The UK government has confirmed the revised terms of its wide-ranging workers’ rights reform programme, now enacted through the Employment Rights Act 2025. Although some of the original proposals have been softened, the legislation still represents the most significant change to UK employment law in many years. For business owners and employers, the key issue is not whether these changes

For many taxpayers, an increase in income feels like a straightforward positive. Higher earnings should mean more disposable income, even after paying a bit more tax. In practice, the UK tax and benefits system does not always work that way. There are a number of income thresholds built into the system where allowances and state benefits are reduced or withdrawn

In December 2025, HM Revenue and Customs announced the finalists in a competition aimed at helping close the UK tax gap. The initiative forms part of HMRC’s wider effort to modernise tax administration and improve its ability to identify and address deliberate tax evasion. The announcement signals a growing reliance on external innovation and data driven solutions to support compliance

In late 2025 the government confirmed a significant change of direction on inheritance tax reliefs for farmers and family owned businesses. Following sustained criticism of earlier proposals, ministers announced an increase in the threshold at which full inheritance tax relief applies to qualifying agricultural and business assets. The move has been widely described as an about face, reflecting the strength

As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS). From 6 April 2026, HMRC will be able to take immediate action where a business makes or receives a payment that it knew, or should have known, was connected to fraud. In these circumstances, HMRC will have the power to remove Gross

If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any gain made since 5 April 2015. Only the portion of the gain made after 5 April 2015 is liable for tax. One of the most commonly used and valuable exemptions from CGT is Private Residence Relief (PRR), which applies when

The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities. The Venture Capital Trusts (VCT) and Enterprise Investment Scheme (EIS) are designed to encourage private investment into trading companies. Both schemes help support business growth while at the same time encouraging individuals

There is now less than 1 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We urge our readers who have not yet completed and filed their 2024-25 tax return to file as soon as possible to avoid the stress of last-minute preparations as the 31 January 2026 deadline fast approaches. You should also be aware that payment

1 January 2026 – Due date for Corporation Tax due for the year ended 31 March 2025 19 January 2026 – PAYE and NIC deductions due for month ended 5 January 2026. (If you pay your tax electronically the due date is 22 January 2026). 19 January 2026 – Filing deadline for the CIS300 monthly return for the month ended

HM Revenue and Customs (HMRC) has recently issued a timely reminder about the support available to taxpayers as the Self-Assessment deadline nears. With 31 January 2026 fast approaching, many businesses, sole traders and individuals are understandably starting to feel the pressure of meeting their tax obligations. To help manage this, HMRC is highlighting the Time to Pay service, which allows

The recent Budget may not have delivered many dramatic headline changes, but as the detail settles, a number of important themes are beginning to emerge. Conversations with business owners suggest that concern is less about any single announcement and more about the combined effect of rising costs, higher personal tax exposure and increasing administrative demands. These issues provide both a

Many business owners reach a point where they begin to question whether the way their companies are arranged still suits their ambitions. Separate trading entities might have grown organically, acquisitions may have been made along the way or activities may have been kept apart for practical reasons. Over time, these associated companies can become difficult to manage as a whole.

What the 2027 IHT change means From 6 April 2027, the rules for passing on pensions after death will change in a way that affects many families. Under the government’s reforms, most unused pension pots and pension scheme death benefits will be brought into the scope of Inheritance Tax, IHT. This represents a major restructuring of how pensions are treated

The proposed council tax surcharge on high value homes, due from April 2028, has triggered a lively and sometimes sharp response across the press. While the headlines have focused on the “mansion tax” label, the underlying commentary has been more nuanced, splitting broadly into three camps: those who see it as a modest step towards taxing wealth more fairly, those

From 1 December 2025 the UK deposit protection rules will shift in a way that will matter for many savers, especially those holding larger balances or receiving significant one-off payments. The Financial Services Compensation Scheme is increasing the maximum protection for eligible deposits held with UK banks, building societies and credit unions. The long-standing limit of £85,000 per person per

Artificial intelligence (AI) writing tools, such as ChatGPT, Gemini, and Claude, have become extremely popular. They can create emails, write marketing content, and debug code quickly. Many people think these tools could replace traditional editing tools. A spell checker, once a key part of word processors, might seem unnecessary now that AI can rewrite a paragraph with correct grammar and

The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained at their current levels for a further three years until April 2031. This will see the personal tax allowance frozen at £12,570 through to April 2031 across the UK. In addition, the higher rate threshold will remain at £50,270 (there

The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget. The Chancellor confirmed that the government has accepted in full the proposals of the Low Pay Commission (LPC) for increasing minimum wage rates from 1 April 2026. The National Living Wage (NLW) rate will increase from £12.21 to £12.71 on

The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that will apply from April 2029. There had been heated speculation that the Chancellor would change the pension rules to help the government raise taxes, but no changes were announced to the annual allowance (which remains at £60,000) or to the carry-forward rules

A demerger involves splitting the trading activities of a single company or group into two or more independent entities. This can be facilitated by distributing the assets of a holding company to its shareholders. There are special statutory demerger provisions that are designed to make it easier to divide and put into separate corporate ownership the trading activities of a company

1 December 2025 – Due date for Corporation Tax payable for the year ended 28 February 2025. 19 December 2025 – PAYE and NIC deductions due for month ended 5 December 2025. (If you pay your tax electronically the due date is 22 December 2025). 19 December 2025 – Filing deadline for the CIS300 monthly return for the month ended

The Chancellor’s Autumn Budget, delivered on November 26, 2025, sets the stage for a period of considerable fiscal change over the coming years. While headline income tax rates on earned income remain unchanged for now, the extensions of existing tax threshold freezes, and the introduction of targeted tax increases elsewhere, amount to a significant tax-raising event through “fiscal drag”. For

The degree of speculation about this year’s Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their report on Budget changes prior to Rachel Reeves announcements to Parliament. However, there are to be no changes to the main rates of Income Tax, NIC and VAT that affect wage earners across the UK, but the Budget Report highlights

Most business decisions are shaped by the pressure of the moment. Cash flow, deadlines, staffing changes, and new opportunities often push long term questions to one side. Yet the most resilient businesses tend to be those that step back and take a wider view. Long term planning is not an abstract exercise. It is a practical habit that helps owners

From 18 November 2025, Companies House introduced major identity verification requirements for all company directors and people with significant control. This is part of a wider shift towards greater corporate transparency and a stronger response to economic crime. The changes may appear administrative at first glance, but they carry real implications for businesses of all sizes. What has changed The

Artificial intelligence has moved rapidly from being a futuristic idea to an everyday business tool. For small firms, AI now offers genuine, low-cost benefits that save time, reduce stress, and improve decision-making. Many of these tools are already built into accounting, marketing, and communication systems that businesses use daily. Below are ten practical ways AI can help small business owners

There is growing speculation that the Chancellor may soon raise the basic rate of Income Tax from 20% to 22%. At the same time, it is thought that a corresponding 2% cut in employee National Insurance contributions could be introduced. Together, these changes would shift how the overall tax burden is shared, particularly between working individuals, pensioners, and landlords. Although

There is a common hesitation that many business owners and individuals experience when considering professional advice. People often look at the fee first and think of it simply as an expense. However, when advice is viewed only through the lens of cost, the real value can be overlooked. Good advice is an investment. It is about improving outcomes, avoiding risk,

And what it may mean for tax planning and business decision making Rachel Reeves’ recent speech has provided a clear indication of the Government’s direction on economic management, taxation, and public investment. While the next Budget will be needed to confirm specific measures, it is already possible to see the themes that are likely to shape policy in the months

