Time is running out for company directors, members of LLPs and Persons with Significant Control (PSCs) to verify their identity. From 18 November 2025, identity verification will be mandatory for each of these individuals. Why are you being asked to verify your identity? The change forms part of the Government’s Economic Crime and Corporate Transparency […]
From 2027, Benefits in Kind (BIK) must be processed through payroll, just like salaries. TWP Accounting can help you get ready. Download our Guide In celebration of National Payroll Week this month, we thought this was the ideal time to review your processes and plan for one of the biggest changes on the horizon. What […]
From 1 January 2026, updates to FRS 102 revenue recognition will introduce key changes to how businesses report income. These updates aim to align UK accounting standards more closely with IFRS 15, ensuring a more consistent, transparent, and principle-based approach to recognising revenue. For businesses, these changes will directly impact how and when revenue is […]
From 1 January 2026, the UK Financial Reporting Council (FRC) is introducing significant changes to FRS 102 lease accounting, aligning it more closely with IFRS 16. These changes will impact how businesses account for leases, particularly for lessees who previously classified leases as operating leases. What’s changing? Currently, leases are classified as either finance leases, […]
Since 6 April 2025, the UK Government has increased audit thresholds, reducing compliance burdens for many businesses.
The Government has confirmed its intention to ban the sale of new petrol and diesel cars by 2035. For businesses, this means electric vehicles (EVs) will soon become standard. However, waiting until change is mandatory may not be the most sensible option. Switching to EVs now can bring financial benefits, lower running costs and present […]
Many business owners are so focused on the day-to-day operations and future growth of their company that they overlook what would happen if a shareholder dies or becomes seriously ill. Without the right protection in place, your business could face major disruption, legal complications or even loss of control. What happens if a shareholder dies? […]
Companies House have changed the way they do things which includes new requirements on identification of directors. The new changes are a result of the Economic Crime and Corporate Transparency Act 2023 becoming law and which gives Companies House greater powers to help improve corporate transparency and tackle economic crime. Information Checks: Companies House have had enhanced […]
For many ambitious businesses, the question of how best to scale your business looms large. In mature markets, organic growth can be a slow burn. That’s why, for a growing number of scale-ups, business acquisitions are becoming an attractive and sometimes necessary route to rapid expansion. Whether your goal is to enter new markets, outpace […]
Making Tax Digital (MTD) is the Government’s initiative designed to streamline and digitise tax reporting in the UK. While the MTD scheme has been in force for the past few years, changes are approaching, particularly for sole traders, self-employed individuals, and landlords. Below, we outline clearly what MTD is, who it affects, the upcoming changes, […]
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