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Choosing the Right Accounting Software for Your Business
There is a vast array of options available to business owners when choosing accounting software. Choosing the right software for you and the business is an important decision, how well you work with and understand your chosen software can make bookkeeping a chore or a simple task. What should you be looking for when…
The End of Leaseholds
The Government is proposing to overhaul the leasehold sector and has recently published a White Paper on the matter. They are proposing to abolish the leasehold tenure and replace this with a form of property ownership called commonhold. Commonhold is a form of freehold which will remove the need for a freehold landlord. Common…
Making Tax Digital for Income Tax: Are We Nearly There Yet?
Are We Nearly There Yet? Well, yes is the answer and Making Tax Digital for Income Tax (MTD for IT) will finally begin from 6 April 2026, when it becomes mandatory for landlords and the self-employed whose gross income is over £50,000 in the tax year just passed 2024/25, with the introduction of quarterly returns.…
Options on Retaining the Family Farm
Farming can happen under many different arrangements. Whether that’s in-house, a tenancy where a landowner lets their land to another to farm, a Contract Farming Agreement (CFA) between a landowner (or tenant farmer) and a contractor, casual contracting on an ad hoc basis or machinery sharing. It’s important to understand each option to consider which…
HMRC Nudge Letters
What is a HMRC Nudge Letter? HMRC have been using nudge letters since 2017 to encourage taxpayers to check their previously declared taxable income and submitted returns. These are used to help identify whether there is any undeclared taxable income. A nudge letter is a type of communication that HMRC use to encourage individuals or…
The Land Use Framework
Land is the nation’s greatest natural asset, being the source of food, the foundation stone of nature and the support system of the environment on which we rely. It’s the place where we live, work and rest. Due to the climate and biodiversity crises, global shocks and the needs of consumers and businesses, there is…
Should you have Shareholder Protection Insurance?
Shareholder protection insurance is a type of life insurance policy that provides funds to the remaining shareholders to buy out the shares of a deceased or critically ill shareholder. Without such protection, the shares might pass to the deceased’s family or estate, which could create operational complications, disputes, or even force a sale of the…
Government U-Turn on P&L Disclosure
From 1 April 2027, major changes to UK company filing requirements were originally announced as part of the Economic Crime and Corporate Transparency Act (ECCTA). These reforms aimed to improve transparency and reduce economic crime. However, on 3 July 2024, the government announced a U-turn on the most controversial measure: requiring small and micro-entity…
Airbnb and the End of Furnished Holiday Lets
With the holiday season in full swing and many taking a well earned break, attention turns to holidays, whether abroad or in the UK. However, the rules relating to the renting of a ‘holiday home’ have all changed as from 6 April 2025. Now, Airbnb style lettings are taxed under standard residential property rules, bringing…
Making Tax Digital for Income Tax: Agriculture
Making Tax Digital for Income Tax requires self-employed businesses and landlords with qualifying income to maintain digital records and submit tax updates to HMRC using Making Tax Digital – compatible software. Quarterly updates will need to be submitted to HMRC providing a snapshot of income and expenses. These are cumulative so that each submission effectively…