The Winter Fuel Payment is a familiar part of the support many older people receive each year. It is designed to help with heating costs over the colder months and is paid as a tax-free lump sum. However, the rules have changed in recent years, and the payment is no longer a universal benefit. It is now influenced by household

From 18 November 2025, all company directors and people with significant control (PSCs) will be legally required to verify their identity at Companies House. This verification is being phased in over 12 months and Companies House is contacting companies directly with guidance regarding what needs to be done and by when. These changes are intended to help ensure that people setting

The remittance basis of taxation for non-UK domiciled individuals (non-doms) was replaced with the new Foreign Income and Gains (FIG) regime from April 2025. This new regime is based on tax residence rather than domicile. Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC, regardless of whether they had previously claimed remittance

HMRC has issued a press release urging 18-23 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 758,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be around £2,240. Anyone who turned 18 on or after 1

As of April 2025, directors of close companies and self-employed taxpayers face new mandatory reporting requirements on their Self-Assessment returns. Up to 900,000 company directors and 1.2 million taxpayers carrying on a trade will be impacted by new rules that require them to provide more information when filing their 2025-26 self-assessment returns. Legislation has been enacted that introduces mandatory reporting

1 November 2025 – Due date for Corporation Tax due for the year ended 31 January 2025. 19 November 2025 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 2025.) 19 November 2025 – Filing deadline for the CIS300 monthly return for the month ended

Many people put off writing a Will. It is easy to understand why. It feels like planning for something that is hopefully far away, and it can feel uncomfortable to think about what will happen after we are no longer here. Yet having a Will in place is one of the most considerate and practical steps that any person can

A Family Investment Company (FIC) is a private limited company that is structured and run to hold, manage and grow family wealth in a controlled, tax-efficient way. It has become increasingly popular in the UK as an alternative to using trusts, especially since tax rules around trusts have tightened in recent years. Here’s how it works and why families use

With the Autumn Budget due on 26 November 2025, speculation is mounting about which taxes could rise and where the Chancellor might look for extra revenue. After ruling out increases in the main rates of income tax, National Insurance and VAT, attention is shifting to the so-called “stealth” areas of the tax system, the ones that can quietly increase tax

With colder days on the horizon, many pensioners will soon receive their Winter Fuel Payment, a vital support when heating bills start to rise. But as that help rolls out, fraudsters are ramping up efforts to exploit it. Recent data shows scam referrals have leapt by a staggering 153 per cent over the last week of September compared to the

The Chancellor’s Autumn Budget is only weeks away, and there is growing speculation that key tax reliefs and allowances could soon be reduced or restricted. Reports suggest that higher-rate pension relief, capital gains tax rates and dividend allowances may all come under review. For business owners and higher-rate taxpayers, this could be a good time to review your position and

For many business owners and high value individuals, protecting family wealth is as important as creating it. Succession planning, deciding how ownership and control will pass on to the next generation, is no longer just a matter for the future. With possible changes ahead to inheritance tax (IHT) and Business Property Relief (BPR), this is an ideal time to review

Interest rates have now settled at levels many business owners and investors have not seen for over a decade. Even if the Bank of England begins to trim the base rate later this year, most commentators expect the cost of borrowing to remain well above the ultra-low rates of the past. That means every small business and higher-income individual should

Even the most advanced accounting software is built on a principle that has stood the test of time: double entry bookkeeping. First described more than 500 years ago, it remains the foundation of every set of accounts today. For business owners, understanding the basics can make reports and figures much easier to follow. What is double entry? Double entry means

Winning new business is always positive, but before you commit to a new customer it is wise to carry out some checks. A little time spent at the start can save trouble later if the customer is unable, or unwilling, to pay. We often advise business owners to put a simple process in place for checking new customers. 1. Check

The government has announced permanent changes to business rates that will benefit thousands of small firms in the retail, hospitality and leisure sectors. From April 2026, qualifying businesses will see their bills reduced, with some enjoying discounts of up to 40%. What has changed? Business rates have long been a concern for high street shops, restaurants, pubs, and leisure operators.

Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early to avoid penalties. Firstly, the deadline for submitting paper self-assessment tax returns is 31 October 2025. If you miss this deadline a £100 late filing penalty will usually apply, even if no tax is due, or if any tax owed

If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory authority to ensure compliance. This article outlines who needs to register with HMRC for anti-money laundering (AML) supervision. Your business must be registered with a supervisory authority if it operates in a sector covered by the Money Laundering Regulations. Some

The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025. Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech in November. HM Treasury is inviting written

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is £12.21. For those aged 18

1 October 2025 – Due date for Corporation Tax due for the year ended 31 December 2024.   19 October 2025 – PAYE and NIC deductions due for month ended 5 October 2025. (If you pay your tax electronically the due date is 22 October 2025.)   19 October 2025 – Filing deadline for the CIS300 monthly return for the

A reminder that big changes are coming to the way company directors and people involved in running companies deal with Companies House. From late 2025, most directors, people with significant control (PSCs), and those filing on behalf of companies will need to have their identity formally verified. If you have not yet completed this process, now is the time to

The government’s Making Tax Digital (MTD) programme is set to expand in April 2026, and it will affect many landlords and sole traders. From that date, anyone with annual business or property income above £50,000 will need to comply with the new rules. Although April 2026 may sound distant, the changes are significant, and the steps needed to prepare take

The idea of a wealth tax often makes the headlines, especially when governments look for new ways to raise revenue and address inequality. While the UK does not currently have a wealth tax, the subject has been widely debated, and several countries already operate versions of this type of levy. So, what would a wealth tax actually look like if

It is common for small business owners to put themselves at the back of the queue when it comes to pay. Staff are paid, suppliers are paid, tax bills are covered, and then, if anything remains, the owner may take a share. At first glance this may feel responsible and even admirable. However, there are strong reasons why owners should

From 13 October 2025, the way you log into Companies House WebFiling is changing. You will need to use GOV.UK One Login to access your WebFiling account. This means that the old style logins will no longer work. When you next try to sign in after that date, you will be prompted to link your existing WebFiling account with a

Taking on your first employee is a big step for any business. It can bring exciting opportunities for growth, but it also comes with important legal and administrative responsibilities. Getting things right at the start will save time, reduce risk and help you build a strong foundation as an employer. Registering as an employer Before you pay your first member

As a business owner, you might already know that your property’s rateable value underpins how much you’ll pay in business rates, a recurring cost no one loves. But here’s a timely heads-up from the Valuation Office Agency (VOA): the next revaluation is coming, and now’s the best time to get plugged in. The VOA importantly reminds us: “It’s important to

A strong business is built on habits, not hope. The following ten goals work as a practical checklist you can revisit each quarter. Keep them simple, measure progress, and improve a little each month. Protect cash flow Run a 13 week rolling cash flow forecast and update it weekly. Watch debtor days and supplier terms and match payment timings to

Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax bills and penalties. HMRC has issued a warning to homebuyers about rogue tax agents promoting false Stamp Duty Land Tax (SDLT) repayment claims, especially those based on the condition of properties. Following a recent Court of Appeal decision, it has been

Banks must now give 90 days’ notice before closing accounts, giving customers more time to respond. Since April 2026, new government rules strengthen protections for individuals and small businesses at risk of unfair bank account closures. Under the legislation, banks and payment service providers are required to give at least 90 days’ written notice before closing an account or terminating a payment

If you cannot pay your tax bill, it’s crucial to contact HMRC as soon as possible. They may offer support through a Time to Pay arrangement, allowing you to repay your debt in instalments based on your financial situation. Ignoring the debt can lead to enforcement action, including visits to your home or business by HMRC or the use of

