It looks as if HMRC is clamping down on directors’ loan accounts as it works to close the £14.7billion small business tax gap. Its desire to clampdown on transactions between ‘close’ companies and its participators, including directors’ loan accounts, was highlighted in a recent consultation exercise. A director’s loan account records transactions between a director […]
The full rollout of mandatory payrolling for benefits in kind has been delayed by HMRC. It has confirmed that mandatory real-time reporting of income tax and Class 1A National Insurance contributions (NICs) for certain benefits in kind and taxable expenses will now be phased in from April 6, 2027, rather than rolled out in a single start […]
Families will pay less for children’s meals in restaurants, kids’ tickets to cinemas and theatres and entry to a wide range of attractions this summer. The government has announced it will reduce the rate of VAT to five per cent on children’s meals, family admissions to visitor attractions and children’s soft play. The ‘Great British […]
‘Wealthy families’ are fast-tracking lump-sum gifts to adult children and bringing forward planned pension income withdrawals ahead of a major Inheritance tax shake-up next year, according to a report in the Financial Times. The report comes as new research shows 62 per cent of UK workers with defined contribution pensions are unaware of the April […]
The government has published the final version of the Official Renters’ Rights Act Information Sheet – setting out key changes for tenants ahead of reforms coming into force on May 1. Letting agents and landlords have a clear legal duty to provide the document to relevant tenants, with a strict May 31 deadline and financial […]
An increase in the monthly number of company insolvencies, as well as a rise in the unemployment rate and slow GDP growth, all highlight the continued financial strain facing businesses. The latest government statistics showing that corporate insolvencies in England and Wales increased by four per cent in January 2026, compared to the previous month. […]
We are extremely pleased to announce Ben Kilbride’s promotion to Associate as we continue on our growth journey. It is the latest in a series of recent promotions as we celebrate 65 years serving a wide range of businesses and individuals across Preston, Lancashire and wider North West. Ben, a former student of Nelson and […]
CHANCELLOR Rachel Reeves has warned the government is facing difficult choices as the clock counts down to her Autumn Budget. In her keynote speech at Labour’s annual party conference in Liverpool she pledged to keep “taxes, inflation and interest rates as low as possible”. However, there was also a hint that further tax rises may […]
The rise in employers’ national insurance contributions has had the biggest impact on small businesses, according to new analysis of official statistics. It has revealed that the number of job vacancies at small businesses fell by a fifth in the three months to July, compared to the three months to October. The examination of the […]
The government has unveiled its Small Business Plan to support small and medium sized firms (SMEs) across the country. Its measures include tackling the scourge of late payments with what it describes as “the most significant legislative reforms in 25 years”. Late payments are costing the UK economy £11billion a year and lead to the […]
