Latest News

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…

With upcoming changes to company size thresholds taking effect from 1 October 2024, many companies may now qualify as “small” and potentially become eligible for audit exemption.   However, if a subsidiary is part of a medium or large group, it will usually require an audit, even if the subsidiary itself qualifies as small.  …

One of the government’s recent consultations has been in relation to the options for improving the quality of data received from third parties to ensure that HMRC gets “the right data, of the right quality, at the right time” as mentioned in the Foreword of the Consultation, ‘Better use of new and improved third-party data to make…

Funding Opportunity: Grants of up to £25,000 available for Fenland businesses If you’re a business owner in Fenland, now’s the time to explore funding that could help you grow, improve productivity, and create or safeguard jobs.   Fenland District Council is offering grants of £5,000 to £25,000 through its ‘Investment in Business’ programme. These grants…

You may have seen recent emails from Companies House about new identity verification requirements for company directors and people with significant control (PSCs). If the content of the email has worried you — don’t panic. The ID verification is part of new legal changes coming in autumn 2025.   These emails are part of a…

Company Size Thresholds Have Changed – What Does This Mean for UK Businesses? In December 2024 the UK Government announced the most significant change to UK company size in over a decade. On 6 April 2025, the company sized thresholds for micro, small and medium-sized business changed for the first time since 2013. This was…