Public borrowing hit £20.5 billion in April, the highest level for that month since 1993 and nearly £3 billion above forecast. Economists warn the Chancellor may have little choice but to plug the gap with tax rises, spending cuts or changes to fiscal rules if elevated levels of borrowing persist. While nothing is confirmed, several […]

The International Monetary Fund (IMF) has upgraded the UK’s 2025 GDP growth forecast to 1.2 per cent, citing a strong first-quarter performance and signs of a recovering economy. The official figures indicate that increases in customer spending and business investment have contributed to this economic growth. These early signs of recovery present an opportunity to […]

On 8 April 2025, Companies House introduced identity verification for those who make filings on behalf of a business. It is currently a voluntary process, but will become mandatory for new businesses by the end of the year and mandatory for everyone within 12 months of their most recent filings. Who needs to verify their […]

How much State Pension you get depends on your National Insurance (NI) record when you reach the State Pension age. Gaps in your NI record could affect how much you receive. Unfortunately, too many sole traders are still missing out on the full State Pension due to a range of factors. Why are National Insurance […]

It is not uncommon for directors of a company to take loans from the business during each financial year, often to cover unexpected bills. However, you must keep track of any directors’ loans – money withdrawn from the company that is not a salary, dividend, or business expense repayment or a loan made by a […]

The recent rise in employers’ National Insurance Contributions (NICs) to 15 per cent will lead to a 60 per cent increase in NIC costs for a business employing minimum wage staff, according to the Centre for Policy Studies.  With no new business reliefs announced in the Spring Statement and prices continuing to rise, many businesses […]

Cryptoassets make up a growing portion of the market, and businesses are increasingly looking to take advantage of these digital currencies.  If your business carries out activities involving the exchange of cryptoassets, then you are liable to pay tax on them.   However, understanding how HM Revenue & Customs (HMRC) treats cryptoassets for tax purposes can […]

HM Revenue & Customs (HMRC) will permanently close its free service for submitting Company Tax Returns and annual accounts on 31 March 2026.   Built over a decade ago for simpler businesses, the platform no longer meets modern digital standards.   Companies must now move to commercial filing software to remain compliant.  This software provides more modernised […]

With the abolishment of the specific tax considerations for Furnished Holiday Lets (FHL) from the beginning of the current tax year, owners need to prepare for higher tax bills.   Given that couples and joint owners of FHL benefited from specific considerations, they may find themselves uniquely impacted by the changes.   To avoid being hit with […]

Recent Government estimates suggest that as much as £1.8 billion is lost every year due to tax avoidance schemes.   That money, designated to fund schools, hospitals and other essential services, is in part, leading the Government to borrow more than expected.   As a result, HM Revenue & Customs (HMRC) is being given additional powers to […]