Opus Insights
Insights
Tax, compliance and business commentary, updated as the rules change.
Showing 49–72 of 120 articles
Making the most of the £1,000 property allowance
The £1,000 property allowance is a helpful for individuals with small amounts of property income. The allowance provides a tax exemption of up to £1,000 a year against gross property income, meaning s…
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Tax breaks for company bikes
Employers can usually provide bicycles and cycling equipment to employees as a tax-free benefit. The Cycle to Work scheme can help employees save tax and National Insurance on the cost of providing cy…
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Amending a mistake on your tax return
What happens if you discover a mistake on your tax return? The good news is that errors can usually be corrected, but it is important to take action as soon as possible to avoid paying the wrong amoun…
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Tax Diary September/October 2026
1 September 2026 - Due date for corporation tax due for the year ended 30 November 2025.…
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Five practical ways to reduce business energy costs
Energy costs remain a significant overhead for many UK businesses. Although wholesale prices have eased from the exceptional highs seen in recent years, uncertainty in global energy markets means pric…
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Will your next finance application succeed?
Many successful businesses eventually reach a point where additional finance is needed. Whether the objective is purchasing equipment, expanding premises, recruiting staff or improving cash flow, acce…
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Claiming the correct tax relief for work mileage
Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be made tax-free up to HMRC’s approved amount, calculate…
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Averaging profits if income fluctuates
Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by levelli…
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Are you paying unnecessary tax on foreign income?
UK taxpayers with income from overseas may not always be aware of the tax rules that apply. Foreign income is defined as any income from outside England, Scotland, Wales and Northern Ireland. The Cha…
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Budget date announced for 2026
The new Chancellor of the Exchequer, John Healey has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 28 October 2026. Details of all the Budget announcements will…
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Tax relief if replacing tools or equipment
If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief from HMRC. Eligible tools include items such as scissors, small hand tools and electric dri…
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Records you should keep after submitting your tax return
After submitting your self-assessment return it is important to keep your records used to prepare the return. HMRC may ask to check your return, so it is important to keep the supporting documents and…
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Making the most of the Employment Allowance
The Employment Allowance can help eligible employers reduce their National Insurance costs by up to £10,500 each tax year. The allowance reduces an employer’s Class 1 National Insurance liability and…
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Take care when painting non-compete clauses with a broad brush
Protecting hard-won local customer networks is a constant and necessary battle for commercial suppliers. However, a recent High Court judgement has exposed the risks inherent in employing standard ‘bo…
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Is AI delivering real value for small businesses?
Artificial intelligence (AI) has dominated business headlines over the past year, with many suggesting it will transform the way companies operate. While there is no doubt that AI has enormous potenti…
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Why uncertain times make business planning more important
Economic conditions remain uncertain and many business owners are understandably cautious about the months ahead. Although there are signs of improvement in some sectors, rising costs, changing custom…
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Payroll compliance – what is Full Payment Submission?
A Full Payment Submission (FPS) is a payroll report that employers must send to HMRC every time they pay employees. Using payroll software, employers use an FPS to report payments made, deductions fro…
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Have you checked your State Pension forecast recently?
Your State Pension forecast can help you plan for retirement by showing how much State Pension you could be entitled to, when you can claim it and whether there are ways to increase your entitlement.…
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Tax benefits of giving assets to charity
Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advan…
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Do you need to pay tax on money received from family?
Receiving money from a family member can be a welcome source of financial support, but many people are unsure whether they need to pay tax on it. In most cases, the person receiving a gift does not pa…
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Claiming tax relief on professional training
Keeping your skills and knowledge up to date is important but the cost of professional training can add up. If you are self-employed some training costs may be claimed as allowable business expenses.…
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Tax-free childcare, are you missing out?
With childcare costs continuing to rise, many working families could be missing out on valuable support through the Tax-Free Childcare scheme. The scheme helps eligible parents pay for registered chil…
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Late payments still threaten small business cash flow
Late payments remains one of the biggest challenges facing small businesses across the UK. Even companies that are profitable on paper can find themselves under financial pressure if customers fail to…
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Rising employment costs are changing business decisions
Employment costs continue to rise, and many small businesses are feeling the impact. Higher wage bills, increased employment related costs and the expense of recruiting and retaining skilled employees…
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