From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases. If you are self-employed or a landlord with income over £50,000, you will need to prepare for digital record keeping, quarterly updates and a new penalty system. While most affected taxpayers will be required to comply, there are limited exemptions available. You can

1 September 2025 – Due date for corporation tax due for the year ended 30 November 2024.   19 September 2025 – PAYE and NIC deductions due for month ended 5 September 2025. (If you pay your tax electronically the due date is 22 September 2025)   19 September 2025 – Filing deadline for the CIS300 monthly return for the

There is no confirmed date for the Autumn Budget, although most commentary points to late October or early November. The Treasury has not announced a day, which helps explain why rumours are circulating. Market conditions have tightened since early summer, and borrowing costs remain elevated. That combination reduces fiscal headroom and increases the likelihood that revenue-raising options, or tax base

If you are buying a property that needs work, HMRC has just issued a major heads up, following a recent Court of Appeal ruling in the Mudan & Anor case against HMRC. Basically, even if a home is in bits, as long as it is still fundamentally a dwelling, maybe it needs a new boiler, rewiring or damp proofing, it

The UK government has just announced a pragmatic pause on its planned extra border checks for live animal imports from the EU, as well as certain animal and plant goods arriving from Ireland, while negotiations continue on a full Sanitary and Phytosanitary (SPS) agreement with the EU. This move is all about easing trade friction. Once the SPS deal is

Many business owners keep problems to themselves. You may not want to cause concern, appear as if you have lost control, or damage confidence. Yet, the longer an issue remains unspoken, the more likely it is to grow into something more difficult and costly to resolve. When owners share challenges early, the speed and quality of the solution improves. This

Late payments are one of the most persistent problems facing small businesses in the UK. They damage cash flow, disrupt planning, and in some cases, force otherwise viable companies to close their doors. The government has now announced what it describes as the toughest crackdown on late payments in a generation, with new rules and enforcement powers designed to protect

Companies House has confirmed a major change that affects every UK company director and person with significant control (PSC). From 18 November 2025, it will be a legal requirement to verify your identity before you can file your company’s confirmation statement. This is part of wider reforms under the Economic Crime and Corporate Transparency Act 2023, aimed at reducing fraud

A new analysis from the National Institute of Economic and Social Research (NIESR) has put fresh pressure on Chancellor Rachel Reeves ahead of the upcoming autumn Budget. NIESR is one of the UK’s oldest and most respected independent economic think tanks, established in 1938. Known for its impartial and evidence-based work, it frequently advises government departments, central banks, and businesses

If your Self-Assessment required payments on account, the second instalment fell due on 31 July 2025. If it was not paid, HMRC charges late payment interest from 1 August until the amount is cleared. A late payment penalty can also arise if the tax remains unpaid 30 days after the deadline, with further penalties at six and twelve months. Interest

It was confirmed with the publication of the draft Finance Bill 2025-26 that measures first announced in the Autumn Budget 2024 to bring most unused pension funds and death benefits into the scope of Inheritance Tax (IHT) will start from 6 April 2027. This will significantly extend the IHT net, capturing pensions that were previously excluded. Individuals with sizeable pensions

Despite intense lobbying by the farming community, the proposed reduction in IHT Business and Agricultural Property reliefs are included in the draft Finance Bill 2025-26. On 21 July 2025, the government published draft legislation for Finance Bill 2025-26. The consultation period for the draft legislation is open until 15 September 2025. This comes at a time when the government has

Making Tax Digital for Income Tax will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000 you need to start preparing to submit quarterly updates, keeping digital records and a new penalty system will apply. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income exceeding

Shared home ownership offers a more accessible route to owning a home for those who cannot afford the full deposit or mortgage on a property that suits their needs. Under this scheme, buyers purchase a share of a property, typically between 10% and 75% of its market value and pay rent on the remaining portion to a housing provider. The

1 August 2025 – Due date for corporation tax due for the year ended 31 October 2024. 19 August 2025 – PAYE and NIC deductions due for month ended 5 August 2025 (If you pay your tax electronically the due date is 22 August 2025) 19 August 2025 – Filing deadline for the CIS300 monthly return for the month ended

To support taxpayers, HMRC has introduced new digital services as part of its Transformation Roadmap, making it easier to manage Self-Assessment tax affairs online. What’s new? Easier registration and opt-out for Self-Assessment. Improved on-screen messages to reduce uncertainty and limit the need to chase HMRC. A better online appeal process for late filing and late payment penalties. Why it matters

HMRC has launched a new digital service that allows millions of UK workers to take more control over their tax affairs. The tool, available through the Personal Tax Account and HMRC app, is designed for individuals who pay tax through PAYE. It lets users view and update their income details, allowances, reliefs, and job-related expenses directly, without needing to call

Draft legislation for the Finance Bill 2025-26 confirms a major shake-up to Inheritance Tax (IHT), affecting estates that include business assets, agricultural land, and pension funds. The proposed changes, announced on 21 July, aim to tighten reliefs and bring more value into the scope of IHT. The impact could be significant for business owners, farmers, and anyone planning to pass

On 15 July, the Chancellor, Rachel Reeves, unveiled a set of changes to the UK’s financial system. These reforms are designed to encourage investment, make it easier to buy a home, improve pension outcomes, and remove unnecessary red tape. While much of the detail will unfold in the coming months, the changes already announced could affect the way individuals borrow,

Inboxes can quickly become overwhelming. Whether you receive ten or a hundred emails a day, it does not take much for things to spiral out of control. Before you know it, your inbox is full of unread messages, missed deadlines, and stress-inducing clutter. The good news is that managing your inbox does not have to take over your life. With

With inflation cooling, interest rates nearing their peak, and a new government in place, the UK economy is showing signs of cautious recovery. However, not all sectors are moving in the same direction. Some industries are bouncing back strongly, while others continue to lag. Here is a snapshot of the three best-performing and three worst-performing sectors so far this year.

With the public finances showing structural cracks, thanks to an estimated £20 billion to £30 billion hole in next year’s budget, Chancellor Rachel Reeves is facing an unenviable challenge. The Office for Budget Responsibility has flagged rising debt, pension obligations, and hefty costs associated with the climate transition as daunting risks to Britain’s fiscal health. Markets are nervous, gilt yields

Proposed changes to Inheritance Tax (IHT) are causing alarm in the UK farming community. If introduced as expected from April 2026, new rules could see agricultural estates over £1 million subject to 20% IHT, even when the land or business is still being farmed by the next generation. This potential shift in the tax regime has triggered protests and demonstrations

The UK economy is showing signs of fatigue. Figures released at the end of June confirm that economic growth slowed to 0.7% in the first quarter of 2025. For small business owners, this is more than just a headline as it signals a shift in consumer behaviour, business confidence, and access to finance. The Office for National Statistics (ONS) reports

The government has announced the reinstatement of Winter Fuel Payments for pensioners in England and Wales for winter 2025-26, reversing the previous year’s cuts. Around nine million pensioners are expected to benefit from this decision, with payments of £200 per household or £300 for households where someone is aged 80 or over. Eligibility will be based on age and income.

