As the deadline for Self Assessment passes, new data from HMRC shows that taxpayers paid a staggering £325 million in fines and interest last year after failing to meet the 31 January deadline. Recent analysis of HMRC’s publicly available statistics found that around 600,000 individuals were hit with penalties for filing or paying late, which […]

Small businesses have been given a reprieve, after Companies House confirmed that its plans to require the filing of profit and loss accounts from April 2027 are on hold. A new update to official guidance confirms that the change will not go ahead on that date, with the reforms currently under review. Companies House has […]

Recent media coverage has publicised the possibility of a new tax on people who leave the UK, calling it an “exit tax”. This type of regime already exists in several countries, including France, Spain, Canada and Australia, and is now being discussed as a possible option for the UK Government to raise revenue. What is […]

Energy bills, staffing, borrowing costs, taxes and supplier expenses are just a few of the reasons behind the added financial pressure business owners are currently facing. As we get closer to the new tax year, it is the ideal time to review your business plans and check that your pricing strategy remains fit for purpose. […]

Given how recently the Autumn Budget was, most people had assumed that all of the big tax measures for the year had been issued. However, Rachel Reeves decided to wrap up 2025 with an eleventh-hour announcement of changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) that will increase the allowance available to […]

Following the Autumn Budget, it is increasingly clear that the Government is toughening its approach to tax compliance. This is a break with tradition, as penalties have remained unchanged for years, meaning that inflation has caused the impact to soften with time. As such, we are facing an update to penalties aimed at tackling late […]

Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) are both set to experience changes from April 2026, as was revealed in the Autumn Budget. These schemes were viewed as outdated and the reforms aim to modernise their effectiveness. This is part of the Government’s desire to be seen supporting entrepreneurship and scale-ups, while also […]

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 […]