We wondered if The Small Awards might be of interest to some of our clients and contacts... please read on for more info. The Small Awards, delivered by Small Business Britain, are completely free to enter and are an opportunity to get some well-deserved recognition for your small business.  With 12 awards up for grabs across a range categories, entries close at midnight on the 28th February and winners will be announced at an exciting awards ceremony. The categories are: Hig

Making Tax Digital for Income Tax comes into force on 6 April 2026, but many sole traders and landlords still don’t know what it means. New research from IPSE, the Association of Independent Professionals and the Self-Employed, shows almost 40% are unaware of the changes. The rules require digital record-keeping and quarterly submissions using HMRC-approved software, with penalties applying for non-compliance. We’re already supporting our clients with MTD setup and ongoing c

On 23 December, the Government confirmed a significant reform to Inheritance Tax (IHT) reliefs for business owners and farmers, increasing the value of assets eligible for full Agricultural Property Relief (APR) and Business Property Relief (BPR) to £2.5 million. The changes will take effect from 6 April 2026. While the increased threshold is welcome, the announcement came too late for some individuals who have already incurred substantial tax planning costs that may now prov

The Department for Environment, Food and Rural Affairs has set out details of the revised Sustainable Farming Incentive (SFI) scheme, which is expected to open in 2026 as part of the next phase of environmental land management support in England. The SFI is a government programme that pays farmers for a range of land management activities designed to support sustainable farming alongside food production. Under the refreshed offer, the scheme will be streamlined with fewer a

The start of the year is a natural time to pause, reflect and reset… and while New Year’s resolutions are often associated with personal goals, they can be just as powerful for businesses of all sizes. At Shepherd Partnership, we encourage our clients to use the new year as an opportunity to review what’s working, what’s not, and where small changes could make a big difference over the next 12 months. Business Resolutions Worth Making Some of the most effective business resol

An increasing number of people are transforming hobbies into small businesses. Earning a living from something you genuinely enjoy is one of the most rewarding career moves you could make. One of the biggest mistakes new entrepreneurs make is waiting too long to seek proper accounting advice. Even a brief conversation with an accountant at the very beginning can prevent confusion, unexpected costs, and unnecessary stress later on. When Does a Hobby Become a Business? If you a

Many employees accumulate air miles, credit-card points or other loyalty rewards when travelling or purchasing goods for business purposes. Understandably, employers often wonder whether these rewards create a tax liability. The good news: in most routine situations, they don’t.   When Reward Points Are Not Taxable HMRC generally treats points earned through standard public loyalty schemes as a personal reward for the individual. This applies even where: The purchase was made

With the 31 January tax return deadline just around the corner, HMRC has revealed the ‘Top 10 oddest excuses’ for sending in a late return. And, although we're certain that none of these would ever come from our clients, we thought these excuses might offer a bit of entertainment! My pet goldfish died (self-employed builder) I had a run-in with a cow (Midlands farmer) After seeing a volcanic eruption on the news, I couldn’t concentrate on anything else (London woman) My wife

Clearing out your wardrobe or selling handmade items online can be a great way to earn extra cash, but did you know HMRC is now receiving more seller data from platforms like Vinted, eBay and Etsy? That’s making it even more important to understand your tax responsibilities. Key points for online sellers: If you’re just selling personal items you no longer need, and you aren’t buying to resell for profit, you normally won’t owe tax. There’s a £1,000 trading allowance. If your

Cyber-crime continues to be a major risk for UK businesses. In 2024, 42% of small businesses reported experiencing a cyber breach, highlighting just how important strong digital security has become.   To support organisations in improving their cyber resilience, the National Cyber Security Centre (NCSC) has launched a free Cyber Action Toolkit.   This interactive online tool is designed to help businesses of all sizes strengthen their cyber defences by providing:   Clear, pra

A group of Shepherd Partnership team members took part in the 2025 Skipton Santa Fun Run on Sunday 30th November! This was our first team entry into the event... and what a way to start a new tradition! The sun was shining, there were Santas EVERYWHERE (apparently 1 Santa even proposed to another during the race), and the festive cheer was definitely evident. See you next year Team Santa!

Rachel Reeves delivered her highly anticipated Autumn 2025 Budget yesterday, 26th November. We have shared details of the points we think you need to know in our Budget Summary newsletter: Please read our summary here. We read and summarise the details so you don't have to! But if you are particularly interested, the full 150 page statement can be found here: Budget 2025 document - GOV.UK

There are some gorgeous, festive activities and events taking place in Skipton in the coming weeks. Take a look at the latest 'Welcome Skipton' newsletter to discover what's on... https://mailchi.mp/45f7e8f816c2/skipton-visitor-newsletter-november-2025?e=11526079c7

From 1 December 2025, the UK’s Financial Services Compensation Scheme (FSCS) deposit protection limit will increase from £85,000  to £120,000  per person, per authorised institution. What is the FSCS Protection limit? The FSCS protects eligible deposits held with UK-authorised banks, building societies and credit unions if the institution fails. What does the increase mean? This is a significant boost for savers who prefer to keep money in cash, but it doesn’t eliminate risk.

