The tax year 2025/26 will bring significant changes if you are an employer. Here’s what you need to know.
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Author: Frost Wiltshire
Take it to the limit, one more time
In a significant move to reduce regulatory burden on UK businesses, the government has introduced new legislation that will substantially increase the size thresholds for micro, small and medium sized entities. These changes, taking effect from April 2025, will allow thousands of companies to benefit from simplified reporting requirements.
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That ain’t workin’, that’s the way you do it
The new Chancellor of the Exchequer, Rachel Reeves, has delivered the Labour government’s first budget since being elected earlier this year. Unveiling her plans, the Chancellor spoke of the need to “restore stability” to the economy and “deliver change” with an “economy that is growing”.
We have picked out some of the key announcements that may be of interest.
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When the going gets tough
With much talk and speculation about what will be announced in the Budget at the end of October, we take a look at some of the changes that might be afoot.
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Wake me up when September ends
Many of our corporate clients have either just passed, or are approaching, another financial year end. And – for some –that means a period of much more intensive work than usual, particularly if they have a small finance team or have multiple compliance obligations because of a more complicated group structure. This is where we come in.
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Don’t stop believing
With much in the media about exploitation of HMRC’s R&D scheme and increases in R&D claim enquiries, we reflect on why this shouldn’t be off-putting to clients who are considering making a claim.
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What do I do now?
Ordering a coffee used to be a simple process, with the choices limited: “Would you like milk and sugar?” Now, visiting a coffee shop presents an array of options – caffeinated, decaffeinated, americano, latte, cappuccino, espresso, soy milk, oat milk, syrup? Many people know what they want when they get to the counter, but if you aren’t sure, then too many alternatives can lead to almost paralysing indecision, and leave you mumbling, “I’ll have a cup of tea please.”
One of the most common questions we are asked is ‘what is the best way to start trading?’ and whether this should this be through a company, as a sole trader, or a partnership.
Grab yourself a coffee and have a read of our blog where we lay out the similarities and differences between the options.
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I’ve got new rules – I’ll count them
In what’s widely regarded as the biggest shake up in its history, new powers for Companies House are in store with the introduction of the Economic Crime and Corporate Transparency Act 2023.
Some powers have begun to come into force, and there are more to come.
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This is how we do it
It’s early June – we’re into the new tax year. Most people won’t have started thinking about their personal tax return yet. But, there are some real advantages to getting it done early.
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The kids are alright
The Child Benefit clawback rules have changed from 6 April 2024 which may pave the way for some tax planning.
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