If you have received a letter, email or other communication from HMRC about your cryptocurrency, don't ignore it. HMRC is increasingly using information from cryptoasset providers to identify taxpayers who may have undeclared income or capital gains. And you don't need to be a crypto millionaire to find yourself on HMRC's radar. Cryptocurrency may once have seemed outside the traditional financial system. Those days are gone. Crypto Is on HMRC’s Radar HMRC's latest figures sh

Starting a business can be exciting, but the wrong decisions early on can quietly turn a promising start-up into a business that keeps you busy without delivering the returns you need. Whether you are preparing to launch, finding your first customers or starting to grow, here are some common mistakes worth avoiding. The aim? To build a business that is profitable, properly structured and capable of supporting the life you want. 1. Thinking turnover means success “We’ve done £

Did you know that we have just turned 60? That's right - 6 decades of Shepherd Partnership! There have been a few name and director changes along the way but our business was officially established in 1966. It's been fabulous to be part of the local business community for such a long time and we've had so many wonderful experiences along the way! Our business's longevity can mainly be put down to: Our lovely clients Our fantastic team A wonderful support network Surviving and

We're thrilled to share a guest article from HR advisor, Sarah Seastron of Clockwork HR. Please read on for Sarah's advice about probationary periods for new team members. Probationary Periods and Changes in Qualifying Period for Unfair dismissal Having a robust probationary process is even more important with the change in qualifying period for unfair dismissal coming into effect from January 2027. This is a major change in employment law. The qualifying period for unfair di

If you run a limited company, there’s an important change to be aware of when it comes to filing your Corporation Tax return. From 1 April 2026, HMRC increased the penalties for late filing of Corporation Tax returns. With the increased penalties now in force, making sure your return is filed on time is more important than ever. What’s changed? The standard penalties for late Corporation Tax returns have increased: Up to 3 months late: £200 More than 3 months late: £400 Thre

The Scammers Are at It Again – This Time It's Companies House We've highlighted business scams in previous newsletters, and unfortunately fraudsters continue to find new ways to target UK businesses. One of the latest scams involves criminals pretending to be from Companies House. They are sending convincing emails, letters and making telephone calls designed to trick company directors into making payments or revealing sensitive information. Taking a few moments to check befo

Companies House is changing the way people sign in to its online services. From late August 2026, GOV.UK One Login will become the main way to sign in to the Companies House “Find and update company information” service. What does this mean for you? If you use Companies House yourself, for example to view or update your company details, you will eventually need to move to GOV.UK One Login. You don't need to make the change immediately. Existing Companies House users can conti

Companies House has reminded business owners who have completed their identity verification as a director to check they have also completed the separate verification required for their role as a Person with Significant Control (PSC). A PSC is someone who owns or controls a company, usually by holding more than 25% of the shares or voting rights. Companies House has highlighted that many business owners have completed the director verification but overlooked the separate requi

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

Thank you to all of you who entered our Yorkshire Day quiz! The lucky winners of the £50 Betty's voucher were Stephen and Susan at Harling House Bed and Breakfast in Ingleton. They were thrilled to win and excited to make use of their voucher! All entrants correctly completed the Yorkshire sayings... Where there's muck, there's brass. There's nowt so queer as folk. 'Ear all, see all, say nowt. What's that for t'do wi' price o' fish?

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

After 15 years without a change, the approved mileage rate for cars and vans has been increased from 45p to 55p per mile for the first 10,000 business miles each tax year. These rates apply only for using your own vehicle. Employees using company cars for business travel are subject to HMRC's separate Advisory Fuel Rates. The increase has been backdated to 6 April 2026. What are the New Mileage Rates? Rate Before Now Cars & Vans (first 10,000 miles) 45p 55p Cars & Vans (over

Huge congratulations go to Chloe - from our payroll team - on the arrival of twins! The picture shows them with their doting big sister. Sending huge love to Chloe and family.

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