Welcome to the April 2025 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SPRING STATEMENT 2025 On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament....

HM Revenue and Customs (HMRC) is exploring new technology to improve customer service by using voice recognition as a security measure. This system, already in use by major banks, converts a caller’s voice into encrypted biometric data to speed up identity...

Welcome to our latest monthly newswire. We hope you enjoy reading this newsletter and find it useful. Please contact us if you wish to discuss any issues further. - March 2025 Bank of England Base Rate Cut to 4.5% – What’s Next? The Bank of England has reduced its...

The Institute of Chartered Accountants in England and Wales (ICAEW) has published insights from a study by technology market analyst IDC, emphasizing that AI in finance should be human-centred to be truly effective. AI as a Tool for CFOs and Finance Teams The study...

Welcome to the March 2025 edition of our Tax E-News. We aim to keep you informed about the latest tax changes and updates affecting businesses and individuals. If you have any questions or need tailored advice, please contact us. Making Tax Digital for Income Tax With...

HM Revenue & Customs (HMRC) has announced a reduction in late payment interest rates, following the recent cut in the Bank of England base rate. If you owe tax or are due a repayment, these changes could impact you. What Are the New HMRC Interest Rates? From...

HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach retirement age. The amount of State Pension you will...

The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for the rate to be reduced to 4.25%. In announcing...

Welcome to the February 2025 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. February 2025 THERE’S STILL TIME FOR SOME YEAR END TAX PLANNING! With the tax/financial year end...

The self-assessment tax return deadline has just passed, and many business owners may have found themselves scrambling to gather documents, verify figures, and submit their returns on time. If this sounds familiar, you’re not alone. According to HM Revenue and Customs...

The Public Accounts Committee (PAC) has once again raised concerns about HM Revenue & Customs’ (HMRC) phone service, highlighting ongoing issues that have left taxpayers frustrated. According to a recent report, nearly 44,000 customers were cut off without warning...

The countdown has begun! The deadline for submitting your 2023/24 self-assessment tax return is fast approaching, with 31 January 2025 as the final date to file. Missing this critical deadline could result in penalties and interest charges on any overdue tax payments....

As the UK tax year-end approaches on 5 April, now is the perfect time to review your finances and take advantage of tax planning opportunities. Whether you’re self-employed or running a business, proactive tax planning can help you: Reduce tax liabilities Boost cash...

The action plan highlights three core areas of focus to enable the UK to become a leader in artificial intelligence: Building Secure and Sustainable AI InfrastructureAI demands significant computational power, supported by robust and sustainable infrastructure. The...

Recent figures reveal that UK inflation dropped slightly in December to 2.5%, down from 2.6% in November. Although the decline is modest, it has sparked conversations about how this could influence the Bank of England’s decision-making on interest rates in the coming...

Welcome to our latest monthly newswire. We hope you enjoy reading this newsletter and find it useful. Please contact us if you wish to discuss any issues further. January 2025 Get Britain Working White Paper Reforms to employment support announced The government has...

Happy New Year and welcome to the January 2025 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SCOTTISH AND WELSH BUDGETS Scotland The key tax takeaways from the Scottish Budget, held...

The Self-Assessment tax return filing deadline of 31 January is fast approaching, and HM Revenue and Customs (HMRC) recently revealed that 5.4 million taxpayers have yet to complete their returns. Don’t let time run out and risk penalties for late filing! Key Filing...

With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing you concern....

HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline.  In total, 40,072 taxpayers submitted their returns over the...

The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is headed, how it’s...

New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that...

HM Revenue and Customs (HMRC) have issued a reminder to be careful about scam attempts that target people filing Self Assessment tax returns. In the last year, nearly 150,000 scam attempts were referred to HMRC, a 16.7% increase on last year. With the 31 January 2025...

Welcome to our latest monthly newswire. We hope you enjoy reading this newsletter and find it useful. Please contact us if you wish to discuss any issues further. December 2024 Agricultural and business property relief What happened in the Budget? Changes to...

Welcome to the December edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Have a great Christmas and best wishes for 2025. December 2024 FARMERS CAMPAIGNING FOR AGRICULTURAL PROPERTY...

The National Cyber Security Centre (NCSC) has reported that shoppers lost over £11.5 million to online criminals between November 2023 and January 2024. Each victim lost an average of £695. A total of £10.6 million was lost the previous year. The Black Friday season...

New arrangements will apply to business to business (B2B) parcels sent from Great Britain to Northern Ireland under the Windsor Framework, effective from 31 March 2025. The changes were originally due to come into effect from 30 September 2024, but this was delayed to...

The UK Government has launched a consultation to tackle so-called “subscription traps,” aiming to make it easier for consumers to cancel unwanted subscriptions and secure refunds. These proposals are designed to simplify cancellation processes and improve...

The latest inflation figures from the Office for National Statistics (ONS) reveal that the Consumer Prices Index (CPI) for October 2024 rose to 2.3%, up from 1.7% in September. This marks the first increase in inflation since July, and it has sparked interest among...

Following the Bank of England’s decision to reduce the base rate from 5% to 4.75%, HM Revenue and Customs (HMRC) have announced a reduction in their late payment interest rates. HMRC interest rates track the base rate. Late payment interest (payable if you pay tax...

As had been widely expected, the Bank of England reduced the interest base rate to 4.75% last week. This was due to inflationary pressures easing in recent weeks. The Bank expects inflation to increase slightly again over the next year to around 2.75% and then fall...

Immediately following the US election results and Donald Trump’s win, the dollar made gains against other currencies. The FTSE 100 index also went up on Wednesday afternoon by 1%. The positive moves appear to be based on Trump’s plan to cut taxes and raise tariffs, as...

