Inheritance Tax (IHT) is paid on all items of your estate after you pass away if you exceed certain thresholds. Whilst many people focus on their savings, properties and investments, the items you own, commonly referred to as personal chattels, are also included in the calculation of the estate’s value. There has been a growing […]

Chancellor Rachel Reeves announced an increase in HMRC’s approved mileage rates for cars and vans from April 2026 for the first time since 2011 in a speech to the House of Commons in May. This news comes as a surprise to many businesses, as a review of the Approved Mileage Allowance Payment (AMAP) rate hadn’t […]

Weak economic growth and tighter regulations on lenders are to blame for the largest drop in bank lending to UK businesses in 30 years, according to new data. A study conducted by Boston Consulting Group showed British bank loans to companies outside of the finance sector fell to 59 per cent of UK Gross Domestic […]

Employers are facing growing uncertainty over the future of salary sacrifice pension schemes following the Government’s decision to introduce a £2,000 annual cap on National Insurance (NI) relief for pension contributions made through salary sacrifice. Although the cap will not take effect until April 2029, research suggests businesses are already reassessing whether these arrangements remain […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]