For property developers and investors, knowing when a property business officially starts can have a significant impact on tax reliefs, allowable deductions and cash flow. Current HMRC guidance generally treats a UK property business as commencing when the first rental income is received. However, recent professional commentary suggests that, in some circumstances, a property business may begin much earlier. If that interpretation is correct, businesses could be entitled to c

The government has taken another step towards tackling the long-standing issue of late payments by introducing the Small Business Protections Bill to Parliament. First announced in the King's Speech, the proposed legislation is designed to improve cash flow for smaller businesses by introducing stricter payment rules for larger organisations and giving greater powers to enforce them. Key Measures in the Bill If passed, the legislation will introduce a number of significant ch

VAT on food products is often far more complicated than businesses expect. While many food items are zero-rated for VAT, others are subject to the standard rate, and the distinction can sometimes depend on surprisingly detailed legal definitions. A recent tax tribunal case involving giant marshmallows is the latest example of how complex the UK's VAT rules can be. The Case The dispute centred on whether large "Mega Marshmallows" should be treated as confectionery, which is ge

The government has confirmed that the introduction of mandatory payrolling for Benefits in Kind (BiKs) will now be phased in over two years, giving employers more time to prepare for the changes. Originally expected to take effect in full from April 2027, the new timetable follows feedback from employers, payroll professionals and software providers about the scale of the changes required. What Is Changing? Mandatory payrolling will replace the current P11D reporting process

The first deadline under Making Tax Digital (MTD) for Income Tax is fast approaching, and affected taxpayers should start preparing now to avoid a last-minute rush. If you're self-employed or receive income from property, and your qualifying income exceeded £50,000 during the 2024/25 tax year, you are likely to have joined the MTD for Income Tax regime from 6 April 2026. First MTD Deadline: 7 August 2026 Under the new rules, eligible taxpayers must: Keep digital accounting re

Artificial Intelligence (AI) is rapidly changing the way businesses operate. From automating routine tasks to improving customer service and providing valuable insights, AI offers exciting opportunities for businesses of all sizes. However, adopting AI simply because it's the latest trend is unlikely to deliver meaningful results. The businesses seeing the greatest benefits are those using AI with a clear purpose and a well-defined strategy. Here are seven practical steps to

Setting executive pay has become one of the most closely scrutinised responsibilities of academy trust boards. Trustees must balance attracting and retaining high-quality leaders with demonstrating that remuneration represents good value for money and can withstand regulatory and public scrutiny. A recently published executive pay benchmarking report provides academy trusts with additional market data to support these important decisions, but benchmarking should form just one

Maintaining healthy financial reserves is an important part of effective financial management for every academy trust. While there is no prescribed amount that trusts must hold, trustees are expected to demonstrate that their reserves are appropriate for the trust's circumstances and support its long-term objectives. Rather than focusing solely on a target percentage, academy trusts should regularly review whether their reserves policy reflects current risks, future commitmen

The government has confirmed that significant changes to Companies House accounts filing requirements will now come into effect from April 2028, giving businesses an additional year to prepare. The reforms form part of the Economic Crime and Corporate Transparency Act 2023, which aims to improve the accuracy, transparency and integrity of information held on the Companies House register. What Will Change? One of the biggest changes will affect small companies and micro-entiti