For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to preserve and grow wealth. With rising scrutiny from HMRC, frozen allowances, and increasingly complex legislation, the value of well-structured planning has never been higher. HNWIs typically have multiple sources of income: from employment, dividends, property, pensions, or overseas investments. This

1 July 2025 – Due date for corporation tax due for the year ended 30 September 2024. 6 July 2025 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2025 – Pay Class 1A NICs (by the 22 July 2025 if paid electronically). 19 July 2025 – PAYE and

From 2025, Companies House is rolling out new identity verification requirements for directors, people with significant control (PSCs), and anyone forming or managing a UK company. These changes form part of the Economic Crime and Corporate Transparency Act and are designed to reduce fraud and increase confidence in UK companies. If you are involved in running a business, you may

Side income over £1,000 may mean filing a tax return. HMRC is urging part-time earners to check their tax position for 2024-25, especially if they earn from casual work, renting, or crypto. If you are earning extra income it is important to be aware of the tax implications. The good news is there are two £1,000 tax allowances available for small

Registering for payroll is essential when hiring staff. From HMRC registration to legal compliance, getting payroll processes right ensures your team is paid correctly and your business avoids penalties. When starting a business and hiring employees for the first time, one of the most important administrative steps is setting up a payroll scheme. This process ensures your employees are paid correctly

HMRC missed out on £46.8bn in tax last year. Small businesses and Corporation Tax make up the biggest share of the shortfall. The tax gap for the 2023-24 tax year has been published and is estimated to be 5.3% of total theoretical tax liabilities. The tax gap is basically the difference between the amount of tax that should have been

Tensions in the Middle East have always carried global implications, but few pressure points are more critical than the Strait of Hormuz. This narrow passage off the coast of Iran is the transit route for around one-fifth of the world’s oil and a quarter of its liquefied natural gas (LNG). A closure, even temporary, would trigger a global economic ripple.

For many business owners, the daily focus is on growth, sales, staff, and operations. Planning an exit often sits far down the priority list, something to deal with “one day.” However, failing to plan for how and when you will eventually leave your business can result in missed opportunities, lost value, and unnecessary stress. Whether you plan to sell, pass

At a time when many UK businesses are focusing on recovery, growth, and future planning, a wave of new geopolitical unrest is casting a long shadow over economic stability. In recent months, tensions have intensified globally, with the conflict between Iran and Israel drawing new international concern. Combined with ongoing instability in Ukraine, continued fallout from supply chain disruptions, and

The government has confirmed that Winter Fuel Payments will return for the 2025-26 season, providing much-needed support for pensioners facing rising energy bills. This marks a reversal of last year’s controversial decision to suspend the payments and reflects growing concern over the impact of winter costs on older households. The scheme will apply to all individuals who reach State Pension

Artificial intelligence (AI) is no longer just a concept for the future. It is already reshaping how accountancy services are delivered, and these changes are starting to benefit businesses of all sizes. As your accountant, we want to explain what these developments mean in practice and how they can help you. What is changing in accountancy? AI is helping us

From April 2025, significant new legal obligations have come into force that will affect almost all UK companies and LLPs. Under the Economic Crime and Corporate Transparency Act 2023, Companies House has started to roll out mandatory identity verification for individuals involved in the formation, ownership, and control of UK-registered entities. This is part of a wider drive to increase

Small and medium-sized hospitality businesses across the UK are set to benefit from a new government-backed scheme designed to cut energy costs and support net zero ambitions. The initiative, unveiled as part of the wider Plan for Change, will provide free energy and carbon reduction assessments to over 600 venues, including pubs, caf�s, restaurants, and hotels. Delivered in partnership with

The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This major investment is designed to drive innovation, create quality jobs, and support long-term economic growth across the country. A large share of the funding, amounting to £8.8 billion, has been allocated to UK Research and Innovation (UKRI), which supports the

Many individuals and business owners in the UK pay their tax under the Self-Assessment system, which often involves two payments on account due each year – the first in January and the second in July. These advance payments are calculated based on your previous year’s tax bill. But what if your income has fallen and your tax liability for the

Is your child starting school this September? Tax-Free Childcare could save you up to £2,000 a year. Check your eligibility now and start planning ahead. Working families whose children are starting school for the first time September 2025 could save up to £2,000 a year per child on their childcare bills, thanks to the government’s Tax-Free Childcare (TFC) scheme. Designed

A proposed change to the way Statutory Sick Pay (SSP) is charged is causing growing concern among UK small business owners. Under current rules, employers are only required to pay SSP from the fourth consecutive day of absence due to illness. However, upcoming reforms suggest that SSP will become payable from the very first day an employee is unable to

HMRC’s CEST tool gets a revamp from 30 April 2025, with clearer questions and updated guidance to help users decide employment status for tax-plus stronger backing from HMRC. In a Written Ministerial Statement delivered on 28 April, the Exchequer Secretary to the Treasury announced a series of administrative and simplification measures designed to advance the government’s commitment to modernising the

Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering your tax details today. The 2024-25 tax year officially ended on 5 April 2025, with the new 2025-26 tax year beginning on 6 April 2026. While many taxpayers may be tempted to put off dealing with their self-assessment tax return

MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k income. Plan early to stay compliant and avoid disruption. MTD represents one of the most significant overhauls to the self-assessment regime since its introduction in 1997. This includes new requirements to keep digital records, using MTD-compatible software, and submitting quarterly updates of income and expenses

Running more than one self-employed business? HMRC will not always treat them as separate. Whether they are taxed as one combined trade or multiple depends on how your activities relate to each other. It is not a matter of choice, it is about how your business is run in practice. Get it right to avoid costly mistakes. When someone has

From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners entering long-term stewardship schemes will not lose IHT relief. From April 2026, a new £1 million limit will apply to combined APR and BPR claims-making timely planning more important than ever. Agricultural Property Relief (APR) is a relief from Inheritance

Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost to their employer by 6 July 2025. Miss the deadline, and tax becomes unavoidable. This repayment process is known as “making good,” and requires the employee to repay the employer for private fuel no later than 6 July following the

Employers must pay Class 1A NICs for 2024-25 benefits by 19 July (post) or 22 July (electronic). These apply to perks like company cars and private health cover-late payment risks penalties from HMRC. Class 1A NICs are payable by employers on the value of most taxable benefits offered to employees and directors, including company cars and private medical insurance. They

1 June 2025 – Due date for corporation tax due for the year ended 31 August 2024. 19 June 2025 – PAYE and NIC deductions due for month ended 5 June 2025. (If you pay your tax electronically the due date is 22 June 2025). 19 June 2025 – Filing deadline for the CIS300 monthly return for the month ended

If you drive a company car and your employer pays for your fuel, including for personal use, you could be facing a sizeable tax charge unless you repay the private fuel element by 6 July 2025. Many company car users are unaware that unless they fully reimburse their employer for private fuel use, they will be taxed on a notional

Every business reaches a point where reducing costs becomes a priority. Whether due to tighter margins, falling demand, or a broader economic slowdown, managing overheads is one of the most immediate ways to improve profitability and preserve cash flow. However, a common concern is that cutting costs too deeply may weaken a business’s ability to respond when conditions improve. The

Today’s (21st May) inflation figures have certainly stirred the economic waters. The Office for National Statistics (ONS) reported that UK inflation surged to 3.5% in April, up from 2.6% in March, marking the highest rate in over a year. What is driving the rise? Several factors contributed to this unexpected increase: Energy and utility costs: Gas and electricity prices rose

The roll-out of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), due from April 2026 for the self-employed and landlords with income over £50,000, has reignited speculation about a fundamental shift in how and when tax is paid. Could this be the beginning of a move towards quarterly tax payments? At the moment, individuals in Self-Assessment typically pay tax

After a period of rising interest rates, there’s a noticeable shift in the UK financial landscape. The Bank of England (BoE) has recently reduced its base rate to 4.25%, marking the fourth cut since August 2024. This move is significant, especially for those involved in mortgages, savings, or business financing. Why the Shift? The BoE’s decision is primarily influenced by

