Guides

135 plain-English guides to UK tax, each with a named author and links to its official sources.

Page 5 of 7 · newest first

HMRC Is Fining Lifetime ISA Savers: The 25% Withdrawal Trap

More than 129,000 savers paid LISA withdrawal charges in a single year, averaging £790. Why the 25% charge takes your own money too, who it hits, and what to do instead.

By Maria Moisei · 27 Jul 2026

Income Tax

Tax Code 1257L: What It Means and Why You Have It (2026/27)

1257L is the standard UK tax code for 2026/27, giving the full £12,570 Personal Allowance. Here is what it means, when it is wrong and what a wrong code costs.

By Damon Smith · 27 Jul 2026

Income Tax

What Is a P45? Every Part Explained and What to Do With It

Your P45 carries your tax position from one job to the next. What each of the four parts does, what to do if you lose it and the emergency tax it prevents.

By Damon Smith · 27 Jul 2026

Income Tax

Tax Code BR: Why You Have It and What It Costs You

BR means every pound is taxed at 20% with no tax-free allowance. Right for second jobs, expensive on main jobs: up to £2,514 a year overpaid.

By Damon Smith · 27 Jul 2026

Savings & ISAs

How Many ISAs Can You Have? The 2026/27 Rules Made Simple

Unlimited ISAs, one £20,000 allowance. How the post-2024 rules work, the Lifetime ISA exception and how to split contributions without breaking the cap.

By Maria Moisei · 27 Jul 2026

Self-Employed

Employment Allowance 2026/27: Cut £10,500 Off Employer NI

Eligible employers can knock £10,500 off employer NI in 2026/27. Eligibility rules, the single-director exclusion, worked examples and how to claim.

By Alfred Odyero Ogwal · 27 Jul 2026

Income Tax

Minimum Wage Scotland 2026: £12.71 Rate and Real Take-Home

Scotland uses the UK-wide minimum wage: £12.71 for 21+ from April 2026. What that means monthly after Scottish tax, and how to spot underpayment.

By Damon Smith · 27 Jul 2026

Self-Employed

How to Pay Corporation Tax: Deadline, Reference and Methods

HMRC never bills you for corporation tax. The 9-months-and-1-day deadline, the 17-character reference, payment methods ranked by speed and the rates.

By David Obeng · 27 Jul 2026

Inheritance Tax

Inheritance Tax When the Second Parent Dies: The £1m Rule

The second death is when IHT really gets calculated. How both parents' nil-rate bands combine to £1 million, with worked examples and executor steps.

By Peter Cunniffe · 27 Jul 2026

Income Tax

Autumn Budget 2026: Predictions, Likely Tax Rises and What to Expect

The Autumn Budget 2026 is expected in late October or November 2026, the first under Prime Minister Andy Burnham. With frozen thresholds already raising tax by stealth, the most likely moves are further freezes, higher taxes on dividends, savings and property income, and tighter pension and ISA rules. Here is what is being predicted and how to prepare.

By Laura Michelle Davis · 22 Jul 2026

News

Claiming Tax Relief on Work Expenses: HMRC's Updated P87 Rules

HMRC has updated its P87 guidance and formal directions on what a job expenses claim must contain. Miss the employer PAYE reference, industry type or evidence and the claim is rejected outright. Here is what to include and what your claim is worth.

By Maria Moisei · 7 Jul 2026

Self-Employed

Payrolling Benefits in Kind: What Changes from April 2027

HMRC has confirmed that company cars, fuel and medical benefits must be taxed through payroll from 6 April 2027, with most other benefits following in 2028. Here is the full timetable, what P11Ds survive, and what employers and employees should do now.

By Damon Smith · 7 Jul 2026

News

HMRC Mileage Rate Rises to 55p a Mile, Backdated to 6 April 2026

The approved mileage rate for cars and vans rises from 45p to 55p per mile for the first 10,000 business miles, the first increase in 15 years. It applies for the whole 2026/27 tax year, so miles driven since 6 April already qualify.

By Alfred Odyero Ogwal · 7 Jul 2026

News

MTD Sign-Up Service Down 10 to 13 July: Act Before the 7 August Deadline

HMRC is taking its Making Tax Digital sign-up services offline from 5pm on Friday 10 July until 9am on Monday 13 July 2026. With the first quarterly update due 7 August, anyone mandated from April who has not signed up needs to plan around the outage.

By Mercy Oyelowo · 7 Jul 2026

News

£1.6 Billion in Child Trust Fund Unclaimed Savings: How to Find Yours

More than 750,000 young people have unclaimed Child Trust Fund accounts worth £2,200 on average. A new government taskforce launched on 29 June 2026 is pushing to reunite them with their money. Here is everything you need to know.

By Maria Moisei · 3 Jul 2026

News

Kids Meals Tax Cut 2026: VAT Slashed to 5% on Children's Meals and Days Out

The Great British Summer Savings scheme went live on 25 June 2026, cutting VAT from 20% to 5% on children's restaurant meals and family days out. Here's exactly what's covered, how much you save, and which businesses are passing it on.

By TaxFly Editorial Team · 1 Jul 2026

News

Government Launches Consultation on New First Time Buyer ISA

The UK government launched a consultation on 23 June 2026 on a new First Time Buyer ISA designed to replace the Lifetime ISA. Here is what we know so far and what it means for your savings plans.

By Maria Moisei · 29 Jun 2026

News

Dividend Tax Rise 2026/27: New 10.75% and 35.75% Rates Explained

From 6 April 2026 the basic dividend rate rose from 8.75% to 10.75% and the higher rate from 33.75% to 35.75%. The £500 tax-free allowance and the 39.35% additional rate are unchanged. Most people with dividends outside an ISA will pay more - here is exactly how much, with real examples, and how to reduce it.

By David Obeng · 26 Jun 2026

Pensions

Why Pensioners Are Getting Surprise HMRC Tax Bills in 2026

Rising State Pension, a frozen £12,570 allowance and higher savings rates mean many retirees now owe tax. Why it happens and what to do.

By Laura Michelle Davis · 26 Jun 2026

News

Tax on Savings Interest 2026/27: The Personal Savings Allowance

With savings rates the highest in years, more people are breaching their Personal Savings Allowance - £1,000 for basic-rate, £500 for higher-rate and £0 for additional-rate taxpayers - and owing tax on interest for the first time. Here is how it works, with examples, and how to stay tax-free.

By Maria Moisei · 26 Jun 2026

Deadlines, rate changes and what to claim

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