As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning.The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise, offering some relief, but persistent…

Paying for higher education can be one of the largest financial commitments families face. By planning in advance, you can reduce the need for costly borrowing and help your child start adulthood on a strong financial footing. This guide explains current tuition fees, student finance arrangements, and tax-efficient ways to save for university costs in…

A guide for contractors and subcontractors. The Construction Industry Scheme (CIS) is a vital part of the tax system for workers in construction. Whether you’re a contractor managing subcontractors or a subcontractor working on various projects, understanding how CIS works is key to ensuring compliance and managing cashflow effectively. In this guide, we’ll break down…

Public and Commercial Services Union (PCS) members have announced strike action affecting HMRC’s Benton Park View offices in Newcastle. The strikes, scheduled across eight days from 23 December 2024 to 14 February 2025, aim to reinstate three sacked union representatives. The industrial action involves approximately 0.5% of HMRC’s workforce and takes place during the height…

In 2024, over 400 estates donated at least £1 million to charities, contributing to a record-breaking total. Gifts exceeding £1m rose by 33% from the previous year, increasing from £850m in 2023 to £1.1bn. These high-value donations accounted for 54% of the £2.1bn gifted to charities through wills in 2024. A total of 440 estates…

Most UK businesses are optimistic about the start of 2025, with economic confidence surveys showing plans for growth following a difficult period. However, retail and hiring concerns linger. According to Lloyds Bank, 70% of businesses expect turnover to rise over the next year, up from 62% in December 2023. Additionally, 73% anticipate greater profitability. Seven…

Steps to smooth business transitions Planning for the future of your business is one of the most critical responsibilities of an owner. Business succession planning ensures your enterprise can transition smoothly to new ownership or leadership, safeguarding its continuity and success. Whether you’re passing the reins to a family member, selling to a third party,…

Take control of your money Managing finances can feel overwhelming, but it’s essential for your financial health and long-term success. Whether you’re a small business owner or an individual, staying on top of your accounts ensures you can plan effectively, avoid unnecessary costs, and meet your tax obligations. Cloud accounting is one of the most…

Licensed gambling operators could face a new levy from April 2025, calculated as a percentage of their Gross Gambling Yield (GGY). Rates will range from 0.1% to 1.1%, varying by sector, operating costs, and harm caused. Operators earning under £500,000 in gross profits will be exempt, though this threshold may be reviewed by 2030. The…

Two years after ChatGPT sparked a surge in artificial intelligence development, the Government has launched GOV.UK Chat, an experimental chatbot designed to deliver personalised, quick answers using information from relevant GOV.UK pages. Unlike HMRC’s tax manuals, this tool focuses on reducing bureaucracy and assisting small businesses in more efficiently navigating Government resources. Powered by OpenAI’s…

HMRC has urged taxpayers to be alert to scams as the self-assessment season picks up. Over the past year, nearly 145,000 scam attempts were reported, a 16.7% increase compared to the previous year. Fraudsters often pose as HMRC, using fake tax refund offers or demanding unpaid tax to steal personal and financial details. Alarmingly, around…

HMRC has extended the processing time for agent services account (ASA) and VAT agent reference number applications to 40 working days – eight weeks – up from the previous 28 days. This change applies from the date HMRC receives an application. Applications for an ASA must be submitted in writing, as no online application process…

Saving for retirement can feel daunting for many self-employed people. Without the workplace schemes that salaried workers often rely on, self-employed individuals must take proactive steps to secure their financial futures. But with the right guidance, pensions can become a valuable tool for your retirement planning. We’ll walk you through why pensions are vital, your…

Budgeting is the backbone of any business, large or small, providing a roadmap for managing resources, anticipating challenges and setting realistic goals. For small and medium-sized enterprises (SMEs) especially, a robust budget can mean the difference between thriving and simply getting by. In a tough economic climate, effective budgeting has never been more essential for…

Monetary Policy Committee (MPC) reduces rates amid signs of easing inflation. This cut follows a previous hold, with theMPC voting to decrease rates from 5% to 4.75%.

The WorkWell programme aims to support health through work. On 6 November 2024, the Secretaries of Work and Pensions, Liz Kendall, and Health, Wes Streeting, visited North Central London’s WorkWell programme. They highlighted the importance of good health in fostering a productive workforce. The WorkWell initiative, part of the government’s broader “Get Britain Working” strategy,…

The Education Secretary, Bridget Phillipson, has announced an increase in tuition fees from £9,250 to £9,535 per year starting in September 2025. This is the first fee increase in eight years, with further plans aiming to exceed £10,000 by the 2029/30 academic year. Phillipson outlined the rise as part of a strategy to support universities’…

HMRC has confirmed that double-cab pickups will be taxed as cars from April 2025, following the latest Budget announcement. This change, outlined in the Budget Red Book, reverses earlier decisions that caused uncertainty over the taxation of these vehicles. Previously, HMRC had briefly classified double-cab pickups as cars in early 2024, only to revert to…

Small and medium-sized enterprises (SMEs) are often seen as the backbone of the economy, contributing significantly to job creation and innovation. As the world becomes increasingly interconnected, more SMEs are considering international expansion as a growth strategy. While this presents exciting opportunities, it also comes with its own set of challenges. We’ll explore how SMEs…

Life is full of significant milestones – whether it’s getting married, buying a home or preparing for retirement. These moments can be both exciting and financially challenging. Without proper planning, they can bring unexpected stress. That’s why financial planning is essential for navigating these changes with confidence. Having a financial strategy ensures you’re prepared for both…