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Could Your Business Be Pushed Into Audit? The Financial Reporting Council (FRC) has issued final amendments to FRS 102, introducing a major overhaul to how leases are accounted for under UK GAAP. While there are a number of amendments to the standard, the most significant for many businesses is the new requirement to bring most…

Farmers have received subsidies for a considerable amount of time, with roots tracing back to the post-World War II era, but with the Basic Payment Scheme (BPS) ceasing in 2027 and the Sustainable Farming Incentive (SFI) being paused for new applications, at the time of writing, it is crucial that all elements of grants and…

What To Expect In Issue 8 of Our Property Matters Newsletter HMRC Nudge Letters In this edition we are looking to explore the approach that HMRC are now taking in relation to closing the reportedly £40 billion tax gap, not only through the use of employing more compliance workers, making greater use of AI, but…

As we all come to terms with the announcements made in the Autumn Budget, here are some simple Inheritance Tax planning tips to consider. Firstly, anyone can benefit from gift allowances.   Those farmers fortunate enough to have cash can give some away to reduce their estate as follows: £3,000 Annual Exemption This can be…

There’s Always Something! Welcome to Issue 26 of our Farming Group Newsletter for Spring/Summer 2025, our first since the shock Inheritance Tax (IHT) announcements were made in the Autumn Budget 2024. Ironically for many, the autumn, winter and spring conditions so far, despite a few pockets of wet and dry spells, have probably been the…

With just 9 months to the start of Making Tax Digital (MTD) for IT (Income Tax) in April 2026 here are 10 common myths about MTD for IT that can lead to confusion:   1. MTD for IT is already mandatory for everyone MTD for IT has been delayed and will be phased in gradually,…

Key Companies House Filing Changes From 1 April 2027, major changes to company filing requirements will come into force as part of the Economic Crime and Corporate Transparency Act (ECCTA). These reforms aim to increase transparency and reduce economic crime.   What’s Changing? Software Only Filing All companies will be required to file their accounts…

Last reminder for 31st July 2025 2nd Payment on Account for Self Assessment   The forthcoming Self Assessment payment date of 31st July 2025 is just a few days away.   HMRC last increased the late payment interest rate to 8.25% on 28th May 2025 and this applies to the tax becoming due at the end of this…

It is confirmed that Making Tax Digital for Income Tax will affect Income Taxpayers with income of over £50,000 from 6 April 2026. This is applicable to those with self-employed income and rental property.   MTD for IT compliant software will be necessary in order to keep your financial records digitally, prepare and submit quarterly…

Thinking of employing young workers over the summer? Here’s what you need to know…   In the UK, a young person is defined as anyone under the age of 18. This would include employees on an apprenticeship, or someone you employ for work experience.   Legally, children under the age of 13 are prohibited from…