Business
Companies House – Keeping your standard industrial classification (SIC) code accurate
Companies House – Keeping your standard industrial classification (SIC) code accurate When you incorporate a company, one of the first things you need to tell Companies House is what your business does. This is undertaken by selecting a standard industrial classification (SIC) code – a 5-digit code that describes your company’s activity. SIC codes might seem like a…
Read MoreApril 2028 – Profit & Loss mandatory for Small Companies
April 2028 – Profit & Loss mandatory for Small Companies After months of delay, the government has decided to go ahead with balance sheet and profit and loss (P&L) filing for small companies and micro-entities from 1 April 2028, but with a major caveat after intense lobbying against the plans. While it has been confirmed…
Read MoreCompanies House issue warning regarding ‘fake invoices’ to Directors
Companies House issue warning regarding ‘fake invoices’ to Directors Companies House and the Intellectual Property Office (IPO) are running a campaign to warn about the rising risk of unsolicited payment requests from fraudsters posing as the company register, for example, with help on how to differentiate the fake from the genuine invoices. The fake invoices…
Read MoreHMRC – Investigations into SME’s increase
HMRC – Investigations into SME’s increase HMRC recovered 23% more tax per investigation into small businesses and individuals, reaching £24,700 on average in 2024-25, up substantially from £20,100 the previous tax year. With more than 250,000 investigations into small businesses and individuals conducted by HMRC last tax year, has resulted in the discovery of unpaid…
Read MoreApril 2026 – Tax ‘take’ up £6bn in one month
April 2026 – Tax ‘take’ up £6bn in one month Analysis of the latest HMRC figures for April shows that the tax take for the first month of the new tax year continues to soar. HMRC collected £87.3bn in taxes in the month of April, up an incredible £6.3bn from April 2025. Income tax, capital…
Read MoreVAT – Temporary cut to 5% for Children’s Meals
VAT – Temporary cut to 5% for Children’s Meals While the focus of the pre-briefing of the chancellor’s plans was a package of summer holiday measures, dubbed the ‘Great British Summer Saving Scheme’ there were a number of more serious tax measures announced, including a 5% temporary VAT rate. On the time-limited summer support, the…
Read MoreCompanies House – looking to extend retention period for dissolved companies
Companies House – looking to extend retention period for dissolved companies At present, records of dissolved companies are retained for 20 years, an extension of the previous six-year limit for bankrupt and liquidated businesses, but they are only freely available dating back to 2010 at present. The increased transparency and timescales are the result of the…
Read More2026 – The last P11D’s – what happens next?
2026 – The last P11D’s – what happens next? As HMRC moves to payroll filing of expenses and ‘benefits in kind’ from the new tax year, this July will be the last P11D deadline for many employers. What is a P11D? A P11D is a UK tax form employers use to report certain employee benefits…
Read More2025/26 Tax Year changes for Directors
2025/26 Tax Year changes for Directors From the 2025/26 tax year onwards, directors will be required to provide additional information in their tax returns. At first glance, the additional information requirements may seem like a small administrative update, however in practice they raise a number of practical questions. From 2025/26, directors will be required to…
Read MoreApril 2026 – Company car tax rises for EV’s
April 2026 – Company car tax rises for EV’s There are increases in tax for people using electric vehicle (EV) company cars, as the electric vehicle rate goes up from 3% to 4%, adding to the tax costs for employees with these company cars. Standard petrol and diesel rates are also increasing by one percentage…
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