Latest news and industry insights

At Autumn Budget 2024, we were promised a consultation on the tax treatment of predevelopment costs. However, following the Court of Appeal’s decision on a recent case, the government is postponing publication of the consultation while it considers the implications of the decision.

If you're a sole trader or landlord with annual income over £50,000, a major change is coming your way. From 6 April 2026, you may be required to keep digital business records and submit quarterly updates to HM Revenue and Customs (HMRC) under Making Tax Digital (MTD) for Income Tax.

At Autumn Budget 2024, we were promised a consultation on the tax treatment of predevelopment costs. However, following the Court of Appeal’s decision on a recent case, the government is postponing publication of the consultation while it considers the implications of the decision.

Amidst all the news about increased tariffs in the US, the UK government has announced a cut to zero in import tariffs on a range of 89 foreign products.

In a small bit of good news, March’s inflation figures have been released showing a drop to 2.6% from 2.8% in February. The main reason? Lower petrol prices, which has offered some relief for households and businesses alike.

Running a business comes with financial risks, and sometimes, companies struggle to stay afloat. While facing insolvency is undoubtedly stressful, seeking professional help early can prevent serious legal consequences.

From 8 April 2025, Companies House has launched a new identity verification system as part of changes under the Economic Crime and Corporate Transparency Act 2023.

From 7 April 2025, families receiving Child Benefit will see an increase in their payments. HM Revenue and Customs (HMRC) has announced that the weekly rate will rise to £26.05 for the eldest or only child and £17.25 for each additional child. This means an annual payment of £1,354.60 for the first child and £897 for each subsequent child. These payments, usually made every four weeks, are automatically into claimants’ bank accounts.

The UK Government is currently considering its response to the ‘reciprocal tariffs’ announced by the US President Donald Trump on 2 April.

From 1 May 2025, all B2B (business to business) parcels travelling from Great Britain to Northern Ireland will need to have information submitted onto the Customs Declaration Service.

The government has announced a £20 million package that will help community land trusts, housing cooperatives and other community groups to build over 2,500 new homes in the next 10 years.

The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances.

The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025.

The Bank of England held its regular meeting to discuss interest rates last Thursday.

The Health and Safety Executive are reminding employers about their responsibilities to protect workers from the health risks that come from working with display screen equipment (DSE), including PCs, laptops, tablets and smartphones.