HLAS

Updates are continuing to come through on HMRC’s ‘Making Tax Digital for Income Tax’ (‘MTD for IT’) initiative. It will initially apply from 6 April 2026 for sole traders and property landlords who generated gross trade and rental income (‘qualifying income’) of more than £50,000 in the 2024/25 tax year. The MTD for IT rules are mandatory and, if affected, you will be required to use ‘MTD-compatible software’ to maintain digital records and send a quarterly summary of your business and/or property income and expenses to HMRC, along with your end-of-year tax return. In a welcome announcement, the government said [...]

Your personal allowance Your tax-free personal allowance will remain at £12,570 in 2026/27. The personal allowance is partially withdrawn if your income is over £100,000 and then fully withdrawn if your income is over £125,140. Income tax rates and allowances For 2026/27, the income tax thresholds are unchanged from 2025/26 and are set to remain static until 2030/31. The only rates that will increase from 6 April 2026 are the basic and higher tax rates on dividend income. After your tax-free ‘personal allowance’ has been deducted, your remaining income will be taxed in bands in 2026/27 as follows: ‘Other income’ [...]

Practical actions to help businesses boost security The National Cyber Security Centre (NCSC) has launched a new free Cyber Action Toolkit to help small businesses strengthen their cyber defences in a simple and affordable way. The toolkit has been designed for businesses that may not have in-house IT expertise or large security budgets, offering clear, practical steps that can be implemented straight away. Helping small businesses take action NCSC recognises that many small businesses find cybersecurity daunting, perhaps feeling that it is too technical, too costly, or simply not a priority. The sheer volume of guidance available can also be [...]

Is it time to review your business’s cash reserves? The Prudential Regulation Authority (PRA) has confirmed that the Financial Services Compensation Scheme (FSCS) deposit protection limit increases from £85,000 to £120,000 from the start of December. The new threshold applies per depositor, per PRA-authorised bank, building society or credit union. The PRA have confirmed that HM Treasury has approved the change. This is the first change to the limit since 2017 and follows a consultation earlier in the year. The PRA had initially proposed that the limit should rise to £110,000, but feedback provided in the consultation and the latest [...]

The government has announced the new minimum wage rates that will come into force from 1 April 2026. The new rates are as follows: The new rates mean that workers aged 21 and over will get a 4.1% increase. It is estimated that 2.4 million workers will benefit from the rise, with a further 300,000 apprentices and workers aged under 21 being given a rise of between 6.0% and 8.5%. The larger rise for younger workers is part of the government’s efforts to work towards having a single rate for workers regardless of age. What should you do about this? [...]

After weeks of speculation about what Budget 2025 would contain, the Chancellor was unexpectedly upstaged when the Office for Budget Responsibility (OBR) accidentally published their report revealing key policy measures ahead of the official announcement. Although the report was quickly withdrawn, the information had already been picked up by media outlets and tax commentators. Ultimately, however, the manner in which the details were released matters less than the substance of the policies themselves. It is the impact of these measures that will be felt over the coming years. How does Budget 2025 affect your business? Let’s take a closer look [...]

The Chancellor delivered the UK Budget on 26 November 2025, announcing a number of significant tax changes that will impact individuals, businesses, savers, homeowners, and company directors from 2026 and beyond. To help you understand what these changes mean for you, we’ve broken down the key updates below — and created a detailed downloadable guide covering all rates, thresholds, and planning considerations. Overview of the 2025 Budget This year's Budget continues the government’s strategy of raising revenue through frozen thresholds and targeted tax increases. While there was a focus on economic growth and easing cost-of-living pressures, many households and business [...]

Parliament has passed legislation defining which properties will be eligible for the new Retail, Hospitality and Leisure (RHL) business rates multipliers, which come into effect on 1 April 2026. HM Treasury has also issued guidance to local authorities on how to apply these regulations. Earlier this year, the Non-Domestic Rating (Multipliers and Private Schools) Act 2025 established the legal framework for introducing higher multipliers for large businesses and lower multipliers for RHL properties. The aim is to support high street RHL businesses that serve in-person customers. From April 2026, two lower business rates multipliers for RHL properties will be introduced [...]

The government has confirmed how the new Renters’ Rights Act will be introduced, outlining a three-phase rollout running from May 2026 through to the end of the decade. Phase 1: Initial reforms from 1 May 2026 The first set of changes will come into force on 1 May 2026. These include the abolition of Section 21 “no-fault” evictions, meaning landlords will no longer be able to remove tenants without providing a valid reason. At the same time, landlords who genuinely need to reclaim their property will have access to strengthened, legally recognised grounds. These include moving into the property themselves, [...]

The National Cyber Security Centre (NCSC) has launched a campaign to help individuals and small businesses stay secure online. With the festive season approaching, including the Black Friday sales, the potential for scams increases. For instance, scammers may claim that an offer is only available for a limited time or that products are scarce in order to manipulate people into acting quickly without thinking. Delivery scams are also popular. Data from the City of London Police suggests that around £11.8 million was lost last year, between 1 November 2024 and 31 January 2025, to online shopping fraud. How Can You [...]