The Making Tax Digital (MTD) for Income Tax countdown is on and landlords and sole traders who are not prepared may face costly repercussions. From 6 April 2026, sole traders, landlords and self-employed individuals with a qualifying income over £50,000 will be required to comply with MTD. In the following year, the qualifying income threshold […]
The Employment Rights Act 2025 has reached the end of its parliamentary debate and is set to bring significant changes to UK Employment Law. Employers are now faced with a limited window to prepare their payroll systems and processes for the upcoming reforms. What reforms will the Employment Rights Act 2025 bring? The Employment Rights […]
Recent research from the Chartered Institute of Credit Management (CICM) has revealed that 82 per cent of SMEs have faced cash flow difficulties. For many small businesses, periods of high activity can be followed by quieter months that place pressure on finances. While a business may look profitable on paper, poor cash flow management can […]
From April 2027, all UK employers will be required to payroll Benefits in Kind (BiKs) rather than reporting them through the traditional P11D process. While this may feel a long way off, businesses should start preparing now so that their payroll remains compliant and employee benefits are taxed accordingly. What changes will BiKs bring? Payrolling […]
On 26 November 2025, Chancellor Rachel Reeves presented her second Budget to Parliament. After the tax-raising budget of 2024, it had been hoped by the government that widely applicable tax increases would not be required again in 2025. However, with economic pressures continuing to apply, tax increases have been announced and these will affect the […]
Your personal allowance Your tax-free personal allowance will remain at £12,570 in 2026/27. The personal allowance is partially withdrawn if your income is over £100,000 and then fully withdrawn if your income is over £125,140. Income tax rates and allowances For 2026/27, the income tax thresholds are unchanged from 2025/26 and are set to remain […]
Updates are continuing to come through on HMRC’s ‘Making Tax Digital for Income Tax’ (‘MTD for IT’) initiative. It will initially apply from 6 April 2026 for sole traders and property landlords who generated gross trade and rental income (‘qualifying income’) of more than £50,000 in the 2024/25 tax year. The MTD for IT rules […]
The minimum hourly rates that employers must pay their employees go up from 1 April 2026. Employers must pay their employees at least these minimum rates to avoid penalties, back payments and other regulatory action. If you have employees paid at or just above these levels, you need to ensure that birthdays, full working hours […]
National Insurance Contributions (NICs) NICs deducted from employee wages remain at the same levels as we head into 2026/27. This means that, for employees, no NICs are deducted on the first £12,570 of pay, then a rate of 8% applies on earnings up to £50,270, with a rate of 2% applied thereafter. For employers, the […]
As we head into 2026/27, it should be remembered that, for most sales of capital assets, CGT will apply at 18% for basic rate taxpayers and 24% otherwise. The rate of CGT for business asset disposal relief (BADR) purposes will increase from 14% to 18% from 6 April 2026. Particularly in relation to business disposals, timing […]
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