*This article has been updated to reflect National Insurance rules and thresholds for the 2026/27 tax year, as a result of the Chancellor’s Budget Announcement held on 26th November 2025. National Insurance Contributions (NICs) are payments made by employees, employers and the self-employed in the UK to fund benefits such as the State Pension. For the 2026/27 tax year, employer … Read More
Tax Advantages of Relevant Life Insurance
What is relevant life insurance? How does relevant life insurance work? What is a discretionary trust and how does it work? Who pays for relevant life insurance? What are the tax advantages of relevant life insurance? How much does relevant life insurance cost? How long does it take for relevant life insurance to pay out to beneficiaries? Does the beneficiary … Read More
Understanding your Payslip
What is a payslip? A payslip is a physical or digital document provided by your employer that shows how much you have earned during a specific pay period and how your final payment was calculated. It breaks down your earnings, including your salary or wages, alongside any deductions taken before your money reaches your bank account. Sophia Joined Ridgefield Consulting … Read More
What Are HMRC Payments on Account?
Payments on account are advance payments towards your next Self Assessment tax bill. Instead of paying all of your tax in one lump sum after the end of the tax year, HMRC asks many self-employed people, landlords and others who complete a Self Assessment tax return to pay part of their next bill in advance. Each payment is usually based … Read More
Why pensions are still such an effective tax strategy
For many people, pensions are no longer viewed simply as retirement products. In 2026, they remain one of the most powerful and flexible tax planning tools available in the UK. While tax rules around pensions have evolved considerably over the past few years, the fundamental advantages remain remarkably strong. Whether you are a higher-rate taxpayer looking to reduce an increasing … Read More
How to Register as Self-Employed in the UK (Step-by-Step Guide 2026)
What does self-employed mean? Is there a difference between being self-employed and a sole trader? How do I register as self-employed? When do I need to register as self-employed? What do I need to do if I’m self-employed? Do I need to tell HMRC if I stop being self-employed? What to do if I need help when I’m self-employed? *Disclaimer: … Read More
How to avoid fiscal drag: practical tax strategies for higher earners
The UK has long been facing an economic slump. What was once considered a generous income is now barely covering basic living costs due to inflation. Yet, despite increasing wages attempting to keep up, high earners are still finding themselves falling more and more into the “squeezed middle”. This is largely attributed to fiscal drag – a stealth tax – … Read More
How to become Making tax digital (MTD) compliant in one day (Step-by-Step Guide for 2026)
*This article has been updated to reflect the Making Tax Digital for Income Tax changes effective from April 2026. The next major phase of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is now in force from 6 April 2026. From April 2026, sole traders and landlords with gross income exceeding £50,000 are required to keep digital records, … Read More
The tax rules on using a director’s loan account
*Please note that this article has now been updated to reflect forthcoming changes due in April 2026. Listen to our podcast version of this article: We know that small business owners face so many challenges when you’re running your business by yourself as a limited company director, but did you know that getting a personal loan doesn’t have to be … Read More
How to claim employment allowance
Listen to our podcast version of this article: *This guide has been updated for the latest Employment Allowance rules and National Insurance rates from April 2026, as a result of the Chancellor’s Budget Announcement held on 26th November 2025. When it comes to considering whether you’re ready to hire your first employee(s) for your business, it’s certainly not a quick … Read More
The most tax efficient way to pay yourself as a limited company director
*This article has been updated to reflect the upcoming UK tax and dividend changes taking effect in April 2026. Listen to our podcast version of this article: As a company director, deciding how much you should pay yourself, as well as how to do so in a tax efficient manner, is crucial to being able to achieve your financial goals. … Read More
5 Different ways to take money out of a limited company for your own use
Listen to our podcast version of this article: *This article has been updated to reflect the upcoming UK tax changes taking effect in April 2026. When it comes to the money you’ve earned through your own limited company, it’s not as straightforward as using it for whatever purposes as you would like. As a limited company is its own legal … Read More
