NEWS

During the King’s Speech 2026, new plans have been confirmed to resolve late payment issues affecting many small and medium sized enterprises (SMEs). The proposed reforms are designed to improve payment practices across the UK economy. So, what is changing? The government says the reforms are aimed at improving cash flow for SMEs and, reducing the number of companies struggling when invoices are paid late. Under the new proposals, large businesses could face: A maximum 60-day

Pensions are highly flexible, allowing individuals to access funds in a range of ways, including lump sum withdrawals, drawdown, and consolidation of pension pots. While this flexibility can be useful, it also increases the risk of unintended tax and financial consequences if decisions are not properly thought through. With the changes coming from April 2027 bringing some unused pension funds directly into the Inheritance Tax (IHT) framework, many individuals are now reviewin

A temporary reduction in VAT from 20% to 5% has been announced on certain children’s meals, tickets and family attractions from 25 June to 1 September 2026. The relief is designed to encourage spending within the hospitality and leisure sectors, which will hopefully help some businesses, although the administration could be problematic. Qualifying supplies include: Children’s meals sold from dedicated children’s menus Children’s admission tickets Certain family attractions su

Inheritance tax (IHT) planning can encounter many problems if not handled correctly. This article covers 10 mistakes that are commonly seen within the process. 1. Forgetting the Capital Gains Tax valuation uplift on death One of the biggest inheritance tax planning mistakes is assuming lifetime gifting is always preferable. Assets retained until death generally receive a Capital Gains Tax (CGT) uplift, resetting the base cost to market value at death. By contrast, gifting a

During the 2024 Budget, it was announced that from April 2027 most unused pension death benefits would be subject to inheritance tax (IHT). The legislation remains subject to consultation and further detail may emerge before implementation in April 2027. This article summarises our current understanding of the proposed changes. What is changing? Pension death benefits becoming subject to IHT represents one of the largest changes to IHT planning in a generation and means

A timely reminder for clients with teenagers: Child Benefit does not automatically continue once a child reaches 16. Failing to act can result in payments stopping unnecessarily. What’s changing? Child Benefit will automatically stop on 31 August following a child’s 16th birthday unless HM Revenue & Customs (HMRC) is notified that the young person is continuing in approved education or training started before their 19th birthday. What do I need to do? HMRC typically contacts

Businesses that use contractors, freelancers or casual workers should start preparing for significant changes to UK right to work rules expected to take effect from October 2026 under the Border Security, Asylum and Immigration Act 2025. The legislation will expand existing right to work obligations beyond traditional employees to include many workers in the “gig economy”, such as subcontractors, casual workers, self-employed contractors and individuals engaged through online

The latest 'Welcome to Skipton' newsletter has just gone out to subscribers, and there are some fabulous events going on around Skipton in the coming months... Read the newsletter here. The newsletter is put together by Skipton Bid - who do a fantastic job of supporting the businesses in our lovely town!

Businesses that reclaim VAT on fuel for company cars should ensure they are using the latest HMRC VAT fuel scale charges. The fuel scale charge applies where a business reclaims VAT on fuel that is used for both business and private motoring. Rather than tracking private fuel use in detail, HMRC applies a fixed scale charge based on the vehicle’s CO₂ emissions. Scale charges rates have been updated and should be used in upcoming VAT returns. HMRC has confirmed that the new ra

Running a business can be a serious lesson in resilience... and never more so than in present times as costs continue to increase and customers continue to be cautious. Cash is proving tight for many businesses and credit control is a core discipline for keeping a business afloat in such times... which is why we've put a few pointers together to help you keep on top of your credit control. Effective credit control can help to turn sales into cash in a more predictable way. So

What will change in 2027 New rules, that are expected to come into force from spring 2027, will make it easier for people to avoid costly subscription traps. The rules will mean: Clear, simple information to be provided before any subscription is signed up for. Reminders before free or discounted trials end, or before annual (or longer) contracts automatically renew. Cancellations will be made straightforward, including online exits for online sign-ups. A new 14-day cooling-

For small VAT-registered businesses, the method you use to calculate VAT can influence both your cash position and the amount of time spent on administration. While the standard approach works well for many, the VAT Flat Rate Scheme may offer advantages in certain situations, although it’s not always as beneficial as it first appears. Below are the key points to help you assess whether it’s a good fit for your business: How do the two methods differ? Under the standard VAT sy

When buying property in England, Stamp Duty Land Tax (SDLT) often represents a significant cost. One crucial distinction is whether a property is treated as purely residential or mixed‑use. Mixed‑use property includes both residential and non‑residential elements, such as a house with farmland, commercial buildings, or genuinely non‑residential land, and it is taxed at lower SDLT rates than residential property. This makes mixed‑use classification attractive, but it is also a

Agricultural income rarely follows a steady pattern. Many farmers see profits rise and fall significantly from one year to the next, often due to factors beyond their control. Weather conditions, disease outbreaks, fluctuating market prices for products such as milk, volatile costs for essentials like feed, fuel, and fertiliser, and changes in government policy all contribute to this uncertainty. Because of this instability, farmers’ averaging is a tax relief mechanism design

As outlined in the 2025 Autumn Budget, several changes took place on 6 April that may affect those who use the Construction Industry Scheme. From April 2026, contractors are required by law to either: file a CIS return every month, including nil returns in months where they have not used a subcontractor; or inform HMRC in advance that they will not pay subcontractors that month by submitting an inactivity request. From April 2026, with the nil filing requirement back in place

Please take note of an upcoming change to our office opening hours, which will come into effect on Friday 1st May . New Skipton Office Hours Monday to Thursday: 8:00am – 5:00pm Friday: 8:00am – 1:30pm New Settle Office Hours Tuesday: 9:00am – 4:00pm Thursday: 9:00am – 4:00pm We have carefully considered the impact of these changes on both our team and clients, and believe these new hours will provide an efficient and positive way forward for everyone. If you have any question

From the 2025/26 tax year directors of small companies will need to provide more detailed information about dividend payments on their Self-Assessment tax returns. You must report each company from which you received dividends, along with the company’s registration number. HMRC will require the exact amount of dividends received from each company. You will also need to declare your ownership share in each company. Currently, most directors simply report total dividend income.

The tax position for electric company vans is extremely simple, because there is currently no Benefit in Kind charge at all. Since April 2021, the taxable benefit for a zero-emission van has been set at £0, even where the van is available for private use. This means an employee can use an electric company van for both work and personal journeys without any personal tax charge. In short, electric vans are currently one of the simplest and most tax-efficient company vehicle opt

Electric vehicles (EVs) are rapidly becoming one of the most tax-efficient options for UK businesses in multiple ways. With fuel prices currently remaining high, EVs are increasingly attractive, not just for the cost savings, but also for the generous tax reliefs, VAT advantages, and recruitment benefits they offer. 1. 100% First-Year Allowance (FYA) Claim Businesses can claim 100% of the cost of a new, fully electric vehicle against taxable profits in the first year of pu

We're proud to be supporting Red Nose Day this year! Heather has been treating us to a selection of tasty treats each day this week - all to raise money for a good cause. This is an internal fundraiser - bringing everyone together while supporting something meaningful. We've had cookies, sticky toffee pudding, bacon/sausage butties, scones etc! It's been amazing to see everyone getting involved, donating, and enjoying some tasty treats along the way!