If one partner earns under £12,570, you could transfer part of their unused personal allowance and cut your tax bill by up to £252 a year.

The Marriage Allowance applies to married couples and civil partners where one partner does not pay Income Tax, usually because their income is below the personal allowance. For the 2025–26 tax year, this means the lower-earning partner must earn less than £12,570.

The allowance means the lower-earning partner can transfer up to £1,260 of their unused personal allowance to their spouse or civil partner. This transfer is only permitted if the recipient is taxed at no more than the basic rate of Income Tax. This means the higher-earning partner must usually have an income between £12,571 and £50,270. For those living in Scotland, this generally applies where income does not exceed £43,662, which is the point at which the Scottish higher rate begins.

By using the allowance, up to £1,260 of unused personal allowance can be transferred, resulting in a tax saving of up to £252 per year for the higher-earning partner, calculated at 20% of the amount transferred.

If you meet the eligibility criteria and have not yet claimed the Marriage Allowance, you can backdate your claim for up to four previous tax years. At present, claims can be backdated to the 2021–22 tax year, meaning you may be able to claim for 2021–22, 2022–23, 2023–24, 2024–25 and the current 2025–26 tax year. This could result in a total tax saving of up to £1,260 across those years. Claims, including backdated claims and applications for the current year, can be made online via GOV.UK.

There are a number of annual payroll reporting issues that employers are required to complete. With the tax year ending on 5 April 2026, this means there are several key payroll reporting chores that will need to be considered over the coming months.

One of the main requirements is submitting a final PAYE return for the tax year. The final Full Payment Submission (FPS) must be sent to HMRC on or before employees’ final payday in the 2025–26 tax year to ensure payroll records are correctly closed for the year.

Employers must also remember to provide employees with a P60 by 31 May 2026. A P60 must be issued to all employees who are on the payroll on the final day of the tax year, 5 April 2026. The P60 summarises an employee’s total pay and the tax deducted during the year and can be provided either in paper form or electronically.

Employees should be advised to keep their P60s safe, as they are an important record of tax paid and may be needed to reclaim overpaid tax, apply for tax credits, or provide evidence of income when applying for a loan or mortgage. Employees who leave during the tax year will not receive a P60, as the relevant information will already have been provided on their P45.

In addition, employers must report any Class 1A National Insurance contributions and submit P11D and P11D(b) forms to HMRC for the tax year ending 5 April 2026. The deadline for these submissions is 6 July 2026.

When a small business applies for a bank loan, the bank is mainly trying to answer one question, “How likely is it that we will be repaid, on time and in full?” To reach that decision, they will review a mix of financial evidence, trading performance and the overall risk profile of the business.

A key factor is affordability. Banks will look at recent accounts, tax returns (where relevant) and up to date management figures to see whether profits and cash flow can comfortably cover the proposed repayments. They will often request bank statements to understand day to day cash movement, whether income is stable and whether the business regularly runs tight on cash or relies heavily on an overdraft.

They will also assess the quality of the borrower. This includes the business credit record, payment history and any missed payments or County Court Judgements. In many cases the personal credit history of the directors or business owners will be reviewed as well, particularly for smaller companies or newer businesses.

Security is another important area. For secured lending the bank will consider what assets are available, such as property, vehicles, equipment or investments and the likely value if sold. For unsecured borrowing, banks may request a personal guarantee, which gives them extra protection if the business cannot repay.

Banks will also look closely at what the loan is for. Funding that supports growth, improves productivity or helps smooth short term cash flow tends to be viewed more positively than borrowing that simply plugs ongoing losses. A clear plan, realistic forecasts and evidence of customer demand can strengthen an application.

Finally, the bank may assess the wider trading outlook, sector risk and how dependent the business is on a small number of clients or suppliers. The stronger and more consistent the business looks, the better the chances of approval.

A person’s credit rating (often referred to as a credit score) is a measure used by lenders to assess how reliably someone manages borrowing and financial commitments. It can affect whether credit is offered at all, the interest rate charged and even the size of deposit required for certain products. Although each lender uses its own scoring system, most look at similar underlying factors.

One of the biggest influences is payment history. Missing payments on credit cards, loans, overdrafts, mobile phone contracts or buy now pay later agreements can have a negative impact. Even one late payment can reduce a score, while repeated late payments suggest ongoing financial pressure.

The level of borrowing also matters. Lenders consider overall debt, how much available credit is being used and whether borrowing is increasing over time. For example, using most of a credit card limit may indicate higher risk, even if payments are made on time.

A person’s credit history length can also affect their rating. Someone with a longer track record of managing credit sensibly often scores better than someone with little or no borrowing history, even if they are financially secure.

Frequent applications for credit can reduce a score in the short term. Multiple searches in a short period may suggest financial difficulty or over reliance on borrowing.

Another key factor is the stability of personal details. Being registered on the electoral roll at the current address can improve a credit profile, as it helps lenders verify identity. Regularly moving home or having inconsistent address records, can make a person appear higher risk.

Errors can also play a part. Incorrect information, financial links to another person (such as a former partner) or outdated details can damage a credit rating unfairly, so it is worth checking a credit report from time to time.

Finally, it is important to remember that credit scoring is not just about debt, it is about behaviour. A steady pattern of borrowing, prompt repayments and tidy records generally leads to a stronger credit rating over time.

1 February 2026 – Due date for Corporation Tax payable for the year ended 30 April 2025.

19 February 2026 – PAYE and NIC deductions due for month ended 5 February 2026. (If you pay your tax electronically the due date is 22 February 2026)

19 February 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 February 2026.

19 February 2026 – CIS tax deducted for the month ended 5 February 2026 is payable by today.

1 March 2026 – Due date for Corporation Tax due for the year ended 31 May 2025.

2 March 2026 – Self-Assessment tax for 2024-25 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2026, or an agreement has been reached with HMRC under their time to pay facility by the same date.

19 March 2026 – PAYE and NIC deductions due for month ended 5 March 2026 (If you pay your tax electronically the due date is 22 March 2026).

19 March 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 March 2026.

19 March 2026 – CIS tax deducted for the month ended 5 March 2026 is payable by today.