Chancellor Releases 2025 Spending Review
Takeaway Points for Your Business The Chancellor unveiled her Spending Review in June setting out how government departments will allocate money over the coming years. While much of the focus was on large-scale public services like the NHS and schools, there are some important signals here for businesses to take note of – both in […]
Government Targets £7.5 Billion in Unpaid Tax
Focus on Business Compliance The government has announced plans to raise an additional £7.5 billion by stepping up efforts to close the tax gap – the difference between the tax HMRC expects to collect and what is actually paid. Figures published on 19 June show that £46.8 billion in tax went unpaid in the 2023-24 […]
No Change for the Bank of England Base Rate
Inflation Still a Concern The Monetary Policy Committee (MPC) decided to keep the Bank of England base rate at 4.25% following its latest review on 19 June 2025. Their decision was not a great surprise. While inflation had reduced in the earlier part of the year, the current figures show that inflationary pressures continue to […]
MTD for Income Tax: Less Than a Year to Go
If you’re a sole trader or landlord with annual income over £50,000, a major change is coming your way. From 6 April 2026, you may be required to keep digital business records and submit quarterly updates to HM Revenue and Customs (HMRC) under Making Tax Digital (MTD) for Income Tax. This is one of the […]
Spring Statement and OBR Forecasts
How is your business affected? The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. What did the statement tell us about public finances and the economy? The Statement came […]
An update on economic growth measures
Make sure you avoid any nasty surprises Conventional approaches to work and earning an income are changing and with the cost of living ever rising, many now use various ways to make some extra cash outside of their main job. If that’s true of you then you may wonder whether you need to pay tax […]
New reporting requirements for online platforms
HMRC confirm there is no change to tax rules New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes […]
Be wary of Self Assessment scams
Scam attempts on the increase HM Revenue and Customs (HMRC) have issued a reminder to be careful about scam attempts that target people filing Self Assessment tax returns. In the last year, nearly 150,000 scam attempts were referred to HMRC, a 16.7% increase on last year. With the 31 January 2025 filing deadline approaching, fraudsters […]
Businesses count the cost of increases to Employers National Insurance
What will it mean for your payroll? It’s already been a month since the Autumn Budget, but the significant changes the Chancellor, Rachel Reeves, made to the Employers National Insurance (NI) rate and threshold are still sinking in with businesses across the country. From 1 April 2025, the rate for Employers National Insurance (NI) will […]
Chancellor pushes for e-invoicing
Could that help or hinder your business? As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will soon launch a consultation on encouraging the wider use of e-invoicing, with the goal of […]