Taxcare Accountancy

Taxcare Accountancy TaxCare Accountancy is a proactive & tax specialised accountancy practice based in Essex. We are a team of qualified chartered certified accountant

28/05/2026

The new kinship allowance income tax exemption is a welcome update for eligible carers, helping ensure qualifying payments under the Kinship Zones pilot scheme can be received tax-free. It may reduce Self Assessment worries, but carers should still check what type of payment they receive and keep clear records.

Taxcare Accountancy can help confirm whether the allowance is taxable or exempt and support with any required tax reporting.

21/05/2026

HMRC is increasing reporting pressure on close companies in 2026, especially around payments and transactions involving directors, shareholders, and connected individuals. Owner-managed and family-run companies should prepare by keeping clear records of director’s loans, dividends, withdrawals, shareholder details, and Companies House filings. Good record-keeping will help reduce errors, avoid HMRC enquiries, and ensure company records match personal tax returns.

PAYE errors can arise when employer payroll records do not match HMRC data, often due to incorrect starter or leaver det...
14/05/2026

PAYE errors can arise when employer payroll records do not match HMRC data, often due to incorrect starter or leaver details, missed RTI submissions, tax code issues, or poorly managed payroll changes. Preventing these problems depends on accurate employee data, timely and correct filings, and regular checks of HMRC notices, while quick correction of mistakes helps avoid larger disputes, employee tax problems, and unnecessary payroll complications.

07/05/2026

Sustainability assurance is set to become a much more important part of the UK accounting landscape as businesses face increasing pressure to support ESG and sustainability disclosures with credible external assurance. With 2026 expected to be a key year for the UK’s approach to ISSA 5000, firms should start preparing now by strengthening their skills, methodologies, quality controls, and independence processes.

30/04/2026

Capital allowances remain an important way for businesses to reduce taxable profits when buying equipment, machinery, and certain vehicles. In 2026, companies can still benefit from 100% full expensing on qualifying new main rate plant and machinery, while the Annual Investment Allowance remains valuable for many smaller businesses and unincorporated traders.

Where immediate relief is not available, expenditure is usually claimed through writing down allowances, with the main pool rate at 14% from April 2026 and the special rate pool at 6%. Qualifying zero-emission cars and EV charge-points can still attract 100% first-year relief until 31 March 2027 for corporation tax and 5 April 2027 for income tax.

Businesses should also remember that selling assets on which enhanced relief was claimed may trigger a balancing charge, so timing and asset classification remain crucial.

23/04/2026

Trivial benefits are a simple way for businesses to give small non-cash gifts to directors and employees without creating a tax or National Insurance charge, as long as the rules are followed. Each benefit must usually cost no more than £50, must not be a reward for work, and must not be written into a contract.

For directors of close companies, there is also a £300 yearly limit. While these benefits do not normally need to be reported on form P11D, it is still important to keep proper records so the business can show that the exemption applies.

16/04/2026

AI can improve efficiency in tax work, but firms must ensure accuracy, protect client data, maintain transparency, and apply professional judgement. Strong controls and ethical use are essential to stay compliant and build trust.

10/04/2026

IR35 is a UK tax rule designed to determine whether a contractor working through a limited company should be treated as self-employed or as an employee for tax purposes. It focuses on the actual working relationship rather than just the contract, meaning factors such as control, substitution, and mutual obligations are key in deciding status.

If you are inside IR35, your income is taxed through PAYE with Income Tax and National Insurance, significantly reducing take-home pay and limiting the use of dividends. If you are outside IR35, you are treated as genuinely self-employed, allowing greater flexibility, tax efficiency, and the ability to claim business expenses. Responsibility for determining IR35 status depends on the client’s size, with medium and large businesses issuing a Status Determination Statement, while contractors working with small companies must assess their own status.

Getting this wrong can lead to underpaid tax, penalties, and financial risk, making it essential for contractors to review their contracts and working practices carefully to ensure compliance and protect their income.

01/04/2026

If you earn income from renting out property in the UK, you may need to declare it to HMRC once it exceeds the £1,000 property allowance or certain reporting thresholds. Rental income includes more than just rent and is taxed on profit after allowable expenses. With upcoming changes like Making Tax Digital, landlords must stay informed to remain compliant and avoid penalties.

26/03/2026

Making Tax Digital for Income Tax (MTD for ITSA) is a major change to how self-employed individuals and landlords report income. From April 2026, anyone earning over £50,000 in combined self-employment and property income must keep digital records, submit quarterly updates to HMRC, and complete a digital year-end declaration. The thresholds lower to £30,000 in 2027 and £20,000 in 2028.

Each business or property income stream requires its own quarterly submissions, and MTD-compatible software is mandatory. Although the way you report tax changes, the amount of tax you pay does not.

Address

147 Cranbrook Road
Ilford
IG14PU

Opening Hours

Monday 9:30am - 6pm
Tuesday 9:30am - 6pm
Wednesday 9:30am - 6pm
Thursday 9:30am - 6pm
Friday 9:30am - 6pm
Saturday 10am - 3pm

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