Making Tax Digital for Income Tax: One Year to Go The UK tax landscape is on the cusp of a significant transformation. Starting 6 April 2026, sole traders and landlords with annual gross income exceeding £50,000 will be required to comply with Making Tax Digital (MTD) for Income Tax . This initiative aims to modernise the tax system, making it

The UK government is introducing a significant shift in pension schemes with the expansion of Collective Defined Contribution (CDC) pensions. This move aims to provide more predictable retirement incomes while reducing risks for future pensioners. What Are CDC Pensions? CDC pensions are a hybrid between traditional Defined Benefit (DB) and Defined Contribution (DC) schemes. In CDCs, both employers and employees

The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This major investment is designed to drive innovation, create quality jobs, and support long-term economic growth across the country. A large share of the funding, amounting to £8.8 billion, has been allocated to UK Research and Innovation (UKRI), which supports the

Alongside tax reforms, HMRC’s Spring 2025 update introduces a variety of regulatory changes that will affect how small businesses operate and interact with government systems. Here’s what’s new: 1. Cultural Gift Scheme Reform Updates to the Cultural Gift Scheme will remove restrictions on jointly owned objects and allow more flexibility in how tax credits are applied. These changes are designed

HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late payment interest is automatically applied

Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K – but PAYE option coming this summer! The child benefit rates for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 tax year and the weekly rate

Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here’s how to boost your retirement pot with generous HMRC incentives. Tax relief on private pension contributions is generally available up to 100% of your annual earnings, subject to specific limitations. The relief is applied at

MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it’s time to get ready. Designed to modernise the tax system and improve accuracy, MTD will significantly change how Income Tax is reported and paid. With less than a year until

1 May 2025 – Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 – PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025). 19 May 2025 – Filing deadline for the CIS300 monthly return for the month ended

The Spring 2025 Tax Update brings a series of reforms aimed at simplifying tax administration and reducing burdens for UK businesses. Here’s a breakdown of the key changes: 1. Capital Goods Scheme Simplification The government plans to simplify the Capital Goods Scheme by removing computers from the assets it covers and increasing the capital expenditure value threshold for land, buildings,

If you’re approaching retirement age and want to ensure you’re on track to receive your full State Pension, it’s crucial to check your entitlements. Here’s a step-by-step guide to help you navigate the process using official UK government resources.   1. Determine Your State Pension Age The State Pension age is the earliest age you can start receiving your State

In a significant move aimed at bolstering British businesses, Chancellor Rachel Reeves has unveiled a comprehensive plan to ensure a level playing field in international trade. Announced during the IMF Spring Meetings in Washington D.C., the initiative seeks to address unfair trading practices and support domestic industries facing challenges from global competitors.  Tackling Unfair Trade Practices Central to the Chancellor’s

1. Determine If You Need to Follow Export Procedures Export procedures apply when you’re moving goods permanently from: England, Wales, or Scotland (Great Britain) to a country outside the UK Northern Ireland to a country outside the UK and the EU Different rules apply if you’re: Moving goods between Great Britain and Northern Ireland Sending goods through the post Taking

In a significant move to bolster British businesses amidst evolving global trade dynamics, the UK government has unveiled a comprehensive support package aimed at enhancing financial backing and fostering growth across various sectors. Strengthening Financial Support for Exporters Central to this initiative is the expansion of UK Export Finance (UKEF) capabilities, with an additional £20 billion allocated to support British

Small changes can have a significant impact when it comes to business finances. This is particularly true when considering adjustments to pricing and cost control. In this article, we will illustrate how increasing sales prices by just 2% and reducing costs by 2% can create a considerable uplift in overall profitability. Starting Figures Consider a business with the following financials:

With the rising cost of everyday essentials continuing to impact households and businesses alike, many clients have been asking us how they can better manage their money in the current climate. While no single solution fits everyone, there are several practical areas that can help ease the financial pressure. This blog sets out some straightforward steps worth considering, whether you’re

Big news on the wage front. As of April 1, 2025, the UK has rolled out new National Minimum Wage (NMW) and National Living Wage (NLW) rates, giving millions of workers a well-deserved pay bump. Let’s break down the numbers and chat about what this means for employers navigating these changes. New Wage Rates: National Living Wage (21 and over):

1 April 2025 – Due date for corporation tax due for the year ended 30 June 2024. 19 April 2025 – PAYE and NIC deductions due for month ended 5 April 2025. (If you pay your tax electronically the due date is 22 April 2025). 19 April 2025 – Filing deadline for the CIS300 monthly return for the month ended

Renting out part of your home may affect Capital Gains Tax when you sell. While Private Residence Relief applies, Letting Relief can reduce taxable gains. Learn how PRR, Letting Relief, and exemptions impact your tax liability. If you have tenants in your home, it is essential to understand the Capital Gains Tax (CGT) implications. Typically, there is no CGT on

From April 2025, Child Benefit increases to £26.05 for the eldest child and £17.25 for others. Payments stop after a child turns 16 unless they continue in approved education or training. Parents must update HMRC by 31 August to avoid disruptions. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31

When selling assets on which capital allowances were claimed, you may need to adjust your taxable profits with a balancing charge or allowance. Understanding these rules ensures you don’t face unexpected tax liabilities. Learn how to handle asset disposals correctly. Typically, the value of the asset sold is considered to be the amount for which it was sold. However, if

Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you’re married or in a civil partnership, Form 17 lets you split income based on actual ownership-provided you meet HMRC’s rules. The standard tax treatment for couples living together, whether married or in a civil partnership, is that property income held jointly

Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an annual income exceeding £50,000. From 6 April

If you’re a company director, person with significant control (PSC), or someone who files on behalf of companies, there’s a major change on the horizon. Companies House is tightening up its rules under the Economic Crime and Corporate Transparency Act, and one of the big shifts is the introduction of identity verification. This isn’t just for new appointments – existing

Rachel Reeves delivered her much-anticipated Spring Statement on 26 March 2025, setting out plans to balance the books while tackling sluggish growth and rising fiscal pressures. As expected, the reaction has been swift and divided, reflecting the challenge of navigating economic responsibility in an election year. The statement outlined a bleak economic outlook, with the UK’s growth forecast for 2025

Making Tax Digital: A cautious but firm step forward The most significant administrative update was the proposed, phased extension of Making Tax Digital for Income Tax (MTD for IT). The new timeline will see sole-traders and landlords with income over £20,000 required to join from April 2028. Those earning less than £20,000 remain outside of the scope for now, though

The UK government has recently unveiled a revamped Board of Trade aimed at bolstering the export capabilities and growth of small and medium-sized enterprises (SMEs). This initiative is part of the broader ‘Plan for Change’ strategy, which seeks to empower the nation’s 5.5 million SMEs to expand their reach in global markets. Composition and Objectives of the New Board The

The Charity Commission has recently issued a warning about fraudulent letters being sent to charities and their trustees, impersonating the Commission to deceive recipients. These deceptive communications often request actions such as: Removing a trustee or chief executive from their position. Releasing funds as part of a supposed grant. Supplying sensitive documents like passports or utility bills. The letters may

What to Expect As we move further into 2025, the direction of UK interest rates remains a key focus for businesses, homeowners, and investors alike. The Bank of England (BoE) has already adjusted rates, and speculation is rife about what comes next. Current State of Interest Rates The BoE recently reduced the base interest rate from 4.75% to 4.5%, marking

Many UK small businesses rely on imported goods, materials, and components. Trade disruptions-whether due to geopolitical tensions, shipping crises, pandemics, or regulatory changes-can lead to: Delays and shortages, making it harder to meet customer demand. Increased costs, as businesses may need to source alternative, often more expensive, suppliers. Stockpiling and cash flow pressure, where businesses tie up funds in securing

