Employers’ predictions seem to be coming true as National Insurance Contributions (NICs) have skyrocketed to £28 billion, exceeding the Government’s original forecast of £23.9 billion. On 6 April 2025, the employer NIC rate increased from 13.8 per cent to 15 per cent and the threshold for employee earnings that require employer NICs dropped to £5,000 a year. Put all these reforms together and employer costs […]
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Rising costs seem to be coming at UK businesses from all directions, resulting in many difficult financial decisions needing to be made. New research by the Liquidation Centre found that some employers are opting for job cuts to manage these expenses and 315,605 jobs have already been flagged for redundancy this year. Times are tough […]
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For sole traders, self-employed individuals and landlords with gross incomes exceeding £50,000 from self-employment or property, you are now mandated to abide by Making Tax Digital (MTD) for Income Tax regulations. Applied from 6 April 2026, these new responsibilities require those affected to provide quarterly updates of their income and expenses to HMRC. The first […]
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If you have been one of the lucky ones to secure a pay rise this year, be mindful that the High‑Income Child Benefit Charge (HICBC) does not crash the party. How does HICBC work? The HICBC can kick in if either you or your partner earns more than £60,000 a year and Child Benefit is […]
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There was a time when SMEs relied on their main bank for all of their finance options. Recent economic pressures are leading to more cash flow challenges for SMEs and the old approach may no longer be sufficient. Greater financial awareness is causing more SMEs to explore asset and invoice financing, with search enquiries for […]
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Surrey-based firm MGI Midgley Snelling LLP is continuing to invest in its people with the appointment of a new Audit Senior. Kumail Al-Khafaji has joined the firm’s growing Audit and Accounts department to help the team meet rising client demand. He will support clients with audit planning, fieldwork and audit completion for SMEs and larger […]
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Capital allowances have had some big changes this year and they may affect how your business approaches investment, tax planning and cash flow management. The reforms announced in the Autumn Budget 2025 introduced a new 40 per cent First Year Allowance (FYA) and a reduction in the Writing Down Allowance (WDA). If your business is […]
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Whether you are expanding into new markets or launching new products or services, scaling your business is an exciting time. However, scaling too quickly without careful financial planning can cause many profitable businesses to stall. Poor cash flow management puts your business at risk, and you must understand how to prepare your finances before scaling. […]
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The new changes to FRS 102 are in full force for accounting periods beginning on or after 1 January 2026. These changes will affect how your financial performance appears on paper and this is a crucial consideration for lenders and stakeholders who are assessing your business. Businesses need to understand how the changes to revenue […]
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HMRC and Companies House have confirmed that from 1 April, all businesses must use compliant, commercial software to file their company’s tax returns. As of 31 March, the free joint online service, commonly known as the CATO portal, from these two Government bodies has been removed and you must now use software to file company […]
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