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Rustrick Accountants Limited An expanding firm of chartered accountants looking to help more business owners achieve their dreams

A new law, the Economic Crime and Corporate Transparency Act, is the biggest change to UK company law in almost 200 year...
30/09/2026

A new law, the Economic Crime and Corporate Transparency Act, is the biggest change to UK company law in almost 200 years and it's already being enforced. Every company director now has to verify their identity (known as IDV).

- New directors: verify before you start.
- Existing directors: verify around your next confirmation statement. Everyone should be done by November 2026.

You can do it yourself with Companies House or ask an accountant to do it for you. You'll get a personal code, and you only need to do this once, even if you run several companies. Just link the code to each one.

Companies House has already sent over 2 million email nudges and 750,000 default letters. If you don't comply, you could be fined, disqualified, or blocked from filing anything. If you have a genuine reason for being late, you can explain and they may pause enforcement.

Companies House is also cleaning up the register. If they ask you to clarify something, reply before the deadline, or your company could be flagged, prosecuted, or struck off.

So, verify your identity, link your code to every company you direct and check that your filed details are correct. Need help with anything? Give us a call on 01622 738165 and the friendly team will be able to help you out.

Lots of new VAT-registered businesses miss out on a refund they're entitled to. You can actually claim back VAT on thing...
28/09/2026

Lots of new VAT-registered businesses miss out on a refund they're entitled to. You can actually claim back VAT on things you bought before you registered!

Stock, equipment, computers, vans, machinery and office furniture can all qualify. You must still own them when you register, use them in your business, and have bought them in the name of the business that's now registered. Even if you've been using the item for years, you can usually claim the full VAT. So, a van bought three years before registering can still qualify.

Services (up to 6 months back) also qualify. Think accountancy fees, legal advice, website development and marketing. They must just relate to your VATable business and have been bought by the business that's now registered.
Some purchases can go back further.

Commercial property projects over £250,000 can qualify up to 10 years back, and other big items (like aircraft, vessels or computer equipment over £50,000) up to 5 years.

If you paid for things before your company existed, you may be able to claim that VAT too. You need to have been reimbursed by the company and not been VAT registered yourself, and the company must use the goods or services for VATable sales.

If you're refurbishing premises, a single invoice can mix goods (4-year limit) and services (6-month limit). Read your contracts carefully, because the wording can change how much you get back.

So, before you file your first return, go through all your old invoices, check they’re in the right name, separate goods from services and keep proof that you used items for business. Need advice or a helping hand? Give us a call on 01622 738165 today and the Rustrick Accountants team can help.

If you started earning money last year that hasn't been taxed yet (rental income, a side hustle, dividends etc) you migh...
26/09/2026

If you started earning money last year that hasn't been taxed yet (rental income, a side hustle, dividends etc) you might need to tell HMRC by 5 October.

If you owe tax and need to file a Self Assessment return, you have to tell HMRC within six months of the tax year ending. That's 5 October 2026 for the 2025/26 tax year. Miss it, and the penalty can be as much as 100% of the tax you owe.
Sign up online for a Unique Taxpayer Reference (UTR). You'll use this to file your return.

You don't need to register or pay extra tax if your income falls into one of these:

● It's already handled through your tax code (like benefits in kind or state pension)
● Property or self-employment income under £1,000/year
● Dividends of £500 or less
● Savings interest under your personal allowance (£1,000 basic rate, £500 higher rate)
● Capital gains covered by the £3,000 annual exemption

One exception: if you're liable for the High Income Child Benefit Charge, you still need to notify HMRC even though it's not technically a tax bill.

Got income but you’re not sure if you need a full tax return? HMRC has an online checker for this. But careful, even if it says you don't need to file a return, you might still owe tax!

If you have:
● Dividend income over £500
● Up to £2,500 of other income (like commission or rental income)
● Up to £10,000 of savings interest

You still need to tell HMRC, just not necessarily through a full tax return. You can do this via your personal tax account, the HMRC app, or by phone.

Not sure if it applies to you or just worried about this October deadline? Give Rustrick Accountants a call on 01622 738165 today and the friendly team will be able to sort it all out for you!

Many people focus on inheritance tax (IHT) when planning their estate, but there is another potential tax bill that is o...
21/08/2026

Many people focus on inheritance tax (IHT) when planning their estate, but there is another potential tax bill that is often overlooked: income tax on investment bonds after death.

