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TAKS Limited, 160 Aztec West, Bristol (2026)

07/10/2026

Another great result for a client!

My client came to us after receiving a nudge letter from HMRC, understandably concerned about a potential tax liability.

We reviewed everything, worked through the figures and dealt with the necessary paperwork. By the time we had completed the work, there was no tax liability for the client to pay. 🙌

It’s always rewarding to help clients navigate situations like this and make sure they’re not paying tax they don’t actually owe.

📩 If you’ve received a nudge letter from HMRC or have concerns about a potential tax liability, feel free to get in touch — getting the right advice can make a big difference

email at [email protected] or call us on 01172565052

05/10/2026

Should the £1,000 Trading Allowance for freelancing, side businesses and flexible self-employment be increased?

The way people work has changed significantly over the last decade. Yet the tax rules surrounding small amounts of self-employed income have not necessarily kept pace with these changes.I believe the £1,000 trading allowance should be increased.The current £1,000 threshold was designed to make life simpler for people earning small amounts from trading or providing services. If your annual gross trading income is £1,000 or less, you can generally use the trading allowance instead of calculating your actual business expenses.But is £1,000 still an appropriate threshold?

I would argue that it is not.The cost of freelancing has changed!
The costs associated with earning that income have increased.

Software subscriptions, professional insurance, equipment, training, travel and other business expenses can quickly reduce the amount a freelancer actually takes home.

Increasing the threshold could also encourage more people to test a business idea without immediately feeling overwhelmed by administration.

One of the main arguments for the trading allowance is simplicity.

The tax system should make a distinction between someone running a substantial business and someone earning a relatively small amount from occasional freelance work.

Increasing the threshold could reduce unnecessary administration for those at the very smallest end of the self-employed market, while allowing HMRC and taxpayers to focus their attention on businesses with more significant levels of income.

Of course, any increase would need to be carefully designed to prevent unintended consequences and abuse.

But that should not prevent us from asking whether the current figure remains appropriate.What would be a reasonable threshold?

There is a strong argument for linking the threshold to inflation or periodically reviewing it so that its real value does not continually decline.Rather than allowing threshold to remain unchanged indefinitely, the Government could consider increasing it to a more realistic level and then introducing a mechanism for future reviews.

A modern tax system should reflect modern work and the growth of the economy.

Freelancing, online platforms and portfolio careers means that the traditional distinction between employed and self-employed is becoming less straightforward.People increasingly have multiple income streams.

Someone may have a full-time job while also doing freelance design, consulting, tutoring, photography or selling their own products.
A higher threshold would provide greater flexibility for freelancers, reduce unnecessary administration and potentially encourage more people to explore entrepreneurship.

Self-employment is an important part of the UK economy. Our tax system should make it easier — not unnecessarily harder — for people to start small, develop their skills and build something of their own.

01/10/2026

Limited company is better? 👀

Well… it might be — but the way you manage your accounts is becoming just as important as the structure you choose.

With Making Tax Digital (MTD), the biggest challenge for many businesses isn’t simply submitting the information.

It’s keeping your records updated throughout the year. 📲📊

Gone are the days of handing your accountant a pile of paperwork once a year and saying, “See you next year!” 😂

MTD means more regular record keeping, more communication and potentially more work throughout the year.

And that raises some important questions:

👉 Who is responsible for keeping the digital records updated?
👉 What should your accountant handle?
👉 What should you be doing yourself?
👉 And, importantly, how much should these additional services cost?

The first phase of mandatory MTD has already given accountants and businesses some valuable lessons.

But this is only the beginning.

As the thresholds reduce, many more taxpayers will come into the MTD system, with another significant group needing to be prepared ahead of April 2027.

So if you're a business owner, don't wait until the deadline is staring you in the face. 🚨

Get organised early. Get your records right. Understand your options.

Because when it comes to MTD, being prepared isn't just about compliance — it's about making your business easier to manage all year round. 💡

30/09/2026

Putting £10,000 into an investment is only half the equation. The other half is making sure you’re not unnecessarily giving away part of your returns in tax.

For a UK investor, there are several things worth considering before simply putting the money into a standard investment account:

🔹 ISA — Could using a Stocks & Shares ISA allow your investments to grow without UK income tax or capital gains tax on the investments held inside it?

