Implied trusts, often arising without a formal written agreement, can create complexities in terms of ownership and tax liability. Understanding the tax implications is critical for anyone involved in an implied trust arrangement. Here’s what you need to know: What is an Implied Trust? An implied trust is a type of trust that is not

Last reviewed: November 2026 Making Tax Digital (MTD) for Income Tax is now live. Since 6 April 2026, sole traders and landlords with qualifying income over £50,000 must keep digital records and send HMRC a short update every quarter. From April 2027 the threshold drops to £30,000, and from April 2028 to £20,000. Does it

Despite its availability, the Marriage Allowance (MA) remains underutilized, with only 1.8 million out of 4.2 million eligible couples claiming it. This benefit can reduce tax bills by up to £252 annually, but many are unaware of their eligibility or misunderstand the requirements. Here’s a clear breakdown of the Marriage Allowance, including who can claim

With fuel prices fluctuating significantly, employers are facing increased requests from employees for mileage reimbursement rates above HMRC’s approved levels. Here’s a breakdown of the tax implications and the rules governing mileage and fuel reimbursements. Overview of Approved Mileage Rates As of the latest update in June, HMRC’s approved mileage rates for business journeys are:

When deciding on the best structure for your business, many consider the options of operating as an unincorporated business or forming a limited company. However, for partnerships involving more than two individuals, another viable option is a Limited Liability Partnership (LLP). Here’s a comparison of LLPs and limited companies, highlighting their advantages and disadvantages: Advantages