Business
Profit & Loss will become mandatory when filing for small companies from 2027
Profit & Loss will become mandatory when filing for small companies from 2027 Major changes to filings for small companies will come into force shortly with compulsory profit and loss accounts and balance sheet disclosures. Companies House will begin streamlining the accounts filing options for small and micro-entity companies as well as the abolition of…
Read MoreHMRC releases information regarding businesses with HMRC debt
HMRC releases information regarding businesses with HMRC debt Reports from HMRC suggest that companies are struggling to pay tax bills on time with arrears to HMRC running at an average of £28bn per month, with official figures, which have been obtained from HMRC under the Freedom of Information, revealing the scale of unpaid debts owed…
Read MoreCompanies House ‘clean up’ is underway!
Companies House ‘clean up’ is underway! It has been reported that Companies House and the Insolvency Service have worked collaboratively to shut down thousands of companies thought to be involved in ‘illicit activities’, such as using fraud to incorporate businesses in the UK. By working together they have managed to catch up with 30 entities…
Read MoreLate payment penalties rise to 10%
Late payment penalties rise to 10% From this tax year, the slowest payers will face a ‘more than doubling’ in the penalty rate with no time to avoid this as the hike is already in place. As part of the push to close the tax gap, late payers will face a much tougher penalty regime…
Read MoreUnderstanding CITB Levy Returns: What You Need to Know!
Understanding CITB Levy Returns: What You Need to Know! A CITB (Construction Industry Training Board) Levy Return is an annual form that registered employers in the construction industry must complete and submit. The return assesses the amount of levy owed to the CITB, and the funds collected via the levy are used to fund training, such…
Read MoreHMRC expected to raise £255M in late payment interest
HMRC expected to raise £255M in late payment interest HMRC recently cut the late payment interest rate to 8.25% following the Bank of England’s 0.25% base rate cut in May but it is still historically as high as it was in 2007 at the time of the financial crash. With effect from 6 April 2025,…
Read MorePros and cons of PAYE salary, dividends or a combination of both – what is best for company directors?
Pros and cons of PAYE salary, dividends or a combination of both – what is best for company directors? With several tax changes coming into play, have you considered and discussed with your accountant the plan for this tax year (2025/26). So, to start with, let’s look at some of those important changes which may…
Read MoreBanks will have to give 90 days’ notice to close business bank accounts
Banks will have to give 90 days’ notice to close business bank accounts Legislation is now in force to protect millions of small business owners from having their bank account closed without notice or adequate reason, following the introduction of new rules which protect consumers. The legislation has been introduced to curb the debanking that…
Read MoreTax investigations lasting an average of 45 months
Tax investigations lasting an average of 45 months HMRC tax investigations are running on for as long as three years and nine months on average which is putting a significant burden on businesses with reports showing that at any given time it is predicted that half of the UK’s biggest businesses are under investigation by…
Read MoreTax receipts go over £850bn for the first time
Tax receipts go over £850bn for the first time Gross tax receipts have surpassed last years by £28.1bn, reaching a high of £857bn as stamp taxes, inheritance tax, and income tax increase drastically. HMRC’s tax receipts have risen to £857bn in 2024/25, compared with £828.1bn in 2023/24. The total tax take was only £633bn pre…
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