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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…

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…