On 28 October 2026, Chancellor John Healey delivered his first Autumn Budget, outlining a series of tax changes and measures aimed at easing financial pressures on households and businesses. We've highlighted some of the key announcements below and if you have any questions, please get in touch with the SJC team. I AM EMPLOYED Income Tax rates on earnings are unchanged but your Personal Allowance stays at £12,570 in 2027-28, so pay rises bring more of your income into tax.

Purchasing a vehicle for your business can be a significant investment, but can you reclaim the VAT on the cost? For many businesses, the answer is no. HMRC applies strict rules to VAT recovery on cars, particularly where a vehicle is available for private use. However, there are exceptions, and a recent tax tribunal ruling has highlighted circumstances in which businesses may be entitled to reclaim VAT. Understanding these rules before purchasing a vehicle could help your bu

HMRC has updated its guidance on UK VAT refunds for overseas businesses that form part of a VAT group, introducing changes designed to make the refund process fairer and more consistent. The update, outlined in Revenue & Customs Brief 10 (2026), clarifies how non-UK businesses should submit future VAT refund claims, introduces transitional arrangements and provides an opportunity to have certain previously rejected claims reconsidered. For international businesses that incur

Businesses operating in England's tourism and hospitality sectors could face new tax obligations under government plans to introduce an overnight visitor levy, commonly referred to as a 'tourist tax'. The proposals would give mayors and strategic authorities across England the power to charge a levy on overnight accommodation, affecting both domestic and international visitors. While the changes could generate additional revenue for local areas, they may also introduce new ad

Company directors may need to provide additional information when completing their Self Assessment tax returns for the 2025/26 tax year, following the introduction of new HMRC reporting requirements. The changes affect directors of close companies, including many small and owner-managed businesses across the UK. With additional disclosures now mandatory for affected directors, it's important to understand what information HMRC requires and how to ensure your tax return is com

Small manufacturing businesses across Britain could benefit from a new government scheme designed to reduce electricity costs and improve industrial competitiveness. The British Industrial Competitiveness Scheme (BICS) opened for applications on 1 October 2026, offering eligible manufacturers electricity cost reductions of up to 25%. More than 10,000 businesses are thought to qualify for the scheme, which aims to support manufacturers facing high energy costs and increasing p

The Department for Education (DfE) has published several important updates for academy trusts and school leaders, covering funding allocations, financial reporting, staff development and upcoming deadlines. We've summarised the key announcements from the DfE updates published on 23 September, 30 September and 7 October 2026 to help academy trusts stay informed and meet their responsibilities. DfE Update – 7 October 2026 Budget Forecast Return Data Now Available The latest 202

Cryptocurrency has become an increasingly popular investment, with Bitcoin, Ethereum and other digital assets now forming part of many individuals' investment portfolios. However, despite their growing popularity, there is still confusion surrounding how cryptoassets are taxed in the UK. One common misconception is that cryptocurrency transactions are anonymous or fall outside the scope of HMRC. In reality, cryptoassets are subject to UK tax rules, and failing to declare taxa

HMRC is reminding contractors of the importance of submitting accurate Construction Industry Scheme (CIS) monthly returns, following the identification of several common reporting errors. During October 2026, HMRC is expected to contact contractors where potential mistakes have been identified, asking them to review their submissions and ensure the correct information has been reported. For businesses operating within the construction industry, understanding these common erro