🔹 Pension/SIPP — Depending on your circumstances, pension contributions can provide tax relief and potentially make a significant difference over the long term. But pensions also come with restrictions on when and how the money can normally be accessed.

🔹 General Investment Account — This provides more flexibility, but dividends and realised capital gains can potentially create tax liabilities.

🔹 Using allowances efficiently — Your personal circumstances matter. Income, existing investments, pension contributions, capital gains and dividend income can all affect the most tax-efficient approach.

🔹 Don't focus only on tax — The most tax-efficient investment isn't necessarily the most appropriate investment. Your time horizon, risk tolerance, emergency fund, debt and need for access to the money should all be considered.

For example, someone investing £10,000 for 20+ years with no need for access to the money could have very different priorities from someone who might need the £10,000 within five years.

The interesting question isn't simply:

“Where should I invest £10,000?”

It's:

“How can I structure £10,000 so that I maximise my after-tax returns while keeping the right level of risk and flexibility?”

If you’re investing £10,000 in the UK, what would your strategy be — ISA, pension, GIA, or a combination? 👇

This is general information, not personal financial advice. Tax rules and allowances can change, and the appropriate approach depends on individual circumstances.

29/09/2026

Tax-Efficient Remuneration: How to Extract Funds from Your Limited Company the Smart Way

One of the most common questions business owners ask is:

"What's the most tax-efficient way to take money out of my company?"

The answer depends on your circumstances, but here are some of the most common strategies:

✅ Salary
A small salary can make use of your personal allowance and maintain your entitlement to State Pension benefits.

✅ Dividends
Dividends are often more tax-efficient than taking all income as salary, as they are not subject to National Insurance. However, they can only be paid if the company has sufficient distributable profits.

✅ Employer Pension Contributions
Your company can make contributions directly into your pension, which may qualify for corporation tax relief while helping you build long-term wealth.

✅ Business Expense Reimbursement
Make sure you're claiming all legitimate business expenses. If you've paid business costs personally, your company can reimburse you tax-free.

✅ Director's Loan Repayment
If you've previously lent money to your company, repayments can usually be made tax-free.

✅ Benefits in Kind
In some situations, benefits such as electric company cars can be more tax-efficient than taking additional salary.

⚠️ What works for one director may not work for another. Taking all profits as salary, dividends, or a combination of both can produce very different tax outcomes.

A proper remuneration strategy should consider: • Corporation Tax
• Income Tax
• National Insurance
• Future pension planning
• Cash flow needs
• Family tax planning opportunities

The goal isn't just to minimise tax today, but to maximise your overall wealth.

📩 If you're a limited company director and want to ensure you're extracting profits in the most tax-efficient way, feel free to get in touch [email protected]

22/09/2026

🚀 Understanding Crypto Taxation: What Every Crypto Investor Should Know 💰

Are you investing in crypto assets? With cryptocurrency becoming increasingly popular, it's more important than ever to understand your tax obligations and stay compliant with HMRC.

✅ Common taxable crypto transactions include:

🔹 Selling cryptocurrency for cash
🔹 Trading one crypto asset for another
🔹 Using crypto to purchase goods or services
🔹 Receiving crypto through salary, staking, mining, or rewards

📈 Capital Gains Tax (CGT) If you make a profit when selling or disposing of crypto assets, you may need to pay Capital Gains Tax.

💷 Income Tax - Income earned from activities such as staking, lending, mining, or crypto rewards may be subject to Income Tax.

🎨 NFTs & DeFi Tax rules also apply to NFT transactions and DeFi activities, with gains and income potentially creating tax liabilities.

📋 Keep Good Records HMRC expects accurate reporting of crypto transactions. Maintaining detailed records of purchases, sales, transfers, and fees can save time and help avoid costly penalties.

💡 Did you know? Crypto losses may be available to offset against gains, helping to reduce your overall tax position in certain circumstances.

At TAKS Limited, we help individuals and businesses understand the tax implications of cryptocurrency and navigate the complexities of crypto reporting with confidence.

📞 If you have questions about your crypto taxes or would like professional guidance, get in touch today.

18/09/2026

🚀 Big news for UK business owners: Mandatory E-Invoicing is officially coming on 1 April 2029!

