Blog

Making Tax Digital (MTD) for income tax will be mandated for a large group of self assessment taxpayers from 6 April 2026, with even more individuals being mandated in 2027 and 2028. If your combined turnover from a sole trade or property business was over £50,000 in the 2024/25 tax year, you will likely be required to comply with the MTD for income tax rules from 6 April 2026. Over the past year we have successfully helped many of our clients prepare for MTD. If you would like to discuss how you can meet the new requirements, please speak to [...]

The government has confirmed that the previously proposed cap on 100% rates of Agricultural Property Relief (APR) and Business Property Relief (BPR), due to take effect from 6 April 2026, will now be increased to £2.5 million, up from the £1 million initially announced. This means that from 6 April 2026, individuals will be able to pass on £2.5 million of qualifying agricultural and business assets without incurring Inheritance Tax (IHT). This marks the second major revision to the proposed IHT reforms, first announced in the 2024 Autumn Budget. Initially, any unused allowance could not be transferred between spouses or [...]

With the tax and financial year end approaching, it’s a good time to check you’re taking full advantage of the reliefs and allowances available. Please speak to us if any of the following may apply to you. SavingsIf you have spare cash, one obvious tax planning opportunity is to maximise your ISA allowance for the 2025/26 tax year (currently £20,000 per person). If you are aged 18–39, you can open a Lifetime ISA to save for your first home or retirement. You can contribute up to £4,000 per year until age 50, but your first payment must be made before [...]

The government has released fresh guidance on the new business rates discount for pubs and live music venues in England for the 2026/27 tax year. If you run a hospitality business, or a venue that hosts live performances, the new relief could reduce your rates bills over the next three years. As announced in January 2026, eligible properties will receive a 15% reduction on their 2026/27 business rates bill. Those rates bills will then be frozen in real terms for 2027/28 and 2028/29. Further guidance will be provided nearer the time on how that freeze will work. Which properties qualify? [...]

Environment Secretary Emma Reynolds has announced a new Sustainable Farming Incentive (SFI) offer while addressing the National Farmers' Union Conference, stating that it will be simpler, fairer and more stable. The revised SFI will include 71 actions, reduced from the current 102, and will be capped at £100,000 per year. Applications will open in June 2026 for small farms (holdings of three to 50 hectares) and for those without a live Environmental Land Management (ELM) revenue agreement. In September, a second application window will open for all farmers. Further details will be provided in due course. See: https://www.gov.uk/government/news/reynolds-farm-tech-supercharged-to-boost-profitability

Unregulated Buy Now, Pay Later (BNPL) agreements will fall under full regulation by the Financial Conduct Authority(FCA) from 15 July 2026. For the first time, BNPL lenders will be required to meet the same standards as other consumer credit providers. With almost 11 million UK adults using BNPL in 2024, according to an FCA survey, this represents a significant regulatory shift. The reforms are designed to introduce clearer protections for individuals who rely on BNPL regularly and who may be at risk of taking on commitments they cannot afford to repay. What Protections Are Being Introduced? Once the rules come [...]

Small Business Britain has created an online hub dedicated to providing businesses with practical, beginner-friendly resources that can help with getting started in using artificial intelligence (AI). The hub contains jargon-free guides and video walkthroughs on subjects such as: What even is generative AI? Can AI save me time? How to write a prompt How to keep a personal voice An online course, the AI for Small Business Programme, is also available on the site. This six-week online course is designed to help small business owners unlock AI’s potential in their own business. There are also webinars and a session [...]

The Government has published the draft secondary legislation for the UK’s Carbon Border Adjustment Mechanism (CBAM), which is due to go live on 1 January 2027. This represents an important development for UK businesses importing affected materials. What Is CBAM? CBAM has already been introduced in the EU and will apply a carbon price to certain imported goods in order to reduce the risk of “carbon leakage”. This refers to the concern that emissions-intensive production simply shifts overseas when the UK tightens its own environmental standards. UK importers of goods from the aluminium, cement, fertilisers, hydrogen, and iron and steel [...]

The Cycle to Work scheme continues to attract interest from employees and employers alike who are looking to optimise their salary package and potentially benefit from a tax break. Below is an overview for businesses considering introducing a scheme or reviewing their existing arrangements. The Basic Structure The scheme allows an employer to provide a bike and eligible safety equipment tax-free to their employees. This is often done in conjunction with a salary sacrifice agreement, under which the employee’s gross pay is reduced for a set period to cover the costs. The salary sacrifice arrangement means the employee pays less [...]

The Spring Statement will be delivered in Parliament on 3 March, giving an update on the state of the UK economy and the Government’s financial outlook. Unlike the Autumn Budget, the Spring Statement is unlikely to be used for major tax decisions. For businesses, it is a useful event as it may set the tone for the months ahead and could give early indications of future tax and spending pressures. What the Spring Statement Is The Spring Statement is built around the latest set of economic forecasts from the Office for Budget Responsibility(OBR). The OBR publishes forecasts twice a year [...]