HMRC has now started writing to self-employed individuals and landlords who will be required to join Making Tax Digital (MTD) for Income Tax Self Assessment from April 2026. These are the first “mandation” letters confirming that the new digital reporting rules are approaching.   Who is receiving these letters? The first batch, issued in November 2025, is being sent to taxpayers whose gross self-employment and/or property income exceeded £50,000 on their 2024–25 tax return. T

HMRC has started switching its online tax services to a new sign-in system called GOV.UK One Login. You may have noticed that when you go to sign in to your HMRC account, say to pay your tax, you are now prompted to use (or create) a GOV.UK One Login instead of the traditional Government Gateway ID. Here’s what this change means for you. What is GOV.UK One Login? GOV.UK One Login is a new, centralised sign-in system being rolled out across all government online services.

New guidance has been issued this week clarifying how repayments will work for higher-income recipients. Will I have to repay the Winter Fuel Payment? Anyone with total taxable income above £35,000 will now be required to repay the Winter Fuel Payment through the tax system. Income for this purpose includes: ·       State Pension ·       Workplace or private pensions ·       Earnings from employment or self-employment ·       Savings interest and dividends ·       Rental inco

This year’s ‘Talk Money Week’ , which took place from 3-7 November, encouraged individuals to talk about their finances. During this, HMRC focused on sharing information about their app; a newer way to get involved in your own finances.   What is the app? The HMRC app provides tax and financial information for all ages. There are multiple benefits to the app, primarily being it is easy to use and quick to access. You can use the HMRC app to: check your tax code see your compl

In recent weeks, a couple of unexpected internet outages have occurred. While these interruptions were relatively brief, they serve as a useful reminder of how easily unforeseen events can disrupt essential business processes.   Timely submission of information is critical. In particular, payroll processing is highly time-sensitive, and any delay can have a knock-on effect for both employers and employees. By providing your payroll data to us well in advance of deadlines, we

The government is tightening up on non-compliant labour supply chains. From 6 April 2026, new rules will make UK-based agencies and end clients jointly responsible for unpaid PAYE liabilities linked to umbrella company workers.   This marks the next phase of HMRC’s crackdown on tax avoidance in temporary labour markets, following the IR35 reforms, which shifted off-payroll working assessments to end clients.   Who Will Be Liable?   From 6 April 2026, HMRC will have the power

As the nights draw in and the festive season approaches, many businesses look for ways to thank their staff for their hard work throughout the year. Whether you’re organising a Christmas party or showing your staff how valued they are by giving them small gifts, there are tax-efficient options available, provided you observe the rules.   Christmas Parties: What You Can Claim   HMRC offers a tax exemption for annual staff events, but specific conditions must be met: The event

Sometimes earning that extra pound feels like a win, until you realise it’s the most expensive £1 you’ll ever earn.  Hidden within our tax system are “cliffs” and “traps” where a small rise in income can trigger big losses in allowances and benefits. It’s not just about tax bands.  It’s about what else changes when you cross into a different bracket.   Child Benefit From 6 April 2024, the High Income Child Benefit Charge (HICBC) now starts when one partner’s adjusted net inc

With increasing pressure on traditional agricultural income streams, many farms are turning to diversification not just as a growth strategy, but as a means of survival. Whether it’s adding holiday accommodation, dog walking fields, cafes or activity-based tourism, broadening business activity can bring in essential revenue.   However, alongside the opportunities come complexities particularly when it comes to VAT. Understanding the rules and how they apply to different incom

With the rise in electric company cars, HMRC has recently updated its guidance on how mileage claims should be calculated, particularly when electric vehicles (EVs) are charged in more than one location. These apply when an employee is using a company-provided electric vehicle (i.e. one owned or leased by the employer), and is being reimbursed for business travel costs. From September onwards, a new two-rate system has come into effect for reimbursing business mileage in elec

From the 2025/26 tax year, new HMRC rules will apply to UK-based directors of close companies who are required to submit a Self-Assessment tax return. A close company is broadly defined as a UK resident limited company that is controlled by five or fewer participators, or by any number of participators who are also directors. These changes are part of a wider push for greater transparency in company ownership and dividend reporting and will affect many owner-managed and famil

