Misplaced your National Insurance number? Do not worry! From checking payslips to using the HMRC app, there are many ways to recover it. If all else fails, you can request it via post. Here is everything you need to know to locate or apply for your NI number.

Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60. You can also use your personal tax account or the HMRC App to find your National Insurance number.

If your National Insurance number still cannot be found a request can be submitted in writing to HMRC using form CA5403 or by telephone. HMRC will not disclose your number over the telephone and will instead send the details by post to the address HMRC has for you on file. The details should arrive within 15 days.

Teenagers should automatically be sent a letter just before their 16th birthday detailing their National Insurance number. These letters should be kept in a safe place. The old plastic National Insurance cards that some of our readers may remember are no longer available.

The National Insurance number helpline can help those aged between 16 and 20 who have not received a letter with details of their National Insurance number as well as other new applicants. An individual must have the right to work or study in the UK in order to apply for a National Insurance number.

Are you a landlord? Maximise your rental income by knowing which expenses you can claim to reduce your tax bill. From maintenance costs to Replacement of Domestic Item Relief, understanding allowable deductions is key to smart property management.

If you are a landlord, it is important to be aware of the expenses that can and cannot be claimed from rental income. As a general rule, allowable expenses must be wholly and exclusively for the purpose of renting out the property. In some cases, a proportion of expenses can be claimed if part of the expense relates to the property business.

Common types of deductible revenue expenditure include:

• General maintenance and repairs to the property (but not improvements).
• Water rates, council tax, gas, and electricity.
• Insurance costs.
• Letting agent and management fees.
• Qualifying legal and accountancy fees.
• Direct costs such as phone calls, stationery, and advertising for new tenants.
• Vehicle running costs (only the proportion used for the rental business), including mileage rate deductions for business-related motoring costs.

Additionally, the Replacement of Domestic Item Relief allows landlords to claim tax relief when replacing furniture, furnishings, appliances, and kitchenware in a rented property, provided certain conditions are met.

Landlords should also keep a record of any capital expenditure incurred on investment properties. These expenses cannot be claimed as revenue expenditure against rental income but can usually be offset against Capital Gains Tax when selling a property.

Planning to sell your business or shares? Capital Gains Tax rates for Business Asset Disposal Relief (BADR) are set to rise from 10% to 14% on 6 April 2025, and to 18% from 6 April 2026. Selling before these dates could result in significant tax savings.

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced Capital Gains Tax (CGT) rate of 10% is currently applied instead of the standard rate, potentially resulting in significant tax savings for those exiting their business.

It is important to note the future increases in the CGT rate for BADR that were announced as part of the Autumn Budget measures. The CGT rate for BADR will increase to 14% for disposals made on or after 6 April 2025. A further increase to 18% will apply for disposals made on or after 6 April 2026.

For business owners contemplating an exit strategy, the coming months might be an opportune time to consider selling before the upcoming changes take effect on 6 April 2025.

Currently, you can claim a total of £1 million in BADR over your lifetime, allowing you to qualify for the relief multiple times. The lifetime limit may be higher if you sold assets before 11 March 2020. No changes were made to this lifetime limit in the recent Budget.

The lifetime limit for Investors’ Relief was reduced in the Autumn Budget to £1 million (from £10 million) for qualifying disposals made on or after 30 October 2024. The CGT rates for Investors’ Relief mirror those for BADR.

Great news for businesses! Tax relief on zero-emission cars and EV charge points has been extended until 2026. This move aligns with the UK’s ambitious Zero Emission Vehicle mandate, driving the shift to sustainable transport.

It was announced as part of the recent Autumn Budget measures that the tax relief for businesses acquiring zero-emission cars or installing electric vehicle charge points is to be extended. The reliefs were set to expire on 31 March 2025 for Corporation Tax purposes and 5 April 2025 for Income Tax purposes.

This measure extends the availability of the 100% first-year allowance for qualifying expenditure on zero-emission cars and the 100% first-year allowance for qualifying expenditure on plant or machinery for electric vehicle charge-points to:

• 31 March 2026 for Corporation Tax purposes
• 5 April 2026 for Income Tax purposes

The extension to the scheme highlights the government’s commitment to continue to support the growth in the electric vehicles market in line with the zero emission vehicle (ZEV ) mandate.

The ZEV mandate sets out the percentage of new zero emission cars and vans that manufacturers will be required to produce each year up to 2030. 80% of new cars and 70% of new vans sold in Great Britain will now be zero emission by 2030, increasing to 100% by 2035.

Selling goods or services? It’s vital to know if HMRC considers this a business. From regular sales to earning commissions, their rules on ‘trading’ impact your tax obligations. Here’s a simple guide to help you stay compliant and avoid pitfalls.

If you are selling goods or services, you need to determine whether this constitutes a business. According to HMRC’s guidance, you are required to establish a business if you 'trade' in goods or services.

While not an exhaustive list, HMRC suggests you are likely to be considered as trading if you:

• sell regularly to make a profit
• make items to sell for profit
• sell items on a regular basis, either online, at car boot sales or through classified adverts
• earn commission from selling goods for other people
• are paid for a service you provide

If you only occasionally sell items then you are probably not trading. However, there is no statutory definition of ‘trade.’ The only statutory clarification is that ‘trade’ encompasses a ‘venture in the nature of trade.’ Consequently, the courts have defined what constitutes a ‘trade’ through their rulings, which serve as guidance when disputes arise.

In complex cases, HMRC may use 'badges of trade' tests to assess whether an activity is a legitimate business or just a money-making by-product of a hobby. While not definitive, these tests will help HMRC make this determination. In most cases, it will be clear if your trade in goods or services is a business.