As we approach the end of March 2025, anticipation builds around Chancellor Rachel Reeves’s upcoming Spring Statement. Given the current economic landscape, it’s insightful to consider the potential measures she might introduce and their implications for businesses and individuals alike. Economic Context The UK economy faces several challenges: sluggish growth, elevated borrowing costs, and persistent inflationary pressures. The British Chambers

As an accountant, we’ve seen businesses thrive-and seen them struggle. One key difference between those that weather storms and those that flounder is simple: planning. It’s great to be optimistic. No one starts a business expecting it to fail. But while optimism fuels ambition, realism ensures survival. That’s why the old saying holds true: wish for the best, but plan

Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings. The ‘badges of trade’ tests, although not definitive, serve as important tools for HMRC in determining whether an activity

HMRC has launched a new “Help for Hustlers” campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply: I’m buying or making things to sell. I’ve got a side gig. I

Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment. The VAT liability of goods and services provided by registered health, medical, and paramedical professionals, can be a complex area of tax law. HMRC’s guidance provides

If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances. There is a tax-free threshold of £30,000 for redundancy payments, regardless of whether the payment is your statutory redundancy pay, or a more

The UK’s shift to the Foreign Income and Gains (FIG) regime from April 2025 changes how foreign income is taxed. If you are a UK resident, get ready to possibly pay UK Income Tax on all foreign earnings – no more non-dom remittance basis. UK Income Tax is generally payable on taxable income received by individuals including earnings from employment,

1 March 2025 – Due date for Corporation Tax due for the year ended 31 May 2024. 2 March 2025 – Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2025, or an agreement has been reached with HMRC under their time to pay facility by the same date.

The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy over 43% of board positions across FTSE 350 companies, marking a notable increase from previous years. This progress underscores the UK’s commitment to fostering inclusive leadership and harnessing the diverse perspectives that women bring to

On 24th February 2025, the Arbitration Act received Royal Assent, marking a significant milestone in modernising dispute resolution in England and Wales. This new legislation is set to bolster the UK’s position as a global leader in arbitration, attracting more international businesses and investments. Arbitration offers companies a quicker and more cost-effective alternative to traditional court proceedings, reducing legal fees

In today’s digital age, online meeting platforms such as Zoom and Microsoft Teams have become an integral part of how businesses operate. Whether you are working remotely, collaborating with colleagues across different locations, or engaging with clients, these tools offer undeniable convenience. However, like any technology, they come with both advantages and disadvantages. Advantages of Online Meeting Platforms Convenience and

Tax compliance has always been a necessary but time-consuming aspect of running a business. However, recent reports highlight a worrying trend: the cost of staying compliant with UK tax regulations is rising significantly. According to the National Audit Office (NAO), businesses are now spending at least £15.4 billion per year just to meet their tax obligations. For many companies, particularly

Since April 2024, over 37,000 individuals have proactively topped up their National Insurance (NI) records, collectively adding £35 million to their State Pension pots. This initiative has resulted in more than 68,000 years’ worth of contributions, with an average payment of £1,835 per person. Notably, 65% of these contributions cover gaps from 2017 onwards, leading to some individuals increasing their

Enhancing Operational Efficiency One of the most effective ways to improve profitability is to review operational efficiency. Cutting unnecessary expenses, streamlining processes, and adopting cost-effective solutions can significantly reduce overheads. This might involve renegotiating supplier contracts, embracing automation for repetitive tasks, or outsourcing non-core activities such as bookkeeping or IT support. Optimising Pricing Strategies Pricing strategies play a crucial role

The upcoming Spring Statement, scheduled for March 26, 2025, is shaping up to be a pivotal moment for Chancellor Rachel Reeves and the UK economy. Based on recent reports from the accounting press and national newspapers, here’s what we might anticipate:   Economic Context and Fiscal Challenges The UK is currently grappling with sluggish economic growth, elevated borrowing costs, and

Cash flow is the lifeblood of any small business, and keeping an eye on certain indicators can help business owners spot potential trouble before it becomes a major issue. Here are the key cash flow warning signs that should raise concern: Declining Cash Reserves If your cash reserves are consistently shrinking, it’s a sign that your business is spending more

For any business, knowing when it will start making a profit is crucial. The profit breakeven point is the moment where revenue covers all costs-meaning you’re no longer losing money, but you’re not making a profit yet either. Understanding this point helps business owners make informed decisions about pricing, sales targets, and cost management. Why Is the Breakeven Point Important?

Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By rolling gains into the cost of new assets, tax is postponed until the new asset is sold. Learn how this relief can optimise your business investments. Rolling over capital gains is a useful way to defer CGT when you sell or

Businesses can reclaim VAT on pre-registration expenses if they relate to taxable supplies made after VAT registration. The rules differ for goods and services, with time limits of 4 years for goods and 6 months for services. Proper understanding ensures you don’t miss out. VAT can only be reclaimed if the pre-registration costs relate to taxable goods or services that

Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old “current year basis.” Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects your tax bill. The reform to the self-employed tax basis period has introduced significant changes in how trading income

1 February 2025 – Due date for Corporation Tax payable for the year ended 30 April 2024. 19 February 2025 – PAYE and NIC deductions due for month ended 5 February 2025. (If you pay your tax electronically the due date is 22 February 2025) 19 February 2025 – Filing deadline for the CIS300 monthly return for the month ended

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.

Selling online? Whether it’s a hobby or a business, you may need to pay tax if your earnings exceed £1,000. From services to content creation, it’s vital to understand self-assessment rules and new reporting obligations for online platforms starting in 2024. If you are selling anything through an online marketplace, it is important to know that you might be liable

The UK government is shaking things up with some significant pension reforms aimed at boosting economic growth and enhancing pension pots for working folks. Let’s dive into what’s happening. Unlocking Pension Surpluses Traditionally, occupational defined benefit (DB) pension schemes have been somewhat restricted in how they can use surplus funds. These surpluses often sit idle, benefiting neither the businesses that

Building Brand AwarenessSocial media platforms provide an unparalleled opportunity to reach a broad audience and increase brand visibility. With billions of users across platforms like Facebook, Instagram, LinkedIn, and TikTok, businesses can showcase their products or services to potential customers who may not have encountered them otherwise. Consistently sharing engaging and relevant content helps to build a recognisable brand presence,

Many businesses have a 31 March year end date, which means they are now in the last quarter of their current financial year and have an opportunity to review their business finances. The last quarter of the year is a crucial time for businesses to review, evaluate, and prepare for both year-end and the year ahead. Here are some business

Artificial Intelligence (AI) is no longer a futuristic concept; it’s becoming an integral part of various industries, including those you might not immediately associate with high-tech solutions. The UK government has recently announced a significant initiative to integrate AI into small businesses across the country, aiming to boost productivity and efficiency. Here’s a closer look at how AI is set

As we kick off the New Year, it’s a great time to take control of your finances, especially if debt has been weighing you down. The Insolvency Service has highlighted several options to help you manage and alleviate serious debt. Here’s a rundown to get you started on your journey to financial freedom. 1. Seek Free Debt Advice First things

We have set out below some of the issues you will need to consider if you are contemplating selling your goods or services online for the first time.    1. Business and Legal Considerations Determine Online Sales GoalsDefine whether you are selling locally, nationally, or internationally and the expected scale of operations. Legal ComplianceEnsure you comply with UK laws, including

Chancellor Rachel Reeves has scheduled the UK’s Spring Statement for 26 March 2025. This event will feature the Office for Budget Responsibility’s (OBR) latest economic and fiscal forecasts, accompanied by a parliamentary statement from the Chancellor. Reeves has emphasized her commitment to delivering one major fiscal event annually to provide stability and certainty for families and businesses, supporting the government’s