💻🧾The UK government has confirmed the timeline. This means sending basic PDFs, Word documents, or standard emails will no longer count as a compliant VAT invoice. Everything is shifting to a secure, machine-readable digital network.

Here is what you need to know to stay ahead:

📅 Late 2026: The government will release the exact technical standards and roadmap.

🛠️ 2027–2028: The official preparation window to test software and update your systems.

🛑 1 April 2029: Full go-live. All B2B and B2C transactions must use structured e-invoicing.

The good news?

HMRC is keeping it simpler than France, there is no real-time tax reporting required in this first phase.It might feel a way off, but now is the perfect time to audit your current software and get a head start!

👉 Are your accounting systems ready for the digital shift?
Contact us if you unsure [email protected]

you like me to adjust the tone of this post to make it more formal, casual, or tailored for a specific audience like accountants or freelancers?

16/09/2026

Did I miss any major benefits off this list?

Had a call with a new client yesterday, and we got into a debate every business owner faces eventually:

"Is setting up a Limited Company still worth it, or is it just unnecessary admin?"

If you are a director, consultant, or small business owner, here is a quick breakdown of what we discussed and why structure still matters.

The Reality Check

Setting up a Limited Company used to be the automatic choice for tax savings. But with recent tax changes—higher dividend taxes and frozen allowances—the purely financial gap between a Sole Trader and a Limited Company has narrowed on lower profits.
However, a Limited Company is still often the best structure—not just for tax, but for protection, credibility, and long-term strategy.

Key Benefits of Incorporation

PERSONAL FINANCIAL PROTECTION (LIMITED LIABILITY)

• Separate Legal Entity: Your business is legally distinct from you.
• Asset Security: If the business incurs debts or faces legal trouble, your personal assets (home, savings) are generally safe. As a sole trader, you carry 100% personal liability.

ENHANCED TAX CONTROL & FLEXIBILITY

• Salary + Dividend Extraction: Extract profits through a low salary combined with dividends rather than paying full Income Tax and National Insurance on all profits immediately.
• Profit Timing: You choose when to take money out. Unclaimed profits left in the business are taxed at Corporation Tax rates (19%–25%), allowing you to reinvest efficiently.
• Direct Pension Contributions: The company can pay straight into your personal pension as a pre-tax business expense, reducing your tax bill while funding your retirement.

PENSIONS & CORPORATION

Direct Employer Pension Contributions: Instead of paying into a pension out of taxed personal income, your Limited Company can pay contributions directly into your personal pension scheme.
• 100% Tax Deductible: These direct contributions are treated as an allowable business expense, reducing your Corporation Tax bill (saving you up to 25%) while building your retirement pot tax-free—with no employer or employee National Insurance to pay.

CLEARER & MORE FLEXIBLE EXPENSE RULES

• Pre-Tax Business Expenses: Claiming legitimate business expenses (equipment, software, travel, professional subscriptions, mobile contracts in the company name, relevant life policies, and even director trivial benefits) is vastly cleaner through a corporate account.
• Reducing Corporation Tax: Every allowable expense lowers your taxable profit directly, effectively saving you 19% to 25% on that spending before you even look at personal tax.

HOLDING & GROWING DIGITAL ASSETS CORPORATE

• Crypto & Web3 Investments: Holding crypto or digital assets inside a company structure means gains are subject to Corporation Tax rather than personal Capital Gains Tax, which can be far more efficient if you intend to reallocate capital back into the business.
• IP & Online Properties: Intellectual property (software, digital courses, SaaS products, domain name portfolios, brand trademarks) can be owned directly by the corporate entity, keeping value inside the company to boost overall valuation.
• HMRC Compliance: With HMRC's increased visibility and stricter reporting frameworks around crypto assets, managing transactions through clear business bookkeeping is vastly simpler than untangling complex personal trading records.

EMPLOYING FAMILY MEMBERS TAX-EFFICIENTLY

• Utilising Personal Allowances: Paying a spouse, partner, or adult child a commercial wage for genuine work (e.g., admin, marketing, bookkeeping) transfers profit into their lower tax bands or tax-free Personal Allowance.
• Corporation Tax Deduction: The salary, employer National Insurance, and company pension contributions paid to family members are allowable business expenses, saving 19% to 25% Corporation Tax.
• HMRC Compliance: As long as the pay is commercially justifiable for real work performed and complies with National Minimum Wage rules, it keeps household income inside the family while reducing the corporate tax bill.

