Companies House delay compulsory P&L submissions
Until last week, small companies and micro entities (known as SME’s) were expecting a mandatory requirement to file their profit and loss accounts with Companies House (CH) from April 2027. The good news is that this will no longer be the case, but that does not mean that the law change will not be brought […]
How you file your tax return is changing
Like the proverbial bad penny, the end of the tax season has once again has crept up on us, with the self-assessment deadline having passed last Saturday. Regrettably, once again, over a million taxpayers missed the 31st January deadline for filing their Self-Assessment tax returns, resulting in all of them receiving £100 late filing penalties […]
YouTuber uses AI to pose as tax specialist
Artificial Intelligence (AI) has been heralded by many as a huge boon to humankind by offering significant benefits, primarily through automation of repetitive tasks, enhanced efficiency and superior data analysis. It is claimed that AI leads to reduced human error, better decision-making, and cost savings across a variety of industries, such as finance and banking. […]
Is the value of your state pension under threat?
It’s common knowledge that the state pension has an annual increase every April, but I suspect that very few of you fully understand the mechanisms involved in calculating the annual rise percentage, which is normally announced in November, for the following year. Unfortunately, whilst the headline percentage increase for 2026/27 of 4.8%, was splashed all […]
Starmer U-turns on farm tax
Farmers got an unexpected early Christmas present on 23rd December, when the government announced that the threshold for Agricultural and Business Property Reliefs, dubbed the ‘farm tax’ by many, will be increased from £1m to £2.5m when it’s introduced in April 2026. The heavy braking on this policy was more akin to a tractor performing the same […]
A Christmas present from the BofE
In the lead up to Christmas, the Bank of England sent borrowers and businesses an early Christmas gift by announcing an interest rate cut, reducing interest rates from 4% to 3.75%. This is in fact the sixth cut since August last year, but it was a close-run decision by the Bank’s Monetary Committee and was […]
Is Nâ‚‚O just hot air? Yes it is, according to VAT law
Another day, another foody VAT case comes along to entertain us. In today’s tale of woe, the alleged food in question is a gas. So, can it really qualify as a food? Telamara Ltd certainly thought so but the VAT office disagreed and gave them a £1.48 million VAT bill, so off to the Tax […]
Time to explore the Budget back roads
Over the last couple of weeks, I’ve explored the main roads of the Budget and the Chancellor’s infamous Red Book, so today I’m exploring the side roads and byways for any interesting minor points whose knock-on effects could be profound. The first B-road explored We already knew the broad roadmap of HMRC’s plans for further […]
A Budget for Benefits Street, paid for by working people
The above is a quote from Kemi Badenoch’s reply to Rachel Reeves’ Budget measures, and unless you’re a Labour MP or have a house full of kids and are on some form of benefits, the feedback from a recent YouGov poll which targeted ordinary working taxpayers, is that they pretty much agree with the comment. […]
Pension Drawdown
The Budget I will start this week’s Blog with a disclaimer as you might be expecting a Blog today on Rachel Reeves’ second Budget. This will be posted next Friday as at this stage all I could have done is provide you with a list of the main changes, together with my initial observations. Any […]
