Making Tax Digital: A cautious but firm step forward The most significant administrative update was the proposed, phased extension of Making Tax Digital for Income Tax (MTD for IT). The new timeline will see sole-traders and landlords with income over £20,000 required to join from April 2028. Those earning less than £20,000 remain outside of […]

The UK government has recently unveiled a revamped Board of Trade aimed at bolstering the export capabilities and growth of small and medium-sized enterprises (SMEs). This initiative is part of the broader ‘Plan for Change’ strategy, which seeks to empower the nation’s 5.5 million SMEs to expand their reach in global markets. Composition and Objectives […]

The Charity Commission has recently issued a warning about fraudulent letters being sent to charities and their trustees, impersonating the Commission to deceive recipients. These deceptive communications often request actions such as: Removing a trustee or chief executive from their position. Releasing funds as part of a supposed grant. Supplying sensitive documents like passports or […]

What to Expect As we move further into 2025, the direction of UK interest rates remains a key focus for businesses, homeowners, and investors alike. The Bank of England (BoE) has already adjusted rates, and speculation is rife about what comes next. Current State of Interest Rates The BoE recently reduced the base interest rate […]

Many UK small businesses rely on imported goods, materials, and components. Trade disruptions-whether due to geopolitical tensions, shipping crises, pandemics, or regulatory changes-can lead to: Delays and shortages, making it harder to meet customer demand. Increased costs, as businesses may need to source alternative, often more expensive, suppliers. Stockpiling and cash flow pressure, where businesses […]

As we approach the end of March 2025, anticipation builds around Chancellor Rachel Reeves’s upcoming Spring Statement. Given the current economic landscape, it’s insightful to consider the potential measures she might introduce and their implications for businesses and individuals alike. Economic Context The UK economy faces several challenges: sluggish growth, elevated borrowing costs, and persistent […]

As an accountant, we’ve seen businesses thrive-and seen them struggle. One key difference between those that weather storms and those that flounder is simple: planning. It’s great to be optimistic. No one starts a business expecting it to fail. But while optimism fuels ambition, realism ensures survival. That’s why the old saying holds true: wish […]

Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings. The ‘badges of trade’ tests, although not definitive, serve as important tools for HMRC […]

HMRC has launched a new “Help for Hustlers” campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply: I’m buying or making things to sell. I’ve […]

Health professionals providing medical services may be exempt from VAT if their work falls within their registered profession and primarily protects, maintains, or restores health. HMRC outlines specific exempt services, including diagnosis and treatment. The VAT liability of goods and services provided by registered health, medical, and paramedical professionals, can be a complex area of […]