COMMERCIAL CREDIBILITY & PROTECTION

• Unlocking Corporate Clients: Many large enterprise clients and agency partners refuse to contract directly with sole traders due to compliance policies.
• Name Protection: Registering with Companies House locks down your business name legally—no one else can trade under it.

FUTURE SCALE & EXIT OPTIONS

• Growth & Funding: It is vastly cleaner to bring on equity partners, secure angel investment, or sell the business down the road via share transfers.
⚠️ The IR35 Factor
During yesterday's call, we spent significant time on IR35 compliance.
A Limited Company gives you tax flexibility, but only if you operate "Outside IR35".
• Inside IR35: If HMRC views your working relationship as a "disguised employee," you are taxed similarly to an employee through PAYE, stripping away most of the limited company tax advantages.
• Outside IR35: If you hold true commercial risk, bring your own tools, have substitution rights, and direct your own work, you retain the full benefits of incorporation.
Setting up the structure is step one; ensuring your contracts and day-to-day working practices keep you compliantly Outside IR35 is step two.

14/09/2026

Are You Owed a Tax Refund on Your UK Pension Pot income ?

Sometimes, the biggest tax saving is the one you don't know you're entitled to.

If you receive income from a UK pension pot, it’s worth checking whether the correct amount of tax is being deducted.

A client who lives overseas contacted me about a completely unrelated tax matter.
They had tax deducted from their pension payments. They didn’t have any other income.

That immediately made me want to look a little closer.

The client was digitally excluded and wasn’t aware that, depending on their circumstances, they may have been entitled to tax refunds.
The interesting thing is that the client hadn't contacted me about their pension at all. It came up simply because we were discussing something else.

The result?
Over £14,000 of unclaimed tax refunds across six tax years.

In some cases, people can potentially have several years of overpaid tax sitting unclaimed simply because they haven't reviewed their UK tax position.

If you receive a pension from a UK pension pot, or you're unsure whether the right amount of tax is being deducted, feel free to contact me on [email protected]

📩 It may be worth checking before another tax year passes.

08/09/2026

Thinking of setting up a Limited Company?

Incorporating your business is more than just registering a company name.

The decisions you make BEFORE you incorporate can have a big impact on how your business is structured, how you take money out, and how you plan your tax.

That’s why it’s important to think about the tax planning BEFORE pressing the “incorporate” button. 💡

What should you consider?
✅ How you will pay yourself
Salary, dividends, expenses and directors’ loans can all have different tax consequences.

✅ Corporation Tax planning
A limited company pays Corporation Tax on its taxable profits, so understanding what expenses, allowances and reliefs may be available is important.

✅ Dividend planning
Dividends can be an effective way of extracting profits, but they must be paid from available profits and the correct procedures need to be followed.

✅ Share structure
Who owns the shares and how those shares are structured can be important for future tax planning, profit extraction and bringing other shareholders into the business.

✅ Business expenses & allowances
Understanding what your company can legitimately claim can help you avoid paying more tax than necessary.

✅ Future growth & investment
If you plan to grow, bring in investors, sell the business or build assets within the company, your structure today can make a difference tomorrow.

✅ Moving from sole trader to Limited Company
If you're already trading as a sole trader, incorporation can have additional tax considerations. In some circumstances, Incorporation Relief may be available to defer Capital Gains Tax when transferring a business to a company in exchange for shares.

The BIG mistake? 🚨
Setting up the company first and thinking about tax afterwards.

Your company structure, shareholders, shareholdings and how you plan to extract profits should be considered as part of the setup process.

💬 Thinking about incorporating?

Don’t just ask:

“How much does it cost to set up a Limited Company?”

Ask:

“How should I structure it from day one?”

We can help you look at the incorporation, tax planning and ongoing structure before you make the move.

📩 Message us today to discuss your plans and make sure you start your company on the right footing.

Tax treatment depends on your individual circumstances. Professional advice should be taken before making incorporation or tax-planning decisions.

TAKS Limited

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