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 […]
The Government faced a difficult job going into the Autumn Budget, as they navigate a growing national deficit, a seemingly never-ending cost-of-living crisis and political challenges. From the outset, the Chancellor Rachel Reeves made it clear that this would be an Autumn Budget that focused on fairness, with everyone playing their part in reducing national […]
Digital wallet abuse is on the rise as criminal networks continue to exploit individuals and businesses for their own selfish gains. In 2024, over 2.5 million cases of remote purchase fraud were recorded, so it is important that you can spot signs of digital wallet fraud and put measures in place to protect yourself, your […]
Students who started their undergraduate and advanced learner loan courses on or after 1 August 2023 will fall into the new Plan 5 payment plan bracket. From April 2026, students who fit in the Plan 5 criteria will begin repaying their student loan, which is why it’s important you understand the new plan and how […]
In April 2025, the UK’s ‘non-domicile regime’ was replaced with a new set of rules centred around an individual’s tax residency, taking in factors like an individual’s links to both the UK and other countries and trust structures they are connected to. What was introduced? A new four-year Foreign Income and Gains (FIG) regime has […]
HMRC has confirmed it is changing the way it will handle tax on bank and building society interests. What has HMRC changed? Since October 2025, HMRC has been sending out Simple Assessment letters to individuals who may owe tax on interest incurred from banks and building societies between April 2024 and April 2025. The letters […]
In the October 2024 Budget, the Government confirmed reforms to Inheritance Tax (IHT) that will take effect from April 2026. The changes will restrict the availability of Business Property Relief (BPR), which helps reduce the tax liabilities of family-owned businesses. The new £1 million BPR cap BPR currently gives up to 100 per cent relief […]
HMRC has confirmed that the upcoming increase in company size thresholds will apply to the off-payroll working rules. From 6 April 2026, more end-client companies will qualify as “small” and fall outside of the scope of the IR35 Off-Payroll Working (OPW) regime. What it means to be IR35-exempt A company that is IR35-exempt does not […]
With just six months to go before the first round of Making Tax Digital (MTD) for Income Tax gets rolled out, many sole traders are still not ready. A survey carried out by IRIS earlier this year found that 45 per cent of UK sole traders felt unprepared for the changes. That leaves almost half […]
A recent survey by Capital on Tap revealed that 79 per cent of small business owners do not have an exit plan. The survey highlighted a mix of reasons behind the lack of preparation for an exit. Emotional attachment was one of the strongest, with over a third of owners saying they could not imagine […]
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