Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital (MTD) for Income Tax changes, according to research conducted by IRIS Software. The new MTD rules mandate digital record-keeping and quarterly Income Tax updates starting April 2026 and non-compliance can lead to significant penalties. The study found... read more →
May
24
May
24
The UK’s professional tax and accounting bodies have backed the adoption of e-invoicing in their responses to a government consultation. The Chartered Institute of Taxation (CIOT) says that HMRC will need to prioritise the effective implementation of e-invoicing if it is to drive its adoption among UK businesses. The CIOT... read more →
May
20
HMRC will reduce late payment and repayment interest rates from 28 May following the 0.25% cut in the base rate last week. The Bank of England cut the base rate to 4.25% on 8 May, triggering a 0.25% cut in HMRC interest rates which are pegged to the base rate.... read more →
May
09
HMRC has launched a new online interactive tool to help guide both businesses and individuals through tax compliance checks. The Interactive Compliance Guidance tool available on GOV.UK provides information to help customers understand: · HMRC compliance checks. · Why HMRC has requested... read more →
Apr
19
A new service has been launched that allows individuals to verify their identity directly with Companies House through GOV.UK. The introduction of identity verification is one of the key changes to company law as part of the Economic Crime and Corporate Transparency Act 2023. Companies House has landmark new and... read more →
Apr
11
Pubs, clubs and restaurants will benefit from a reduction in the red tape that has stifled hospitality business, the government said. Action includes moves to improve the application of licensing laws and strengthening businesses’ competitiveness. This will give diners, pub and partygoers more time and more choice to enjoy what... read more →
Apr
11
Price increases are the most likely response to US tariffs by affected firms, according to a survey conducted by the British Chambers of Commerce (BCC). The survey found that 32% of firms with trade exposure to the USA say they will increase prices in response to the tariff. Alongside increasing... read more →