Latest blogs for Specialisms

The SORP is the ‘Statement of Recommended Practice’ which outlines the accounting principles to be applied in Charity accounting. The current SORP from 2019 has been updated, and the new version is now released in draft for response from charities, professional advisors and others who may wish to respond to the public consultation.   The…

Most businesses and personal taxpayers should by now have noticed HMRC’s rollout of Making Tax Digital (MTD). Different colours of Government have tinkered with the timing of the introduction of this new tax administration system, but not the direction of travel.     The launch is working its way through the taxes, starting a few…

Many people choose to donate to charity for a range of reasons, often influenced by personal experiences or the impact of someone they know. While tax benefits are rarely the primary motivation, there are several reliefs and considerations to keep in mind.   My recent article, for the Suffolk Community Foundation, highlights some of the…

The UK government’s Making Tax Digital (MTD) initiative aims to modernise the tax system by requiring individuals and businesses to maintain digital records and submit regular updates to HM Revenue & Customs (HMRC). Initially, MTD for Income Tax Self-Assessment (ITSA) was set to apply to sole traders and landlords with income over £50,000 from April…

After being fixed at £85k for the last 8 years, w.e.f 1 December 2025, the FCA are consulting on increasing the Financial Services Compensation Scheme limit to £110k.   This is a very useful Government protection scheme, giving depositors security up to this level on amounts invested with each bank or building society. In the…

The 2024 Autumn Budget made several announcements in relation to Capital Gains Tax (CGT) all of which were re-affirmed in the 2025 Spring Statement. Most of these are due to commence from 6th April 2025 and here is a reminder of the changes.   Business Asset Disposal Relief: Business Asset Disposal Relief, previously known under…

From April 2026 the next stage of Making Tax Digital (MTD) roll-out, MTD for income tax self-assessment (ITSA), begins.   What will this mean for you: If your income from sole trader profits and rental income is over £50k then you will need to start completing quarterly returns to HMRC through software, as well as…

Those within the Creative Industries will likely be aware of the various corporation tax reliefs available. A frequent question amongst those in the industry is “do we qualify for the relief available?”.   HMRC have now released a new tool to check whether your Company qualifies for specific reliefs. This includes Theatre Tax Relief which…

In the world of small and medium-sized enterprises (SMEs), maintaining robust internal controls is crucial. One of the most effective internal control processes is the Segregation of Duties (SOD). This principle involves dividing responsibilities among different individuals to reduce the risk of errors, fraud, and conflicts of interest.   What is Segregation of Duties? Segregation…

When it comes to running a subsidiary company in the UK, understanding the audit requirements is crucial. While some companies may qualify for audit exemption, many UK subsidiaries still find themselves needing an audit. Here’s why:-   Legal Requirements Under the Companies Act 2006, most UK companies are required to have their annual accounts audited…