Small businesses in the UK are embracing artificial intelligence (AI) tools at an accelerating pace, using them to streamline operations, boost productivity, and drive growth. Recent research from Professor Ross Brown at the University of St Andrews Business School...
If you're a sole trader or landlord in the UK with an annual income over £50,000, big changes are on the horizon. From 6 April 2026, you may be required to keep digital business records and submit quarterly updates to HM Revenue and Customs (HMRC) under the new Making...
The ongoing rise in US tariffs is sending shockwaves through global markets, escalating trade tensions and triggering widespread economic uncertainty. Even if your UK-based business doesn’t directly trade with the US, the ripple effects of these tariff hikes can still...
The Spring Statement announced that the Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Read on to see how and when your business might be affected. What is MTD for IT? Making Tax Digital for Income Tax (MTD for...
The government recently announced a significant move to cancel thousands of government credit cards as part of a crackdown on wasteful spending. With spending on these cards reportedly increasing fourfold in the last four years, this serves as a crucial reminder for...
Are you earning extra income through a side hustle? A significant change to the UK tax system could make reporting your earnings easier. The UK government has announced plans to raise the Income Tax Self Assessment (ITSA) reporting threshold from £1,000 to £3,000,...
The UK film industry has received a significant financial boost with the introduction of a 40% business rates relief for film studios. As of 17 February 2025, Local Authorities can begin awarding this relief automatically to eligible studios, reducing operational...
With the rise of the gig economy and the increasing cost of living, more people are turning to side hustles to supplement their income. Whether you're selling handmade products, offering freelance services, or renting out property, you might be wondering: Do I need to...
HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it. The new tool explains what records a self-employed person may need to keep, taxes that may...
In line with the e-invoicing initiative we reported on elsewhere, the Chancellor also outlined broader reforms to modernise HMRC through a Digital Transformation Roadmap, which is expected in Spring 2025. This roadmap will aim to create a “digital-first” tax system,...
The Chancellor unveiled a series of announcements last week that could have implications for UK businesses. One of the most relevant for business owners was the government's push for electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will soon launch a...
HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred wholly and...
Instead of completing a yearly personal tax return, under the Making Tax Digital rules, you’ll have to keep and submit digital records of your earnings and expenses using MTD-compatible software. There are three parts that you will need to submit for MTD: Submitting...