Many people start a business because they are highly skilled at what they do. A talented designer decides to go freelance. An experienced electrician becomes self-employed. A consultant turns specialist knowledge into a thriving client base. What often comes later is the realisation that doing the work and running a business are two very different roles. As a business grows, management skills become just as important as technical ability in determining long-term success. What

With the new tax year fast approaching, many businesses and individuals are preparing for the introduction of Making Tax Digital (MTD). From April 2026, sole traders and landlords earning over £50,000 will be required to submit quarterly updates to HM Revenue & Customs (HMRC), marking one of the most significant changes to the UK tax system in recent years. It is estimated that around 900,000 taxpayers will join the scheme in its first phase. If you are affected, preparing ea

If you run a small VAT-registered business, the way you calculate VAT can have a meaningful impact on both your cash flow and the amount of time you spend on administration.   While the standard VAT method is the right choice for many businesses, others may benefit from the VAT Flat Rate Scheme. Understanding how each approach works can help you make a more informed decision.   How the Two Methods Compare   Under the standard VAT method, you:   ·      Charge VAT on your sales

Almost 500 UK employers have recently been fined a combined £10.2 million for failing to pay the National Minimum Wage (NMW), with £6 million repaid to approximately 42,000 workers. The list includes several well-known high-street brands, a reminder that businesses of all sizes and sectors can face challenges when applying minimum wage rules correctly. For employers, the message is clear: compliance remains firmly under the spotlight. Increased Scrutiny on Employers This late

Business rates, officially known as National Non-Domestic Rates (NNDR), are a tax charged on non-domestic property in the UK, including school buildings. For academy trusts, understanding how NNDR is funded and paid is crucial as we move into the 2026/27 financial year. Recent updates from the Department for Education (DfE) provide greater clarity on how these arrangements will work from April 2026, and what academies need to do to ensure they remain compliant and correctly f

With the end of the 2025/26 tax year fast approaching, now is a crucial time to review your finances and ensure you are making the most tax-efficient decisions available. The weeks before 5 April present valuable planning opportunities for individuals, business owners and investors alike. Acting early can help reduce liabilities, maximise reliefs and position you strongly for the new tax year. Here are the key areas to consider. Use Your Allowances Before They Reset Many tax

Recent warnings from farming groups have reignited debate around inheritance tax (IHT), with some claiming proposed changes could leave family farms financially vulnerable, and in extreme cases, force them to sell land to meet tax bills.   While the discussion is centred on agriculture, the underlying lesson applies far more broadly: when tax rules evolve, proactive planning becomes essential for protecting long-term wealth and business continuity.   What’s Happening?   Farme

Academy funding is a core part of financial planning for academy trusts, free schools and alternative provision settings. The Department for Education’s General Annual Grant (GAG) Allocation Guide for the 2025–26 academic year sets out how funding has been calculated and what has changed compared with previous years. Understanding your grant allocation in detail can help you plan budgets with greater confidence, from staffing and resources to pupil support and strategic inves

The UK government has confirmed it will scrap the long-awaited Audit and Corporate Governance Reform Bill, citing concerns that the proposed changes would place additional costs and regulatory burdens on large companies. The decision comes nearly eight years after the collapse of Carillion, an event that exposed significant weaknesses in corporate reporting, audit oversight, and director accountability and sparked years of debate around reform. What was the Audit Reform Bill

The government has confirmed a number of important changes affecting how individuals are taxed on their income over the coming years. While some thresholds remain frozen, several reforms take effect from April 2026 and April 2027 that could influence take-home pay, savings behaviour and wider financial planning. Below is a summary of the key points. Personal Allowance  The standard personal allowance – the amount you can earn tax-free – remains at £12,570 for 2026/27.   Howev

The start of a new year is a natural time to pause and reflect. As a business owner, you will likely have ambitions for growth, profitability and long-term success. But just as importantly, you want your business to support your personal goals, whether that’s financial security, time with family, or a better work–life balance. Strategic planning at the beginning of the year is about stepping away from day-to-day pressures to focus on the bigger picture: where you want your bu

HMRC’s Making Tax Digital for Income Tax (MTD for IT) programme continues to move closer, bringing significant changes to how sole traders and landlords keep records and report their income. While the aim is to modernise the tax system, the new requirements will represent a major shift for many individuals. Below is a clear overview of what’s changing, who will be affected, and how to prepare. What is Making Tax Digital for Income Tax?   MTD for IT is part of HMRC’s wider dig

In a surprise announcement, the Chancellor has confirmed a significant change to the planned reforms affecting Agricultural Property Relief (APR) and Business Property Relief (BPR). From 6 April 2026, the amount of qualifying agricultural and business assets that can benefit from 100% inheritance tax relief will increase substantially. This update provides welcome reassurance for farmers, business owners and families planning for the long-term future of their estates. What Ha

The start of the calendar year brings several important tax deadlines for businesses, employers and individuals. January in particular is one of the busiest months in the UK tax calendar, and missing a deadline can result in penalties and interest. Below is a summary of the main tax events for January and February 2026, along with guidance on who is affected and what action is required. January 2026 Tax Deadlines ·      1 January 2026 - Corporation Tax Payment Corporation Tax

The government has confirmed a significant change to the tax treatment of employees’ working from home expenses. From 6 April 2026, employees will no longer be able to claim a tax deduction from their earnings for costs incurred while working from home. This change, announced as part of the government’s wider review of workplace tax reliefs, will affect many employees who currently benefit from home-working expense claims. Current Position Under the existing rules, some emplo

With the festive season underway and household budgets feeling the pressure, many self-employed individuals and business owners are starting to think ahead to their next Self-Assessment tax bill. If paying your tax in one lump sum feels challenging, it’s helpful to know that there may be an option to spread the cost. Although the deadline to file your Self-Assessment tax return and pay any tax due isn’t until 31 January 2026, acting early can make the process far smoother, pa

Making Tax Digital (MTD) for Income Tax is one of the most significant changes to the UK tax system in recent years. While the timetable has shifted several times, the government confirmed further details at the 2025 Budget, giving taxpayers and advisers greater clarity on what lies ahead. Below, we summarise the key points and what they mean for individuals who currently complete a Self Assessment tax return. When Will Making Tax Digital for Income Tax Apply? MTD for Income

With the 31 January Self-Assessment deadline approaching, HM Revenue & Customs (HMRC) has issued a warning about a sharp rise in tax-related scams targeting taxpayers. Scammers frequently take advantage of peak filing periods, when individuals are expecting communications from HMRC and may be more likely to respond quickly. HMRC is urging taxpayers to stay alert and report any suspicious contact. Scale of the Problem Since February 2025, HMRC has received reports of: Over 4,8

What Does It Mean for Profit Extraction? The recent Budget confirmed that dividend tax rates will increase from April 2026, marking an important change for company directors and shareholders who rely on dividends as a key source of income. For many small and medium-sized businesses, dividends form a central part of profit extraction strategies. With higher tax rates on the horizon, now is a good time to review how and when profits are taken from the company. What’s Changing f

The government has now confirmed how the new Renters’ Rights Act will be rolled out. The reforms will be phased in across three stages from May 2026 through to the end of the decade, bringing significant changes for private landlords in England. Below is an overview of what to expect and how to begin preparing. Phase 1: Key Changes from 1 May 2026 The first stage introduces some of the most meaningful reforms—particularly around evictions and tenant protections. End of Sectio