Making Tax Digital is now live, but with nearly 80% of those required still unregistered at the start of April, sole traders and landlords face a scramble before the first quarterly deadline.
April brought a trio of unwelcome changes for businesses: reduced capital allowances, doubled late filing penalties and the closure of HMRC’s free corporation tax filing portal.
Used wisely, a company loan can be an attractive option for directors who need to access company funds, especially if the need is urgent. However, there can also be serious tax implications for the unwary. Personal tax As most directors are aware, taking a company loan could impact their personal tax due to possible taxable […]
Government plans on company reporting appear somewhat contradictory. Some regulations are set to tighten from April 2027, but latest announcements suggest a move in the opposite direction. The current intention is that from 1 April 2027: Both micro-entities and small companies will have to file a profit and loss account. Small companies will have to […]
An important consideration when selling your business is whether business asset disposal relief (BADR) will be available to minimise the capital gains tax (CGT) cost. BADR will be less advantageous from April 2026, so company owners may be looking to sell sooner rather than later. BADR is currently at a flat rate of 14%, which […]
Identity verification is being introduced for directors, people with significant control (PSC) and those who file at Companies House. Verification is currently voluntary, but will be made mandatory from this autumn. From autumn 2025, mandatory identity verification will be required: When you file your company’s confirmation statement; If you are appointed as a director; or […]
Employees coming to work in the UK should see an improvement in the new version of overseas workday relief set to be introduced from 6 April 2025. Current system Under the current system of overseas workday relief, earnings for employment duties performed overseas are exempt from UK tax if: The employee is not domiciled in […]
The Employment Rights Bill working its way through parliament will have serious implications for employers once finally enacted. Along with the loss of options for offering more flexible working arrangements, the changes are likely to cost businesses several billion pounds a year to implement. Businesses operating in the hospitality sector will take a significant hit […]
The government wants businesses to make more use of electronic invoicing to combat VAT fraud and enhance tax collection. E-invoicing is where invoices are created, sent, received and processed in a digital format, with the e-invoice containing exactly the same information as a traditional invoice. With more than half of the Organisation for Economic Co-operation […]
The missing element in pensions change Promised adjustments to pension law are missing a key element: increasing minimum contribution levels. The first King’s Speech of the new parliament in July contained proposals for 40 new bills, covering everything from football governance to cyber security. One familiar item on the list was a Pension Schemes Bill. […]
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