Investment bonds are popular, particularly among retirees, because they allow investors to withdraw up to 5% of their original investment each year without an immediate tax charge. However, the tax is not avoided forever, it is usually deferred until the bond is fully or partially cashed in.

Unlike shares or savings accounts, investment bond growth is not normally taxed each year. Instead, any gain is treated as income tax, not capital gains tax, when the bond is surrendered.

This can create a large tax bill because many years of growth may become taxable in a single tax year. For example, someone who has taken regular withdrawals over many years could face a significant taxable gain when the remaining bond is eventually cashed in.

One of the lesser-known rules is that investment bonds are treated as being fully surrendered in the year of death. This means any accumulated gains can become taxable as income on the deceased's final tax return. This can push income into higher tax bands and may reduce the benefit of top slicing relief, potentially creating an unexpected tax bill for the estate!

There are ways to manage the risk, including:
- Gradually surrendering parts of the bond over several years.
- Using the 5% withdrawal allowance strategically.
- Keeping taxable income within lower tax bands where possible.

Investment bonds can be useful financial planning tools, but they require careful tax planning later in life to avoid an unnecessary income tax charge. Thinking about investment bonds or just want to know what the best way to handle them would be? Give the friendly Rustrick Accountants team a call on 01622 738165 for some free, personalized advice!

From 6 April 2027, new rules mean that most unused pension funds and pension death benefits will come within the scope o...
19/08/2026

From 6 April 2027, new rules mean that most unused pension funds and pension death benefits will come within the scope of inheritance tax (IHT). This could have a significant impact on estate planning and how families pass on wealth.

The new rules only apply where someone dies on or after 6 April 2027. If someone dies before this date, their pension benefits will not be affected, even if they are paid to beneficiaries later.

Currently, most pensions sit outside your estate for IHT purposes. Under the new rules, unused pension funds and certain death benefits will be treated as part of your estate when calculating IHT.

The value included will depend on the type of pension scheme and the benefits available at the date of death. Some benefits will remain excluded, including certain dependent pensions, joint-life annuities and death-in-service benefits.
The personal representatives managing the estate will generally be responsible for reporting and paying any IHT due.

Pension scheme administrators will also play a role by providing information about pension values and how benefits are distributed between beneficiaries. If an IHT liability applies, beneficiaries and personal representatives may be jointly responsible for the tax relating to pension benefits.

The new inheritance tax rules will apply alongside existing income tax rules. The tax treatment of inherited pension benefits will still depend on the age of the person who died:
- If the deceased was under 75, many pension death benefits may remain tax free.
- If the deceased was over 75, inherited pension benefits are generally taxable as income for the beneficiary.

This means some pension benefits could potentially face both inheritance tax and income tax depending on the circumstances.

These changes make pension and estate planning more important than ever. Reviewing your pension arrangements, beneficiary nominations and overall estate strategy before 2027 could help reduce unexpected tax bills for your family! Need some help or not sure where to start? Just give us a call on 01622 738165 today and we can give you a helping hand!

Not happy with HMRC's service? If you've already complained and haven't reached a resolution, you may be able to escalat...
17/08/2026

Not happy with HMRC's service? If you've already complained and haven't reached a resolution, you may be able to escalate your case to the Adjudicator's Office.

The Adjudicator can review complaints about poor service, delays, mistakes or how HMRC has handled your case. However, they'll only investigate if you've completed HMRC's formal complaints process first.

A common problem is that HMRC doesn't always record complaints correctly. If this happens, the Adjudicator may reject your application because it appears you haven't followed the required process.

To avoid delays, always submit complaints in writing and clearly label them as a Tier 1 Complaint or Tier 2 Complaint. Keeping copies of everything you send can also save a lot of time if your case needs escalating.

If you're struggling with an HMRC dispute or complaint, the Rustrick Accountants team can help guide you through the process and ensure your case is handled correctly. Not sure if your complaint is Tier 1 or Tier 2 or just don’t know where to start? Just give us a call on 01622 738165 and we can help you out.

If your income is above £60,000, you may find that your family's child benefit is reduced or completely withdrawn due to...
15/08/2026

If your income is above £60,000, you may find that your family's child benefit is reduced or completely withdrawn due to the High Income Child Benefit Charge (HICBC). The good news is there are ways to reduce the charge if you plan ahead.