The Competition and Markets Authority (CMA) have provisionally concluded that with certain commitments the proposed merger of Vodafone and Three would not be a competition concern. Vodafone and Three first proposed merging in June last year, however the CMA have been...

As use of artificial intelligence (AI) tools to help with employee recruitment increases, the Information Commissioner’s Office (ICO) has published guidance on key data protection considerations. While AI tools can help you improve efficiency in the hiring, there is...

Last week was Stress Awareness Week 2024. The Health and Safety Executive (HSE) used the occasion to remind employers of their need to carry out their legal duty to prevent work-related stress and support good mental health at work. According to HSE figures, 17.1...

The government has announced the new National Minimum Wage (NMW) rates that will apply from 1 April 2025. These are as follows:  1 April 2025 – 31 March 20261 April 2024 – 31 March 2025National Living Wage (Age 21 and over)£12.21£11.4418-20 Year Old...

Two days before the Budget, the Prime Minister announced that the cap for single bus fares would be increased to £3 from its current £2. The current fare cap is due to expire at the end of 2024. Without intervention, prices for some routes looked set to rise...

From 26 October 2024, employers were given a new legal duty to take “reasonable steps” to prevent sexual harassment of employees. This duty requires employers to anticipate when sexual harassment may occur and take reasonable steps to prevent it. If sexual harassment...

In today’s digitally connected world, social inclusion has extended into virtual spaces, and young people are increasingly exchanging personal information to stay connected with friends and access social media platforms. This trend has raised significant privacy...

Could that help or hinder your business? As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will soon launch a consultation...

What employers need to know As of 1st October, the Employment (Allocation of Tips) Act came into force that ensures workers keep 100% of the tips, gratuities, and service charges they earn. While many employers already pass on tips to staff, this new legislation will...

Will it lead to interest rate cuts? The Office for National Statistics (ONS) reports each month on inflation and other economic indicators each month. During October they reported that their measure for inflation (Consumer Prices Index) fell to 1.7% for the year...

A strong relationship with your bank is a crucial part of the success and stability of your business. You may rely on them for tailored financial solutions, ranging from short-term credit facilities to long-term loans, to support your growth plans or manage cash flow...

Following the release of the Employment Rights Bill, its Impact Assessment was published last week showing that the new Bill will have a “positive direct impact on economic growth.” The Bill received a majority vote at its second reading in the House of Commons last...

If a cyber incident affects your business, the way you communicate with your staff, stakeholders, customers and perhaps the media, can make a huge difference in the way your business is perceived. In an incident, attention tends to focus on the technical aspects of...

Law practices hold sensitive information and can often be the target of cyber attacks. The National Cyber Security Centre (NCSC) has published some specific cyber security tips to help barristers, solicitors and legal professionals in firms of all sizes protect...

Researchers in the UK are being offered new funding opportunities to explore ways of making society more resilient to the risks posed by Artificial Intelligence (AI). These risks include emerging threats such as deepfakes, misinformation, and cyber-attacks, and the...

The Competition and Markets Authority (CMA) is stepping up its efforts to protect consumers opting for unregulated legal services, such as will writing and divorce arrangements, which are becoming increasingly popular alternatives to traditional high street...

The Office for National Statistics (ONS) have reported that their measure for inflation (Consumer Prices Index) fell to 1.7% for September. This is an unexpected reduction and is the lowest inflation has been in more than three years. Drops in airfares and petrol were...

If you run a business with a website, you’ve likely seen those cookie consent banners asking visitors whether they’d like to accept or reject cookies. But what if your website is not giving visitors a fair and informed choice when it comes to how their personal data...

The Competition and Markets Authority (CMA) has just published a new set of heat maps showing where businesses across the UK have received warning or advisory letters for potentially breaking competition law. It’s the first time the CMA has published this kind of...

The latest figures from the Office for National Statistics (ONS) reveal that the UK’s economy grew by 0.5% between April and June, a slight dip from the initial estimate of 0.6%. This adjustment, largely due to sharper-than-expected declines in the manufacturing and...

If you’re a door supervisor or security guard, or you employ them, you’ll need to be aware of some important changes that may affect you as we approach 2025. From 1 April 2025, new training will be compulsory for anyone looking to renew their licence. This update,...

We have also become aware of scam letters and emails purporting to be from HMRC being sent to taxpayers. These letters request important personal information which would be needed by fraudsters to access your data. If you have doubts about whether a communication from...

HMRC have recently increased their use of “one to many” or “nudge” letters to taxpayers which suggest that there may be errors or omissions in tax returns or accounts information.  HMRC argue that these letters are a key tool in their compliance strategy but this...

The current State Pension is £11,502 and is due to rise to around £12,000 a year for 2025/26. At current annuity rates it would cost over £300,000 to receive an index-linked annuity starting at £12,000 a year, so it’s important to maximise your entitlement. In order...

Under current pension rules, many pension funds allow pension scheme members to withdraw up to 25% of their pension savings tax-free. Finance Act 2023 limited the tax-free amount to £268,275 unless the individual had applied for protection at a higher amount. There...

If you, or your child, was born between 1 September 2002 and 2 January 2011, there could be a savings account with your or their name on it – literally! More than 670,000 young people, aged 18-22, have yet to claim their Child Trust Fund, with HM Revenue & Customs...

The Information Commissioner’s Office (ICO) and the National Crime Agency (NCA) have announced the signing of a Memorandum of Understanding that details how the two organisations will cooperate to improve the UK’s cyber resilience. The aim is that their working more...

Figures released by the Office of National Statistics last week show that the UK economy showed no growth in July 2024. This is the second month in a row as there was also no growth in June. However, looking at the three months ending in July, Gross Domestic Product...