The ongoing refusal of the UK government to compensate women affected by changes to the state pension age, often referred to as WASPI (Women Against State Pension Inequality) claimants, continues to provoke widespread criticism. This controversy centres around women born in the 1950s who were significantly impacted by the transition from a state pension age of 60 to 66, introduced

Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a year. Casual sellers are exempt, but regular traders may need to register for Self-Assessment. New rules, which became effective from 1 January 2024, require digital platform operators in the UK to collect and verify information about sellers on their platforms. The

Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns  that HMRC never emails or texts about tax refunds. Stay alert, report suspicious contacts, and protect your money from fraudsters. Fraudsters are increasingly targeting taxpayers with scam emails as the deadline for submitting self-assessment returns for the 2023-24 tax year approaches. Between November 2023 and October 2024, HMRC received over

Scotland’s 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, but bands shift to protect low incomes. A hopeful step forward for Scotland’s future! Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her second Budget statement to the Scottish parliament on 4 December 2024. The Finance Secretary said

1 January 2025 – Due date for Corporation Tax due for the year ended 31 March 2024 19 January 2025 – PAYE and NIC deductions due for month ended 5 January 2025. (If you pay your tax electronically the due date is 22 January 2025). 19 January 2025 – Filing deadline for the CIS300 monthly return for the month ended

Can’t pay your tax bill in full by 31 January 2025? HMRC’s online Time to Pay system lets self-assessment taxpayers spread the cost over monthly instalments. With plans available for tax bills up to £30,000, this flexible option can help you avoid late payment penalties. Those eligible for the self-serve option can arrange payments online without needing to contact an

Over one million parents have now claimed Child Benefit online or via the HMRC app, with 87% of new claims using this speedy service. If you’ve recently had a baby or a child joins your family, applying online ensures you get support quickly-right when you need it most. HMRC’s Director General for Customer Services, said: “Having a baby is a

Do you have a zero target for your Inbox or are you the victim of an ever growing list of emails? This post sets out a number of ideas that you may want to consider starting 2025 with an ambition to restore sanity to your email management. Adopt the “Inbox Zero” MentalityAim to keep your inbox as close to empty

As we stand on the cusp of a new year, we extend our warmest wishes for a prosperous and successful 2025. The past year has been a testament to the resilience and adaptability of businesses worldwide. As we look ahead, it’s clear that the coming year will bring its own set of challenges and opportunities. In this blog post, we

As we approach the end of the year, business owners must turn their attention to planning for 2025. While the temptation to delay may be strong-especially during the busy holiday season-failing to prepare for the year ahead could hinder growth and profitability. Here are the key reasons why business planning for 2025 is not just important but essential. Navigating Economic

In today’s ever-changing economic landscape, businesses must remain agile and innovative to thrive. One of the most effective ways to bolster resilience and ensure long-term success is by developing new income streams. Diversifying revenue sources not only provides financial stability but also opens up opportunities for growth and adaptability.    Here are some key advantages of embracing this strategy.  

The practice of making resolutions has roots in ancient Babylon, where people would make promises to their gods at the start of the new year, often to repay debts or return borrowed items. Similarly, the Romans made pledges to Janus, the god of beginnings, at the start of January-a month named in his honour. In a business context, these historical

People selling unwanted items online can continue to do so with confidence and without any new tax obligations, HM Revenue and Customs (HMRC) has confirmed.   The reminder comes as online platforms start sharing sales data with HMRC from January 2025 – a new process that, when announced last year, generated inaccurate claims that a new tax was being introduced.   But

In a recent press release issued by the Ministry of Housing, Communities and Local Government, new legal changes to empower councils to auction off leases for long-term empty lots was released. Here’s what the changes will provide. High streets are set to be revitalised as the government hands councils new powers to tackle the scourge of empty shops.  From Monday,

HMRC is encouraging customers to be prepared and have all the information they need ready to file their Self-Assessment tax returns early, so they can avoid any last-minute stress and know what they owe sooner. HMRC has a range of online help and support and YouTube videos to assist anyone completing their return, including first-time filers.   Scams advice from HMRC. Remember to:   Protect criminals are cunning

The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation to existing reliefs had been introduced. The cap is set at the greater of 25% of income or £50,000. This limit applies to the total amount of relevant reliefs claimed in a tax year and is calculated individually for each tax

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. Participation in the campaign is open to all residential property landlords with undisclosed taxes. The campaign

The tax treatment of double cab pick-up vehicles (DCPUs) has been clarified as part of the recent Budget announcements. This follows a chequered history of the tax treatment of DCPUs after a 2020 Court of Appeal judgment and after the previous government reversed its plans to overhaul the tax treatment of these vehicles. DCPUs with a payload of one tonne or

There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person’s lifetime. In most cases, gifts made during a person’s life are not taxed at the time they are given. These lifetime gifts are referred to as “potentially exempt transfers” (PETs). The gift becomes exempt from IHT if the giver survives for more than

           1 December 2024 – Due date for Corporation Tax payable for the year ended 28 February 2024.            19 December 2024 – PAYE and NIC deductions due for month ended 5 December 2024. (If you pay your tax electronically the due date is 22 December 2024).          

Providing Christmas gifts can be a thoughtful gesture, but it’s essential to understand the tax consequences to avoid unexpected liabilities. The tax treatment for gifts differs depending on whether they are for staff, or customers and suppliers. Here’s a breakdown: 1. Gifts to Staff Tax-Free Gifts: Trivial Benefits Conditions: A gift can qualify as a tax-free trivial benefit if: It

In a recent news story issued by the Department for Business and Trade a consultation was launched to crack down on the use of online “subscription traps”. The full story says:   “New proposals to crack down on subscription traps have been unveiled today as the government launches a consultation on measures to make it easier for consumers to get

Small businesses in the UK are currently navigating a complex financial landscape, facing several significant challenges that impact their operations and growth prospects. Key concerns include: 1. Rising Operational Costs Energy Expenses: Escalating energy prices have substantially increased overheads for small enterprises, straining profit margins.  Material and Supply Costs: Inflation has led to higher prices for raw materials and supplies,

Recent legislative reforms have brought significant changes to how companies report profit and loss (P&L) details when filing accounts with Companies House. These changes, introduced under the Economic Crime and Corporate Transparency Act 2023, aim to enhance transparency, simplify the filing process, and combat economic crime. Here’s a short overview of these changes and when they come into effect. Mandatory

The Bank of England has cut its base interest rate again, this time lowering it from 5% to 4.75%. This is the second cut this year, following the reduction from 5.25% to 5% in August. With these drops, we are seeing the most significant rate reduction actions in recent years, and they will bring a few noticeable effects across borrowing,

In an attempt to popularise the use of its app, HMRC is launching a new advertising campaign aimed in particular at 18 to 34 year olds. More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a Child Benefit claim, finding their National Insurance number and a tax calculator to

The upcoming increase in employer National Insurance Contributions (NICs) in the UK, set to rise from 13.8% to 15% from 6 April 2025, along with the reduction of the secondary threshold from £9,100 to £5,000, will significantly impact business costs.  To mitigate these effects, employers can consider the following strategies: 1. Use the Enhanced Employment Allowance The Employment Allowance, which

The proposed increases to the UK National Minimum Wage (NMW) and National Living Wage (NLW) set for April 2025 are expected to impact employers and employees significantly. Here’s how various sectors might feel these changes:   Financial Pressures on Employers: With the NLW expected to rise to approximately £12.21 for those over 21, and NMW rates for younger employees also