The HICBC applies when the person receiving child benefit, or their partner, has adjusted net income (ANI) above £60,000. The charge increases gradually, with 1% of child benefit repaid for every £200 of income over £60,000. Once income reaches £80,000, the full amount of child benefit is effectively repaid.

The charge can apply even if the child isn't yours, as long as you live with the child's parent and your income is the higher of the two.

The key is reducing your adjusted net income. For many people, the most effective way to do this is through pension contributions. Increasing pension contributions reduces your taxable income while also building your retirement savings. If you use salary sacrifice, you may also reduce National Insurance costs.

Making Gift Aid donations can also reduce your adjusted net income. While this means giving money away, it can be useful if you already plan to donate to charity.
If you do have to pay the charge, it can be settled through your self-assessment tax return or HMRC's PAYE service if you don't normally file a return.

Planning ahead is key. Monitoring your income throughout the year and making pension contributions before the tax year ends can help you keep more of your child benefit.

Rustrick Accountants can help you plan and decide what would be best for you and your situation, just give us a call on 01622 738165 today and let's chat about it!

If you run your own company and regularly work from home, you may be wondering whether your company can pay you rent for...
13/08/2026

If you run your own company and regularly work from home, you may be wondering whether your company can pay you rent for using part of your home as an office. While this can be a tax-efficient way to extract money from your business, there are some important points to consider before setting up a rental arrangement.

If you personally own your home, your company can pay rent for using part of the property for business purposes. The company can usually claim the rent as a corporation tax deduction, and unlike salary, there is no employer National Insurance cost.

However, the rent you receive is treated as property income and must be declared on your personal tax return. You can usually deduct certain expenses related to the workspace, such as a proportion of utilities, insurance and maintenance costs. However, the extra income could push you into a higher tax bracket or affect allowances such as the High Income Child Benefit Charge.

One of the biggest risks is the impact on Private Residence Relief (PRR) when you eventually sell your home. If a room is used exclusively for business, HMRC may restrict PRR on that part of the property, potentially creating a capital gains tax liability!

To reduce this risk, it's usually better for the room to have some genuine private use rather than being a dedicated office used only for business.

For many owner-managed businesses, reimbursing homeworking costs is a lower-risk option. Your company can pay the tax-free homeworking allowance of £6 per week without needing evidence. Higher amounts may be possible if you can prove additional costs have been incurred. These payments are usually tax and National Insurance free, while the company can still claim corporation tax relief.

Charging your company rent can work well in certain situations, but the long-term tax consequences need to be considered carefully. Wondering what would be best for you and your company?

Give Rustrick Accountants a call on 01622 738165 today and we can let you know!

If you spend most of your day sitting at a desk, here's some good news: taking short "movement snacks" could make a big ...
11/08/2026

If you spend most of your day sitting at a desk, here's some good news: taking short "movement snacks" could make a big difference to your health.

Recent research found that walking for just five minutes every hour can help reduce the negative effects of sitting for long periods. These quick movement breaks can boost your energy, improve your metabolism, and help you feel less tired throughout the day.

The best part? It's easy to build into your workday. Try standing up during phone calls, taking a quick walk every hour, or swapping a meeting room for a walking meeting.

For employers, encouraging regular movement breaks is a simple, low-cost way to support employee wellbeing. Small changes can have a big impact, making people healthier, more productive, and more energised at work.

So next time you've been sitting for a while, grab a quick movement snack your body will thank you!

If you've already maximised your own pension contributions, you might be wondering whether your limited company can pay ...
08/08/2026

If you've already maximised your own pension contributions, you might be wondering whether your limited company can pay into your spouse's pension instead!

The answer is yes; but only if it's structured correctly. If your spouse isn't employed by your company, HMRC will usually treat the pension contribution as extra salary, meaning unnecessary tax and National Insurance could apply.

A more tax-efficient option is to employ your spouse in a genuine role within the business. Your company can then make employer pension contributions on their behalf, which can be a valuable tax-saving strategy. In some cases, transferring a small shareholding to your spouse may also be worth considering, depending on your circumstances.

Every business is different, so it's worth getting advice before making pension contributions. Give Rustrick Accountants a call on 01622738165 today and we can help you find the most tax-efficient approach for you and your family.

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3 Greystones Road
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