Business
Budget 2026 – revised tax treatment of leases
Budget 2026 – revised tax treatment of leases Revised lease accounting rules means immediate change to tax treatment for businesses using lease and leaseback arrangements for plant and machinery, as part of the 2026 budget, where HMRC confirmed immediate changes to the tax treatment of certain lease and leaseback arrangements. This means a right-of-use leaseback…
Read MoreBudget 2026 – Thousands of businesses affected by online selling VAT changes
Budget 2026 – Thousands of businesses affected by online selling VAT changes Both sellers and online platforms face estimated £48m costs as VAT collection rules tightened up in HMRC clampdown as the major change to VAT rules, confirmed at the 2026 Budget is designed to clamp down on VAT fraud and evasion by UK VAT…
Read MoreBudget 2026 – £3,000 trading allowance from April 2027: what you need to know
Budget 2026 – £3,000 trading allowance from April 2027: what you need to know If you run your own business as a sole trader, understanding the trading allowance can help you make an informed choice when preparing your accounts and tax return. Budget 2026 announced an increase from £1,000 to £3,000 from 6 April 2027.…
Read MoreHMRC Steps Up Tax Debt Recovery: What Businesses Need to Know
HMRC Steps Up Tax Debt Recovery: What Businesses Need to Know HMRC is intensifying its efforts to recover unpaid tax, with a sharp rise in the number of businesses facing winding-up action. The figures are a timely warning for company directors: tax arrears should be addressed early, before they develop into a threat to the…
Read MoreMaking Tax Digital: Are You a Sole Trader or Landlord Earning Over £30,000? Now Is the Time to Prepare
Making Tax Digital: Are You a Sole Trader or Landlord Earning Over £30,000? Now Is the Time to Prepare Making Tax Digital for Income Tax becomes mandatory from April 2027 for sole traders and landlords with qualifying income over £30,000. If this affects you, now is the time to get ready — and Kennedys Accounting…
Read MoreMaking Tax Digital for Income Tax: Key Dates and Deadlines for 2026–2028
Making Tax Digital for Income Tax: Key Dates and Deadlines for 2026–2028 A practical guide for sole traders and landlords on MTD thresholds, quarterly updates, tax return deadlines and penalties. Making Tax Digital (MTD) for Income Tax is changing how many sole traders and landlords keep records and report income and expenses to HMRC. Instead…
Read MoreR&D Tax Relief Changes: What Innovative Businesses Need to Know
R&D Tax Relief Changes: What Innovative Businesses Need to Know Research & Development (R&D) tax relief for innovative businesses remains a valuable source of funding for UK innovation, but the claims environment has changed. HMRC’s latest figures for 2024–25 show that total relief increased by 5% to £8.2 billion, while the overall number of claims…
Read MoreHow to Start a Cake Shed in the UK: Tax, HMRC and Food Business Rules
How to Start a Cake Shed in the UK: Tax, HMRC and Food Business Rules A simple guide for home bakers selling cakes from an honesty-box stall, covering the £1,000 trading allowance, Self-Assessment, record keeping and food business registration. Thinking of starting a cake shed in the UK? These small honesty-box cake stalls are popping…
Read MoreUK Corporation Tax Receipts Reach £100.4bn as Growth Slows
UK Corporation Tax Receipts Reach £100.4bn as Growth Slows UK corporation tax receipts passed £100bn for the first time in 2025–26, rising 4% to £100.4bn. Yet the £3.5bn annual increase suggests growth is levelling off, raising questions about the 25% main Corporation Tax rate, business investment and the wider economy. What the latest HMRC figures…
Read MoreOdoo v20: What the Latest Developments Mean for Your Business
Odoo v20: What the Latest Developments Mean for Your Business Odoo Experience 2026 gave us at Kennedys Accounting plenty to think about. While there were developments across almost every part of the Odoo platform, one message came through particularly strongly: Odoo v20 is making greater use of AI and automation to reduce manual work and…
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