NEWS

Many people would like to help their children or grandchildren financially during their lifetime rather than leaving everything to them after they have died. Whether it is helping with a house deposit, supporting a family member, or simply giving loved ones a financial boost, making lifetime gifts can be a rewarding way to pass on wealth. With the proposed changes from 6 April 2027, which will bring most unused pension funds and death benefits within the scope of Inheritance

For many farming families, land is much more than an asset. It is the foundation of the business, a source of family wealth and often the key to succession planning. With rising costs, changing markets and changes to the tax landscape, decisions about selling land, changing its use or investing in development need careful thought. Think carefully before selling land Selling part of a farm can provide valuable funds to reduce debt, invest in the business or help with successio

Don't ignore it! HMRC has issued a reminder to taxpayers not to ignore a Simple Assessment letter (PA302) if one arrives. Simple Assessments are aimed at people who aren't required to complete a Self Assessment tax return, but who HMRC believes still have tax to pay, for example, because of small amounts of savings interest, pension income or other untaxed income. If you receive one, the figures need to be carefully checked. HMRC does not always have perfect information, so w

And what are the implications of a family loan on inheritance tax and care home fees? Whether it's assisting with a house deposit, helping to fund a new business or providing temporary financial support, it is increasingly common for parents and grandparents to help younger family members financially. Many families may choose to lend money rather than make an outright gift, and while these arrangements are often made informally, failing to document them properly can create un

Recent concerns have highlighted the importance of ensuring workplace pension contributions are processed correctly. A mismatch between a pension scheme's tax relief method and the way payroll is set up could result in employees receiving more tax relief than they are entitled to, potentially leading to unexpected tax bills if HMRC identifies the error. How Pension Tax Relief Works There are two main methods used to provide tax relief on employee pension contributions: Relief

The National Crime Agency (NCA) is urging businesses to strengthen their defences against invoice fraud, a crime that continues to cost UK organisations millions of pounds every year. Invoice fraud is typically criminals posing as legitimate suppliers to send fake invoices with payments directed into fraudulent accounts or requesting changes to bank account details on genuine invoices. In some cases, fraudsters gain access to legitimate email accounts, making fraudulent reque

Capital Grants applications opened on 31st July. Capital Grants can help farmers invest in practical improvements to their business, including hedgerow planting, water storage, farmyard drainage and other infrastructure that supports long-term productivity and environmental outcomes. This new round will make £225 million - 50% more than in 2025 - available to farmers to improve farm infrastructure and carry out works that help them make environmental improvements across Engla

As part of Companies House aim to improve the quality of information held on the public register and help tackle economic crime, new filing requirements were announced which will now take place from 1 April 2028. Businesses have been given additional time to prepare for significant changes, with Companies House confirming that the new rules will take effect a year later than originally planned. The changes will affect all companies, but small and micro businesses are likely t

HM Revenue & Customs (HMRC) has announced proposed changes as part of wider ISA reforms due to take effect from April 2027, which could significantly affect how cash held within investment ISAs is treated. Under the current proposals, a 22% tax charge may apply to interest earned on cash balances held inside Stocks & Shares ISAs and similar investment-based ISA products. This measure is aimed at addressing what could be seen as the use of investment ISAs as a “cash shelter”,

Changes announced in the Autumn Budget 2025 will alter the National Insurance advantages of salary sacrifice pension arrangements from 6 April 2029. What are the current rules? Salary sacrifice has long been a popular way to contribute to workplace pensions, allowing employees to exchange part of their salary for an employer pension contribution. This reduces National Insurance liabilities for both parties, with many employers using their savings to enhance pension contributi

HMRC has issued a warning to business owners after becoming aware of schemes promoting the use of Bills of Exchange as an alternative way to settle tax liabilities. These arrangements are being marketed as a legitimate method of paying tax. However, HMRC has made it clear that it does not accept Bills of Exchange as payment for tax debts and considers these schemes to be fraudulent. Businesses using these arrangements remain liable for the original tax, together with any inte

According to the Office for National Statistics the number of 16–24-year-olds not in education, employment or training (Neets) has risen above 1 million for the first time since 2011. A report by the Institute for Fiscal Studies shows that the employment rate for young people has dropped in all regions across the UK, apart from Northern Ireland, since 2022. A major independent review into the reasons behind this trend was released by the former Health Secretary, Alan Milburn,

New research from the US contradicts predictions that the introduction of Artificial Intelligence (AI) will drive job losses. The working paper found that companies that adopted generative AI grew their headcount by 10.2% over the two years following adoption. This is in stark contrast to comments from tech companies Oracle and Atlassian, which have cited AI investment when announcing layoffs. Companies making the largest AI investments saw entry-level headcounts growing 12%

If you make Self Assessment payments on account, your second payment for the 2025/26 tax year is due by 31 July 2026. If your income or profits fell in 2025/26 compared to the previous year, you may be able to claim to reduce your payments on account. Any claim should be based on a realistic estimate, as interest would be charged if your payments are reduced too much. If you’re concerned about meeting your tax payment, don’t simply just ignore the issue. We will be able to he

HMRC has confirmed that the introduction of mandatory payrolling of Benefits in Kind (BiKs) will now be phased over two years, giving employers, payroll providers and software developers additional time to prepare. The announcement follows feedback from employers and the payroll industry and revises the original implementation timetable. The New Timetable Phase 1 – From 6 April 2027 Mandatory payrolling will apply to: Company cars Car fuel benefits Vans Van fuel benefits Empl

Defra recently shared an article about Capital Grants, which we believe may be of interest to a number of our farming clients. Capital Grants help farmers, land managers and rural businesses carry out practical improvements that benefit the environment across England. The 2026 Capital Grants offer is scheduled to open in late July. Funding will be available for a wide range of projects, from planting trees and hedgerows to improving water quality. Supporting evidence has al

When running payroll in the UK, choosing the correct National Insurance (NI) category letter is very important. If the wrong category is used, it can lead to incorrect deductions and problems with HM Revenue and Customs (HMRC). What are NI Category Letters for? NI category letters tell you: 1) How much NI the employee pays 2) How much NI the employer pays The correct category depends on the employee’s age and circumstances. The Most Common NI Categories: Category Empl

Congratulations are in order for Lily, who has successfully completed her AAT qualification! Lily has been so dedicated to her studies since joining Shepherd Partnership in 2023, and we're incredibly proud of her achievements. Here's to the future (and ACCA studies), Lily!

Recent reports suggest some savers are paying more tax than they should because HMRC has used incorrect savings interest figures when calculating tax codes. With interest rates having been much higher over the last few years, more people are exceeding their Personal Savings Allowance and finding HMRC adjusting their PAYE tax codes to collect additional tax. Unfortunately, where HMRC's figures are wrong, the result can be an unexpected and costly overpayment. Problems can aris

Voting for this year's Skipton Business Awards is now open. Cast your vote before July 12th for the business that you think goes above and beyond for the good of our wonderful town. There are 12 different categories to choose from - so take a look and give our local businesses the recognition they deserve. At Shepherd Partnership we're thrilled to be sponsoring this year's Health and Wellbeing Business of the Year award category. Cast your votes here: https://skiptonbid.com/m