HMRC

Tax implications of one company lending to another

The 2025-2026 tax year brings with it several important considerations for freelancers in the UK

For unincorporated businesses, from 6 April 2024 onwards the cash basis is the default basis of accounts preparation. Unlike the accruals basis under which income and expenditure must be matched to the accounting period to which it relates

If you do not use your 2024/25 personal allowance by the end of the tax year, you will lose it.

Which one will be right for you?

Heads Up! Important Changes to Income Reporting for Some Self-Employed and Landlords

making use of the allowance can still generate tax savings of up to £720

Unincorporated landlords letting furnished holiday accommodation will obtain relief for their interest and finance costs from April 2025 after the favourable tax regime for furnished holiday lets has come to an end

This is the first in a series of updates for Making Tax Digital (MTD)

Tax due under Self Assessment for 2023/24 should have been paid in full by midnight on 31 January 2025, along with the first payment on account for 2024/25