From January 2026, FRS 102 is going to be changing in a significant way and businesses need to be ready. Any business that prepares accounts under UK GAAP should be aware of the impact the changes will have on how financial information is recorded and processed. What’s changing with FRS 102? Traditionally, most businesses have […]
From 18 November 2025, identity verification will be mandatory for company directors, members of LLPs and Persons with Significant Control (PSCs). Companies House will not be prosecuting these individuals for failure to comply for the first 12 months, but from November 2026, there will be severe consequences for non-compliance. It is imperative that you understand […]
The 2025/26 financial year will bring new reporting requirements for UK resident directors of close companies, who are required to file a Self-Assessment tax return. HM Revenue and Customs (HMRC) has introduced measures that will mean company directors will need to provide more information when submitting their tax return. What will change for close company […]
With changes expected to be announced about the UK’s current National Minimum Wage (NMW) and National Living Wage (NLW) rates in the near future, HM Revenue and Customs (HMRC) has updated its checking process. As part of HMRC’s NMW check process, you, as an employer, are required to complete a self-review of your company’s records […]
HM Revenue and Customs (HMRC) has announced its latest updates to the Advisory Electric Rate (AER) that will affect employees using a company car. Reviewed every three months on a quarterly cycle, HMRC’s latest update confirmed that there are now two rates for home charging (eight pence a mile) and public charging (14 pence a […]
TWP Accounting, a Weybridge-based firm, is sending a reminder to all directors and People with Significant Control (PSCs) to take immediate action as Companies House prepares to introduce mandatory identity verification from 18 November 2025. Mitchell Noyes, Senior Client Manager at TWP, explains that failing to verify ahead of the deadline risks delays to filings […]
The Chancellor will deliver Autumn Budget 2025 on 26 November 2025. The content of the Autumn Budget is anticipated to address significant fiscal challenges, including potential tax rises to address the public finance deficit. Before turning to Autumn Budget 2025, we must note that some of the ramifications of Autumn Budget 2024 are still to […]
While there is no legal definition, Umbrella Companies’ is a term used to describe Employment Intermediaries that employ temporary workers who go on to work for different agencies and/or end clients (ultimate recipient of the services). Umbrella companies will often contract with recruitment agencies, who then source the work opportunities. ‘Employment intermediaries’ rules apply to […]
Form VAT652 (Error Correction) was withdrawn on 8 September 2025. The form was used to notify HMRC of VAT return errors that could not be corrected on the next VAT return. The procedure for correcting VAT return errors is now as follows: If you have discovered an error in a VAT return, the first step […]
In a recent First Tier Tribunal case, Charlotte MacDonald v HMRC, a taxpayer was denied sideways loss relief for losses that she had incurred when organising an annual ‘woodland shoot’ on an estate because the activities were not carried on with a view to the realisation of profits. A taxpayer can offset trading losses against […]
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