Latest Business News
Change to dividend reporting to affect thousands of owner-managed businesses
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect an estimated 900,000 directors across the UK. HM Revenue & Customs (HMRC) will now require
Why capital allowances should be top of your to-do list this April
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business owners planning their tax strategy for the 2025/26 tax year, and a key
Should you submit your tax return at the start of this tax year?
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a return, the sooner you will find out how much tax you owe. This
Labour introduces harsher penalties for late taxpayers
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an extension to sole traders and landlords earning more than £20,000 from April 2028,
900,000 sole traders pulled into MTD for ITSA
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension means that an additional 900,000 sole traders must adopt digital record-keeping and quarterly
Too many businesses falling into VAT traps
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common
Spring Statement 2025
Chancellor Rachel Reeves today delivered her Spring Statement, outlining the Labour Government’s economic priorities and reaffirming a commitment to fiscal discipline and long-term investment.
Planning your exit? Watch out for the BADR changes
If you are thinking about selling your business, timing could be everything. Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief, helps business owners reduce their Capital Gains Tax (CGT) liability when selling qualifying assets. However, with adjustments to
Paying your employees will cost you more after 6 April
From 6 April 2025, changes to employer National Insurance Contributions (NICs) will take effect, increasing payroll costs for many businesses. If you employ staff, it is advisable to prepare now for how these changes will impact you financially. Here are
Why you need to meet with your accountant before April
As the end of the tax year approaches, it is a good time to review your personal tax position and ensure you are making the most of available allowances. Unlike company tax planning, which can take place throughout the year,