The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year. The government will consult on tough new laws which will hold larger firms

New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The Employment (Allocation of Tips) Act 2023, commonly referred to as the Tipping Act, along with the statutory Code of Practice on the fair and transparent distribution of tips, which also

There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any goods intended for sale outside the UK, whether they are in your baggage or a private vehicle. The regulations for commercial goods or samples carried by passengers in their accompanied baggage are known as Merchandise in Baggage (MIB). As of

Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the Association of British Insurers (ABI), a 16% increase in the number of detected claims compared to

1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.) 19 November 2024 – Filing deadline for the CIS300 monthly return for the month ended

The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today – 30 October 2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to finance investment and growth, and the vaunted tax increases are no longer speculative, we have the detail.    The impact of

HMRC have kindly reminded us – their online post of 23 October refers –  that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have already beaten the clock and submitted their returns. HMRC is reminding others that starting their SA early

Employers’ NIC There is ongoing speculation about potential increases in employers’ National Insurance Contributions (NICs). While the government is under pressure to raise additional revenue to address fiscal challenges, increasing employer NICs has been floated as one option, particularly as the government has pledged not to raise income tax, VAT, or employees’ National Insurance for individuals. However, concrete details on

Small UK businesses have a variety of investment sources available, depending on their needs and stage of development. Here’s a look at some of the most common options. Personal Savings Many entrepreneurs start by using their own savings or money from friends and family. While this approach avoids debt or giving up equity, it does come with the risk of

The King’s speech earlier this year announced the creation of a new Pensions Bill. The Bill aims to increase the range of investment options for pension funds and to improve the retirement outcomes for future pensioners. Emma Reynolds, the current Minister for Pensions, made the following comments at a recent address to the ABI “Pension Investment: Where Next?” event on

There is an ongoing discussion in Treasury circles, fuelled by lobbying from public sector unions, that the recent public sector pay deal may sideline any possible reduction in higher rate tax relief in the forthcoming budget. The Chancellor’s upcoming Autumn Budget 2024 is expected to address the need for fiscal savings, and the vast costs of pension tax relief, estimated

From 1 October 2024, you can be reasonably sure that when you leave a tip or pay a service charge your largesse will benefit the establishment staff, not the business owners. The following update is reproduced from a news story released by the Department for Business and Trade. “From Tuesday 1st October, millions of hard working and dedicated workers will

Key Performance Indicators (KPIs) are widely used across industries in the UK to measure success and performance. Here are some of the top KPIs commonly used in various sectors: 1. Financial KPIs: Revenue Growth: Measures the increase in sales or income over a specific period. Net Profit Margin: Percentage of revenue remaining after all expenses. Gross Profit Margin: Shows the

In the UK, bank deposit protections are provided through the Financial Services Compensation Scheme (FSCS). The FSCS offers a safety net for consumers in the event that a bank or financial institution fails. Key points about deposit protection in the UK include:   1.    Protection Limit: The FSCS protects up to £85,000 per person, per financial institution. For joint accounts,

Under UK law, the Proceeds of Crime Act 2002 (POCA) sets out the framework for tackling money laundering and the handling of criminal proceeds. Certain business sectors must register with supervisory bodies and comply with anti-money laundering (AML) regulations. These sectors are defined under the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

There is no present mansion tax or wealth tax in the UK, but there is speculation that the Labour Party may be tempted to introduce either or both as part of Rachel Reeves’ first budget to be announced 30th October 2024. Basically, it would involve taxing individuals or properties based on the value of their assets or properties. Here’s an

You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax reliefHigher rate taxpayers can claim 40% pension tax reliefAdditional rate taxpayers can claim 45% pension tax relief For basic-rate taxpayers,

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late. The table of penalties for late submission is as follows: How

More than 670,000 18-22 year olds, yet to claim their Child Trust Fund, are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002

1 October 2024 – Due date for Corporation Tax due for the year ended 31 December 2023. 19 October 2024 – PAYE and NIC deductions due for month ended 5 October 2024. (If you pay your tax electronically the due date is 22 October 2024.) 19 October 2024 – Filing deadline for the CIS300 monthly return for the month ended

Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as “potentially exempt transfers” (PETs), can become fully exempt if the donor survives for more than seven years after making the gift. If the donor passes away within three years of the gift, the inheritance tax is treated as if

HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home Responsibility Protection (HRP). This HRP scheme has helped protect parents’ and carers’ State Pension. HRP reduces the number of qualifying years a person with caring responsibilities needed to

In the UK, business owners are grappling with inflation, labour shortages, access to finance, and supply chain disruptions, all of which are affecting business operations, particularly for small and medium-sized enterprises (SMEs). Inflation: Rising Costs Costs of raw materials, energy, and labour have increased, squeezing margins for businesses, especially in manufacturing, hospitality, and retail. Energy costs, fuelled by the war

Parliament has agreed that the Winter Fuel Allowance payable 2024 will be limited to pensioners in receipt of Pensions Credits and certain other means-tested benefits. Pensioners who are eligible to claim Pensions Credits and have not done so need to be entitled to Pension Credits for at least one day in the week September 16th to 22nd. Pensioners are being

As the October 2024 Budget approaches, several key tax measures are anticipated based on Labour’s manifesto and previous policy announcements. Here’s what we might expect:   Capital Gains Tax (CGT): It is likely that the CGT rates may be increased, potentially aligning with income tax rates, which could push them up to 45% for property and other assets like shares.

Interest rates are a powerful lever in our economy. Increase rates and economic activity tends to slow down, and vice versa if interest rates fall. The recent hikes in rates, to control inflation, were reversed recently when the Bank of England (BoE) reduced rates to 5% (from 5.25%). The following notes are a summary of recent BoE commentary on this

The American presidential election may have significant effects on the United Kingdom, impacting various aspects of the relationship between the two countries. Here are some key areas where the UK might feel the influence:   1. Trade Relations Post-Brexit Trade Deals: The UK’s ability to negotiate a favourable trade deal with the US is closely tied to who is in

Pension Credit is a benefit you can claim in the UK aimed at providing extra income to pensioners who are on a low income. You may have heard that the new Chancellor will only pay the winter fuel allowance to pensioners who are receiving Pension Credits. In which case make sure you claim, if eligible, and pass on this message

On August 27, 2024, Keir Starmer delivered a pivotal speech from Downing Street, focusing on the deep challenges the UK faces and the direction his government intends to take to address them. Starmer painted a grim picture of the nation’s state, attributing the current crises to the mismanagement and populism of the previous Conservative administration. He described the situation as

To comply with the new digital platform regulations effective from 1 January 2024, platform operators must register with HMRC. Here are the key details regarding registration and reporting: Who Needs to Register: Any platform operator facilitating the sale of goods, services, accommodation, or transportation within the scope of the new regulations must register with HMRC if they are subject to

1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 – PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax electronically the due date is 22 September 2024) 19 September 2024 – Filing deadline for the CIS300 monthly return for the month ended

Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty. The Department for Work and Pensions has launched a Pension Credit awareness drive, urging pensioners to check their eligibility for Pension Credit in order to secure this

Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax relief directly from HMRC. You can claim tax relief if you are required to work from home, such as if your job requires you to live far from

Changes to the High Income Child Benefit Charge (HICBC) came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged increased to £60,000 (from £50,000). The charge is calculated at 1% of the full Child Benefit award for every £200 (2023-24: £100) of income between £60,000 and £80,000. (2023-24: between £50,000 and £60,000). For

HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. Every individual in the UK that pays tax has a PTA, but taxpayers must sign