Back in September 1971, the government added a small extra payment to the State Pension for people aged 80 or over, just 25p a week.   At the time, that little amount could buy around two and a half loaves of bread.  Now, more than 50 years later, that 25p payment hasn’t increased at all. According to the Bank of England, 25p in 1971 would be worth about £3.20 today. But in reality, 25p today only buys a few slices of bread .  By the time I’m a retired 80 year-old, it might j

We had a wonderful time on Monday evening (6th October) celebrating the Skipton Business Awards. The event was held at Skipton Town Hall, and - whilst it felt a little strange to be so dressed up on a Monday evening - everyone showed up in their best frocks/suits to celebrate many of the marvellous businesses in and around Skipton. We were delighted to be involved in the event as a category sponsor. This time, we sponsored the 'Skipton Shining Star Award' - recognising a busi

HMRC have launched a campaign to advise taxpayers on tax avoidance schemes and to explain the risks involved.   These schemes are typically marketed to contractors and umbrella company employees, and, as agents, we are encouraged to work alongside HMRC to spread awareness and help clients steer clear of tax avoidance schemes.   Spotting the signs of tax avoidance   Ensure the umbrella company have been accredited and follows a strict ethical code Watch out for anything ‘HMRC

If you’re a business owner considering a sale or wind-down in the near future, it’s important to be aware of upcoming changes to Business Asset Disposal Relief (BADR), which will significantly affect the amount of Capital Gains Tax (CGT) you pay. Previously known as Entrepreneurs’ Relief, BADR offers a reduced rate of CGT on the sale of all or part of a business, provided certain conditions are met. The relief applies to lifetime gains of up to £1 million, offering a valuable

With the proposed scaling back of Agricultural and Business Property Reliefs to 50% for values above £1 million, attention is turning to the lesser-known, but potentially powerful, heritage property reliefs.   Owners of land, buildings, and chattels of national, scientific, historic, or artistic significance may be eligible for a range of tax-saving opportunities under the Inheritance Tax Act 1984. These include:   Conditional Exemption Inheritance Tax can be deferred where q

The Chancellor, Rachel Reeves, has confirmed that the Autumn Budget will be delivered on Wednesday 26 November 2025.  This year’s timing aligns with the government’s intention to have one main fiscal event annually.  What to Watch For (and What Might Change) In a challenging fiscal landscape, many expect the Autumn Budget to include a mix of strategic changes, “stealth” adjustments, and targeted reforms rather than sweeping tax hikes across the board.  What to expect often be

HM Revenue & Customs (HMRC) has reinstated its Direct Recovery of Debts (DRD) scheme, allowing it to recover unpaid tax directly from...

If you are a director who borrows money from your own limited company, you need to know about the implications of Section 455 (S455) tax....

If you, and your spouse or civil partner, jointly own a rental property, now is a good time to review how the income is being split for...

Around 1.4 million individuals are soon expected to receive Simple Assessment Letters from HMRC as part of their compliance work for the...

Adam ran another successful Great North Run this weekend... continuing his achievement of running every year (that the event has taken...

Winter Payments 2025: What Pensioners Need to Know – and How to Opt Out (deadline 12-14 September 2025)   Important changes have been...

Many small business owners only think about tax planning as the year-end deadline approaches. But a last-minute approach often leads to...

Companies House have begun their planned tightening of regulations to combat company fraud, as well as providing more security for...

We had a fabulous time exhibiting at this year's Gargrave Show (16th August). This was our first time at the show and it did not...

Workplace pensions remain one of the most tax-efficient ways to save for retirement — but the amount of tax relief you receive depends on...

HMRC is ramping up efforts to combat VAT fraud in the staffing industry.  Unfortunately, some compliant businesses are increasingly being...

Here's a list of key UK tax dates and deadlines for the upcoming month. Please don't hesitate to contact us if you have any questions...

The Small Business Charter is offering two courses tailor-made for SMEs to help grow your business.  Help to Grow: Management Essentials...

Thank you to everyone that took part in our Yorkshire Day quiz! For those that have been wondering if they answered correctly, the...

HMRC has warned property buyers about unscrupulous agents offering to reclaim Stamp Duty Land Tax (SDLT).  They argue a house was...

The recent passing of pop star Liam Payne has highlighted an issue which is often overlooked: the consequences of dying without a Will....

As we move into August, a quick but important reminder for anyone making Income Tax payments on account for the 2024/25 tax year: if you...

We're very happy to say that we'll be exhibiting at this year's Gargrave Show - which takes place on Saturday 16th August. We'll be...

Several members of our team have recently passed exams... and we are super-proud of all the progress they are making! Lily has passed...