The first official deadline for Making Tax Digital (MTD) for Income Tax is 7 August 2026. By this point, if you are a sole trader or landlord earning over £50,000 a year, you must have registered and filed your first quarterly report to HMRC. What is MTD? HMRC introduced MTD in an attempt to modernise […]

In a shocking turn of events, Rachel Reeves has confirmed the ISA tax that the Treasury previously deemed ‘nonsense’. From April 2027, savers could face a 22 per cent tax on interest earned from uninvested cash held in a Stocks and Shares ISA. What changes are being made to ISAs? The Autumn Budget confirmed several […]

Do you know what your Personal Savings Allowance is? While most taxpayers in the UK will know the thresholds for Income Tax, a worrying few know the way in which personal savings can be subject to tax. With ISAs set for a significant overhaul, understanding the less tax-efficient saving options will soon be more important. […]

The £2,000 cap on National Insurance (NI) free salary sacrifice pension contributions was sold as a tax on high earners but, if you look closer, the opposite is true. In fact, the people most exposed are middle-income savers and the small businesses that employ them. For the so-called “squeezed middle”, it is yet another quiet […]

When Rachel Reeves announced a temporary cut in VAT from 20 per cent to five per cent for family attractions and children’s dining over the summer holidays, the hospitality and leisure sectors broadly welcomed it. The scheme runs from 25 June to 1 September and is funded, according to the Treasury, by closing a tax […]

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 […]