News

Child Benefit increases April 2025
10/04/2025 - More...
Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K - but PAYE option coming this summer! The child benefit rates for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 tax year and the

Don’t forget to update your NMW and NLW wage rates
10/04/2025 - More...
Minimum wage rates rose on 1 April 2025. NLW now £12.21, and big increases for younger workers too. Make sure you're compliant - underpayment can cost up to £20K per worker and a director ban. Time to check your payroll! Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW).

Frozen tax allowances and fiscal drag
10/04/2025 - More...
Tax thresholds frozen till 2028? That’s fiscal drag in action - more tax paid without rate rises. It’s a stealthy revenue boost for HM Treasury, projected to bring in £38bn a year by 2029. Inflation and pay rises make it worse. The freezing of tax thresholds often results in a phenomenon known as fiscal drag. When tax thresholds remain

Checking your tax code for 2025-26
10/04/2025 - More...
Do you know what your 2025-26 tax code means? It affects how much tax is taken from your pay or pension. Check now to make sure you're on the right code and not overpaying! Here's what the letters and numbers really mean. You can find your tax code: by checking your tax code for the current year online - you’ll need to sign in to or

Filing ATED return April 2025
10/04/2025 - More...
From April 2025, updated ATED rates apply to residential properties held by companies and other Non-Natural Persons (NNPs). Make sure returns and payments are submitted by 30 April to avoid penalties. Reliefs may apply for commercial use. The Annual Tax on Enveloped Dwellings (ATED) applies to NNPs who own interests in residential

Make the most of trivial benefit payments 2025-26
10/04/2025 - More...
Small gifts can mean big tax savings! Use the trivial benefits exemption in 2025-26 to reward employees with non-cash perks under £50 - no PAYE, no P11D, and no NIC. A smart, simple way to say thanks. The rules providing trivial benefit payments provide a great opportunity to give small rewards and incentives to employees in the new

Be wary of the legitimacy of post-termination employment restrictions – they may not be reasonable or enforceable
10/04/2025 - More...
Kau Media Group (KMG) Ltd. sought to enforce two post-termination employment restriction (PTRs) contained in a contract of employment to restrict Mr. Hart, a former employee, from working for his proposed new employer, MiSmile Media Ltd. (MML). Mr. Hart had worked for KMG from November 2020 to late 2024 as an Account Director. From 2021,

Tax Diary May/June 2025
10/04/2025 - More...
1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024. 19 May 2025 - PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025). 19 May 2025 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2025. 19 May 2025 - CIS tax deducted

Dealing with supply line interruptions
07/04/2025 - More...
Supply line interruptions can be a nightmare for any business. Whether it’s a delay in deliveries, a shortage of materials, or problems with international shipping, things can grind to a halt fast. But with a bit of planning and a calm approach, you can keep things ticking over and reduce the impact. 1. Know your supply chain inside

Managing gross profit returns
07/04/2025 - More...
Gross profit is one of the clearest indicators of how well your business is performing. It’s the amount left after deducting the cost of goods sold (COGS) from your sales revenue. Managing your gross profit returns well is crucial because it directly affects your bottom line and helps you understand whether you’re pricing correctly,

HMRC interest rate increases
03/04/2025 - More...
HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late payment interest is

Registering informal money transfer businesses
03/04/2025 - More...
HMRC has launched a campaign targeting informal money transfer networks like Hawala, aiming to combat money laundering and protect communities. Businesses must register for AML supervision or risk fines, prosecution, or closure. It is estimated that some £2 billion is laundered annually through these networks in the UK. This is a

R & D clearance consultation
03/04/2025 - More...
Following the Spring Statement, HMRC is inviting feedback on the idea of expanding the use of advance clearances for R&D tax reliefs, aiming to reduce errors and fraud, provide businesses with more certainty, and make the overall process smoother for taxpayers. This R & D clearance consultation will explore whether an advance

Verifying identity at Companies House – From April 2025
03/04/2025 - More...
New rules under the Economic Crime and Corporate Transparency Act mean identity checks will soon be required at Companies House. From directors to agents, all those running UK companies will need to verify who they are as part of tougher anti-fraud measures. This Act enhances Companies House's powers to combat the abuse of corporate

Business Asset Disposal Relief rates from April 2025
03/04/2025 - More...
Business Asset Disposal Relief (BADR) provides a reduced Capital Gains Tax (CGT) rate on the sale of a business, shares in a trading company, or an individual's interest in a trading partnership. This relief can still provide substantial tax savings for business owners exiting their businesses. As part of the Autumn 2024 Budget measures,

HMRC time to pay arrangements
03/04/2025 - More...
If you're facing financial difficulties and owe tax, HMRC’s Time to Pay service may offer breathing space. From self-assessment to PAYE and VAT, eligible individuals and businesses can spread payments and avoid immediate enforcement. Businesses and self-employed individuals experiencing financial challenges and with outstanding tax

Recycling changes
31/03/2025 - More...
​As of 31 March 2025, new regulations have come into effect in England, requiring workplaces to adopt simplified recycling practices. These measures aim to eliminate confusion over waste sorting, enhance recycling rates, and reduce waste sent to landfills or incineration. ​ Key Requirements for Workplaces: Separation of Waste Streams:

Pubs and premises insurance
31/03/2025 - More...
In March 2025, the Pubs Code Adjudicator (PCA) wrote to all pub-owning businesses to reinforce the importance of complying with Regulation 46 of the Pubs Code. This regulation focuses on how premises insurance is handled and, crucially, the tied tenant’s right to seek a price match on insurance premiums. Under Regulation 46, pub

Applying for student loans
27/03/2025 - More...
Student Loans help cover the cost of university or college in the UK. Whether you're full-time, part-time, or heading into postgrad study, here’s what you need to know about applying for 2025-26 funding—even if your plans aren’t final yet. Student Loans are an essential part of the government’s financial support system for

Childcare grants
27/03/2025 - More...
Juggling higher education and parenting? Childcare Grants can ease the pressure by covering up to 85% of your childcare costs. If you're a full-time student with young children, this grant could make a real difference—and it doesn’t need to be repaid. Childcare Grants provide financial support to help students cover the cost of

Beneficial interests in jointly held property
27/03/2025 - More...
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you're married or in a civil partnership, Form 17 lets you split income based on actual ownership—provided you meet HMRC's rules. The standard tax treatment for couples living together, whether married or in a civil

Making Tax Digital for Income Tax
27/03/2025 - More...
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system. Initially, MTD for IT will apply to businesses, self-employed individuals, and landlords with an

LLP salaried members
27/03/2025 - More...
Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here's how the salaried member rules work, what the three-part test involves, and who’s excluded from the legislation. The salaried member legislation can apply to certain members of a Limited Liability Partnership (LLP). This can

Time off for jury service
27/03/2025 - More...
If your employee is called for jury service, you must allow them time off—but you're not required to pay them. Here’s a clear look at your responsibilities, options, and how to handle disruptions and pay during their absence. If your staff members are called to serve on a jury, you are required to grant them the necessary time off