If you have been one of the lucky ones to secure a pay rise this year, be mindful that the High‑Income Child Benefit Charge (HICBC) does not crash the party. How does HICBC work? The HICBC can kick in if either you or your partner earns more than £60,000 a year and Child Benefit is […]
For sole traders, self-employed individuals and landlords with gross incomes exceeding £50,000 from self-employment or property, you are now mandated to abide by Making Tax Digital (MTD) for Income Tax regulations. Applied from 6 April 2026, these new responsibilities require those affected to provide quarterly updates of their income and expenses to HMRC. The first […]
Rising costs seem to be coming at UK businesses from all directions, resulting in many difficult financial decisions needing to be made. New research by the Liquidation Centre found that some employers are opting for job cuts to manage these expenses and 315,605 jobs have already been flagged for redundancy this year. Times are tough […]
Employers’ predictions seem to be coming true as National Insurance Contributions (NICs) have skyrocketed to £28 billion, exceeding the Government’s original forecast of £23.9 billion. On 6 April 2025, the employer NIC rate increased from 13.8 per cent to 15 per cent and the threshold for employee earnings that require employer NICs dropped to £5000 […]
Employers are facing growing uncertainty over the future of salary sacrifice pension schemes following the Government’s decision to introduce a £2,000 annual cap on National Insurance (NI) relief for pension contributions made through salary sacrifice. Although the cap will not take effect until April 2029, research suggests businesses are already reassessing whether these arrangements remain […]
Experts at TWP Accounting are urging families and business owners to review their estate planning arrangements ahead of major changes to pension taxation due to take effect from April 2027. Under the planned rules, unused pension pots are expected to fall within the scope of Inheritance Tax (IHT) for many estates. Andrew Goddon, Partner and […]
Although the Employment Rights Act received Royal Assent in December 2025, most of its reforms were only phased in as of 6 April 2026, with more to follow in 2027. The Act introduces various altered rights and protections from day one of employment, many of which impose an additional financial and administrative burden on employers. […]
We are thrilled to announce that The Surrey Probate Practice Ltd was officially recognised at this year’s Probate Industry Awards, held this April in London. The Probate Industry Awards, affectionately known as ‘The Probies,’ celebrate the professionals who provide essential support to the bereaved. Having been shortlisted for ‘Specialist Probate Provider of the Year,’ we […]
When a close company makes a loan to a participator (in most cases, this means a company’s shareholder), and it is not repaid in the same accounting period, a corporation tax charge can arise. This is sometimes referred to as a ‘Section 455’ or ‘s.455’ charge. For loans advanced on or after 6 April 2026, […]
In 2025, the Court of Appeal sent the case of Innovative Bites Ltd v HMRC to the First-tier Tribunal (FTT), telling them to determine whether ‘Mega Marshmallows’ are a “sweetened prepared food which is normally eaten with the fingers”. The VAT legislation zero‑rates food, but this excludes “confectionery”. Confectionery is defined as “any item of […]
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