On 26 November 2025, Chancellor Rachel Reeves presented her second Budget to Parliament.

The Budget contained measures that will affect both individual taxpayers and businesses. We have summarised the key changes. Please contact us if you wish to discuss any matters in more detail.
#Budget #Tax #TaxNews

A summary of the key announcements from Budget 2025

#Budget2025

The government has announced the new minimum wage rates that will come into force from 1 April 2026. 

#NMW #NationalMinumumWage #Apprentice

Some self-employed taxpayers who filed their 2024/25 self-assessment tax return may have been incorrectly asked to pay class 2 national insurance contributions (NIC) on their SA302 tax calculation. HM Revenue & Customs (HMRC) has now confirmed that this issue has been fixed. 
#SA302 #NationalInsurance #NI #Self-Employed

Legislation has been passed by Parliament that defines which properties are eligible for the new Retail, Hospitality and Leisure (RHL) business rates multipliers which come into force on 1 April 2026. HM Treasury has also provided guidance to local authorities on how to apply these regulations. 

The government has confirmed how the new Renters’ Rights Act will be phased in, setting out a three-phase approach that runs from May 2026 through to the end of the decade. 

For many sole traders and small business owners, reviewing their accounting system only happens when something forces the issue. For instance, many sole traders are currently looking at whether their accounting system meets the requirements for Making Tax Digital for Income Tax. 

However, even without a regulatory change, reviewing your accounting systems can yield benefits. The right system can save you time, reduce errors and give you better insight into your business’s finances. 

Here are some practical points to consider. 

The Prudential Regulation Authority (PRA) has confirmed that the Financial Services Compensation Scheme (FSCS) deposit protection limit will increase from £85,000 to £120,000 from the start of December. 

What do you need to know? 

As of 18 November 2025, identity verification will become a legal requirement for all company directors and People with Significant Control (PSCs). This is part of a wider reform under the Economic Crime and Corporate Transparency Act 2023, and it’s set to impact millions of individuals connected to UK companies. 

If you're a company director or PSC, this change will affect you, and it’s important to understand what is required, and when. 

Macmillan coffee morning fundraiser. Thank you to all who came along and supported our event.

Form VAT652 (Error Correction) was withdrawn on 8 September 2025.

If the errors cannot be amended on the VAT return, they must be disclosed using HMRC’s online error correction service. 

The Chancellor will deliver the Autumn Budget 2025 on 26 November 2025.

UK-based holders of cryptoassets will have to provide personal details to their crypto service providers or face penalties of up to £300 from HMRC. 

#UKCrypto #CryptoTaxUK #CryptoRegulation

Parents of 16 to 19-year-olds will receive reminders from HMRC to extend their Child Benefit claim by 31 August if their child is staying in education or training or payments will automatically stop.

#ChildBenefit #16to19

The Neonatal Care (Leave and Pay) Act 2023 came into force on 6 April 2025. This law provides a new leave and pay entitlement for parents with a baby in neonatal care. 

Depending on how long their baby is in neonatal care, parents will now have the right to have up to 12 weeks leave and pay. This right is in addition to other time off and pay. 

#NeoNatalCare

If you're a sole trader or landlord with annual income over £50,000, a major change is coming your way. From 6 April 2026, you may be required to keep digital business records and submit quarterly updates to HM Revenue and Customs (HMRC) under Making Tax Digital (MTD) for Income Tax. 

This is one of the biggest shifts in Self Assessment since it was introduced, and it will mean significant changes in how you manage your accounts. 

#MTD #ITSA #Landlords

From 8 April 2025, Companies House has launched a new identity verification system as part of changes under the Economic Crime and Corporate Transparency Act 2023. 

If you’re a director, person with significant control (PSC), or someone who files on behalf of a company, this applies to you. 

#CompaniesHouseIDChecks #ACSP

From 6 April 2025, a new regime for the taxation of UK resident non-domiciled individuals came into effect.

#NonDom #UKTax #Expats

The Furnished Holiday Lettings (FHLs) regime was abolished on 6 April 2025. What does the abolition mean for your holiday letting property? 

The property will become part of either your main UK or overseas property business. This means that some of the beneficial tax rules that previously applied will no longer apply,

The recent Spring Statement announced that Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses.

Read on to see how and when your business might be affected.

#MTD #MTDITSA #ITSA #SoleTrader #Landlord