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

Five practical steps to help your business thrive when you step back When a founder steps away from the day-to-day running of a business, it often makes headlines, as we recently saw with Daniel Ek announcing he would move from Spotify’s CEO role into the position of chairman. While the scale may be very different for owner-managed businesses, the underlying question is exactly the same: How do you prepare your business to run smoothly without you at the centre of everything?

What employers and employees need to know from 1 September 2025 HMRC’s latest update to Advisory Fuel Rates (AFRs), effective 1 September 2025 , introduces an important change for electric vehicle (EV) users. For the first time, there are now two separate rates  for fully electric company cars—reflecting the difference between charging at home and using public charging networks. New electric vehicle rates From 1 September 2025, the AFRs for fully electric vehicles are: 8p per

For many sole traders and small business owners, accounting software only comes under review when something forces a change, for example, ensuring systems are compliant with Making Tax Digital for Income Tax. But even without regulatory pressure, reviewing your accounting setup can bring significant benefits. The right system can save valuable time, reduce errors, streamline admin, and give you clearer insight into your business’s financial position. Below are some key points

The Charity Commission has released its latest Charity Sector Risk Assessment , outlining the growing challenges faced by charities across England and Wales. Drawing on data from annual returns, serious incident reports and casework, the report shows an increasingly pressured environment — one that trustees must actively navigate. Below is an overview of the key risks identified and what trustees should be doing in response. Key Risks Identified 1. Rising Operating Deficits T

I AM A ‘WORKING PERSON’ While income tax rates on earnings from a job or self-employment were not increased, income tax thresholds will now remain unchanged until 2031. Future pay increases will see a greater proportion of income brought into tax, achieving the same result as a tax rate rise. Workers on either the national minimum wage or national living wage will see increases in their pay from April 2026. The rates of National Insurance Contributions (NIC) paid by employees

Companies House has introduced significant changes to the way UK companies must verify the identity of their Directors and People of Significant Control (PSCs).From  18th November , identity verification will be mandatory before a Confirmation Statement (CS01) can be submitted. What is changing? All Directors and PSCs will now be required to complete identity verification either: Directly via  GOV.UK , At participating  Post Office  branches, or Through an  Authorised Corpora

The Charity Commission has recently published a Charity Sector Risk Assessment, drawing on data from annual returns, serious incident reports, and casework, to highlight the main challenges currently affecting charities in England and Wales. The report is an important reminder for trustees of the pressures charities face and the need for careful governance and financial planning. Key risks identified Some of the main issues highlighted include: Rising operating deficits: In t

The government’s Renters’ Rights Bill has officially become law following Royal Assent last week — marking one of the most significant shake-ups of the private rental sector in recent years. The new Renters’ Rights Act introduces a wide range of reforms affecting private landlords and tenants in England. While full details on implementation dates are still to come, here’s an overview of the key changes to be aware of. End of Section 21 evictions One of the most notable reform