HMRC issued new guidance in January – which they are describing as ‘simplification’. The guidance is advance warning that, as of April 2026 all benefits in kind (BIKs) will be required to appear on monthly payroll.

What happens when … ?

When you set up a business you don’t plan to fall out with your business partners. You don’t plan for one of you to be hit by a major health issues. You don’t plan for anyone deciding to take their foot off the gas and work fewer hours.

A nice little side-hustle

Do you have a nice little sideline selling on eBay, Vinted, Etsy or a similar platform? If you do, technically you are liable for tax on profits, where you are trading with the intent to profit. However, under the trading and property allowances, you’re not liable for tax until you make more than £1,000 of profit a year. This allowance applies to anyone selling goods, services or renting out property.

Crypto gains

Crypto currency has always been a bit of a grey area when it comes to tax. Back in April 2021 we wrote a blog about how crypto gains are taxed. However, not everyone was aware of the tax implications of crypto gains.

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