business works in film, TV, games or the arts, Creative Industry Tax Reliefs could reduce your Corporation Tax bill and may even generate a payable tax credit. Creative Industry Tax Reliefs
What is the advance tax certainty service?
If your business is planning a major UK investment, HMRC’s new advance tax certainty service could give you binding clarity on the tax position before you commit. HMRC has recently published draft
MTD for Income Tax – what’s required from April 2026
From April 2026, Making Tax Digital for Income Tax (MTD for IT) will become mandatory for many self-employed persons and landlords, marking a significant change in how they manage their tax affairs.
Pre-tax year end planning
Pre-tax year end planning is one of the most practical and controllable ways for UK businesses and higher rate taxpayers to reduce unnecessary tax exposure. Unlike long term restructuring, it focuses
Company liquidations and insolvencies are still elevated
The Insolvency Service data for England and Wales shows monthly company insolvencies remain high by historical standards, even though they move up and down month to month. For example, November 2025
The scope of the trivial benefits legislation
The trivial benefits legislation provides a simple and practical tax exemption that allows employers to give small non-cash benefits to employees without triggering tax or National Insurance
Check a UK VAT number is authentic
Verifying a VAT number before reclaiming VAT can protect your business from rejected claims, repayments, and unnecessary penalties.The online service for checking a UK VAT number is available at
Starting or changing jobs
Providing the right information when you start a new job helps ensure your tax code is correct from the first pay day and avoids the risk of paying too much tax. When starting a new job or taking on
Company car expenses and benefits – what’s exempt?
While company cars often come with tax implications, there are specific situations where the associated benefits may be exempt. There are circumstances where it can be possible to offer employees car
Did you file your tax return over the festive period?
HMRC’s figures show thousands of taxpayers are filing over the festive period, but leaving your return until late January risks penalties, stress and avoidable payment problems. A new press release











