Chancellor Rachel Reeves announced an increase in HMRC’s approved mileage rates for cars and vans from April 2026 for the first time since 2011 in a speech to the House of Commons in May. This news comes as a surprise…
Weak economic growth and tighter regulations on lenders are to blame for the largest drop in bank lending to UK businesses in 30 years, according to new data. A study conducted by Boston Consulting Group showed British bank loans to…
Employers are facing growing uncertainty over the future of salary sacrifice pension schemes following the Government’s decision to introduce a £2,000 annual cap on National Insurance (NI) relief for pension contributions made through salary sacrifice. Although the cap will not…
Employers’ predictions seem to be coming true as National Insurance Contributions (NICs) have skyrocketed to £28 billion, exceeding the Government’s original forecast of £23.9 billion. On 6 April 2025, the employer NIC rate increased from 13.8 per cent to 15…
Rising costs seem to be coming at UK businesses from all directions, resulting in many difficult financial decisions needing to be made. New research by the Liquidation Centre found that some employers are opting for job cuts to manage these…
For sole traders, self-employed individuals and landlords with gross incomes exceeding £50,000 from self-employment or property, you are now mandated to abide by Making Tax Digital (MTD) for Income Tax regulations. Applied from 6 April 2026, these new responsibilities require…
If you have been one of the lucky ones to secure a pay rise this year, be mindful that the High‑Income Child Benefit Charge (HICBC) does not crash the party. How does HICBC work? The HICBC can kick in if…
There was a time when SMEs relied on their main bank for all of their finance options. Recent economic pressures are leading to more cash flow challenges for SMEs and the old approach may no longer be sufficient. Greater financial…
HMRC and Companies House have confirmed that from 1 April, all businesses must use compliant, commercial software to file their company’s tax returns. As of 31 March, the free joint online service, commonly known as the CATO portal, from these…
Capital allowances continue to provide an effective method for businesses to reduce their tax bills, by providing incentives for investment in eligible expenditure – typically plant and machinery. Historically, these reliefs have been subject to change and the 2026/27 tax…