Weybridge accountancy firm TWP is advising employers not to be complacent following HM Revenue and Customs’ (HMRC) decision to delay mandatory payrolling of Benefits in Kind (BIK) until April 2027. The new rules will eventually remove the need for annual P11D forms and instead require employers to process BIK directly through payroll on a monthly […]
The Government’s plan for small businesses, also known as The Backing Your Business Plan, is being introduced to support SMEs growth and development. The plan has been created to give businesses the ability to grow and help them realise their maximum potential. Increased access to financial support The UK has one of the lowest levels […]
The Government’s Making Tax Digital (MTD) for Income Tax is now only a matter of months away. It is important that you are prepared and understand how the changes could affect you as the phased introduction of this new tax reporting regime begins in April 2026. For individuals who complete self-assessment tax returns, the way […]
When the Chancellor unveiled £26 billion in additional taxes and higher employer National Insurance contributions (NIC) last autumn, the impact on business confidence was immediate. Businesses are now trying to manage: The new adult National Minimum Wage rate, which has risen to £12.21. A 1.2 per cent rise in employer NIC. Statutory pay increases and […]
With UK growth slowing to just 0.3 per cent in Q2, business confidence is fragile. Momentum has faded after a surge in exports ahead of new tariffs earlier this year, while weaker consumer confidence and persistently high household savings add to the uncertainty. The upcoming Autumn Budget is amplifying concerns with the expectation that the […]
The Treasury is reportedly revisiting Inheritance Tax (IHT) as ministers hunt for extra revenue. While the Chancellor considers several options, IHT reforms remain a likely avenue, and now may be a good time to restructure your assets to avoid a larger IHT bill. How could Inheritance Tax change? No decisions have been finalised, but several […]
HM Revenue and Customs (HMRC) has confirmed it uses AI to scan social media posts as part of criminal investigations into suspected tax and benefits fraud. That means, if you are posting content that could be viewed as advocating for, admitting to, or describing tax avoidance, you could find yourself at the centre of legal […]
After months of uncertainty, Companies House has set the identity-verification deadline as 18 November 2025. From that date, all new company directors and People with Significant Control (PSCs) must verify their identity. Existing directors and PSCs will then have 12 months to complete verification, which means 18 November 2026 is the true identity verification deadline. […]
HMRC will be running a digital campaign aimed at encouraging accurate private use adjustments of business expenses that are reported via Self Assessment returns. To be allowable for tax, expenses must be ‘wholly and exclusively‘ incurred for the purposes of the business, with any appropriate adjustments being made for private use. Expense claims should therefore […]
The Department for Business and Trade (DBT) has announced that major reforms to Statutory Sick Pay (SSP) will take effect from April 2026. The reforms will enhance employee rights but potentially raise costs for employers. The key changes are: SSP will be payable from the first day of sickness absence (currently SSP is payable after […]
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