HM Revenue and Customs (HMRC) has announced its latest updates to the Advisory Electric Rate (AER) that will affect employees using a company car. Reviewed every three months on a quarterly cycle, HMRC’s latest update confirmed that there are now two rates for home charging (eight pence a mile) and public charging (14 pence a […]

With changes expected to be announced about the UK’s current National Minimum Wage (NMW) and National Living Wage (NLW) rates in the near future, HM Revenue and Customs (HMRC) has updated its checking process. As part of HMRC’s NMW check process, you, as an employer, are required to complete a self-review of your company’s records […]

The 2025/26 financial year will bring new reporting requirements for UK resident directors of close companies, who are required to file a Self-Assessment tax return. HM Revenue and Customs (HMRC) has introduced measures that will mean company directors will need to provide more information when submitting their tax return. What will change for close company […]

From 18 November 2025, identity verification will be mandatory for new company directors, members of LLPs and Persons with Significant Control (PSCs). All existing directors, members and PSCs must verify their identity within twelve months. Companies House will not be prosecuting these individuals for failure to comply for the first 12 months, but from November […]

From January 2026, FRS 102 is going to be changing in a significant way and businesses need to be ready. Any business that prepares accounts under UK GAAP should be aware of the impact the changes will have on how financial information is recorded and processed. What’s changing with FRS 102? Traditionally, most businesses have […]

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 […]

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 […]

After months of uncertainty, Companies House has set the identity-verification deadline as 18 November 2025. From that date, all new company directors and People with Significant Control (PSCs) must verify their identity. Existing directors and PSCs will then have 12 months to complete verification, which means 18 November 2026 is the true identity verification deadline. […]

HM Revenue and Customs (HMRC) has confirmed it uses AI to scan social media posts as part of criminal investigations into suspected tax and benefits fraud. That means, if you are posting content that could be viewed as advocating for, admitting to, or describing tax avoidance, you could find yourself at the centre of legal […]

The Treasury is reportedly revisiting Inheritance Tax (IHT) as ministers hunt for extra revenue. While the Chancellor considers several options, IHT reforms remain a likely avenue, and now may be a good time to restructure your assets to avoid a larger IHT bill. How could Inheritance Tax change? No decisions have been finalised, but several […]