Running your business

Your PAYE tax code tells HMRC how much tax to deduct from your income. It’s based on your allowances, deductions, and pension, and may change throughout the year. Code letters like L, M, BR, or S indicate your tax status. Incorrect codes can lead to over- or underpayment. BlueFox Accounting can help you check your code and stay on track.

HMRC data shows many landlords are missing out on basic tax reliefs, with 12% claiming no expenses at all. Rental income growth is flat, while incorporation is rising. Furnished Holiday Lets saw a 68% jump in receipts, but the regime ends soon. BlueFox Accounting helps landlords claim eligible costs, assess incorporation, and plan for tax changes with clarity and confidence.

Reframing your business means stepping back to realign your goals, strategy, and energy. It’s not about starting over — it’s about moving forward with clarity. BlueFox Accounting helps owner-managed businesses rethink success with structured planning, financial insight, and strategic support.

Trivial benefits let businesses give small, tax-free gifts to staff — up to £50 per item, with no need to report to HMRC if conditions are met. Directors of close companies can receive up to six per year. These benefits also qualify for Corporation Tax relief. BlueFox Accounting can help you use them effectively to reward your team while staying compliant.

From January 2026, lease accounting rules are changing, requiring leases to appear on the balance sheet. This could impact eligibility for schemes like EIS, SEIS, and EMI, as well as audit exemptions, due to increased reported assets. Businesses should review their position now to avoid losing access to funding or incentives. BlueFox Accounting can help you plan ahead and stay compliant.