Industry News & Updates

As we’ve shared in previous updates, Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is one of the biggest changes to the UK tax system in recent years. With the first phase starting in April 2026, now is a good time to revisit what it means and who it will affect.

HM Revenue & Customs (HMRC) has issued a warning about scams ahead of the 31 January Self Assessment deadline.

Companies House is increasing a number of its fees, with changes coming into effect on 1 February 2026. Businesses and company directors should be aware of these updates as our own fees will need to be adjusted in line with these increases.

As you’ll be aware from our previous updates, Companies House is in the process of introducing mandatory ID verification for company directors and People with Significant Control (PSCs).

The Bank of England has reduced the base interest rate from 4.00% to 3.75%, offering some relief for UK businesses. Lower rates should help reduce borrowing costs, making it cheaper for SMEs to finance growth, manage cash flow, or refinance existing loans.

With the festive season underway and household budgets feeling the pressure, it may be useful to know that if you are worried about paying your tax bill in one lump sum, you may be able to spread the cost.

The Government has announced a £725 million package of reforms aimed at increasing apprenticeship and training opportunities for young people. While much of the announcement centres on tackling youth unemployment, there could be benefits for small and medium-sized businesses.

The Chancellor has formally written to the Bank of England’s Monetary Policy Committee (MPC) to reconfirm the UK’s inflation target at 2% for the next 12 months, as measured by the Consumer Prices Index (CPI).

The recent Budget confirmed that dividend tax rates will increase from April 2026. The ordinary and upper rates of dividend tax will both rise by 2%.

A legal landmark was reached last week as the Property (Digital Assets etc) Act received Royal Assent.

Companies House is increasing a number of its fees, with changes coming into effect on 1 February 2026. Businesses and company directors should be aware of these updates as our own fees will need to be adjusted in line with these increases.

From 18 November 2025, new legal requirements come into force: all company directors and “persons with significant control” (PSCs) must verify their identity with Companies House.

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.

The latest Autumn Budget brings several important tax and policy changes that will affect small business owners, company directors and anyone who draws income through dividends.

UK inflation eased to 3.6% in the year to October, down from 3.8% in September, according to the latest figures from the Office for National Statistics (ONS).

HM Revenue and Customs (HMRC) are writing to some taxpayers to tell them what they need to do to get ready for the new Making Tax Digital rules that come into force next April.

As of yesterday, Companies House are phasing in identity verification over a 12 month period to make things easier for companies and business owners. 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.

HM Revenue and Customs (HMRC) has reported that over 5.6 million people have accessed its app since the start of the current tax year (6 April 2025).

The Chancellor, Rachel Reeves, gave a surprise ‘pre-Budget’ speech last week that appeared to pave the way for tax rises in the Budget on 26 November 2025.

From 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.

As part of its move to reduce ‘red tape’ and aid business growth, the government has announced plans to remove the requirement for companies to include a directors’ report as part of their annual accounts.

Companies House is increasing a number of its fees, with changes coming into effect on 1 February 2026. Businesses and company directors should be aware of these updates to plan for upcoming filings.

Matthew Taylor CBE, author of the influential Taylor Review of Modern Working Practices, has been appointed as the first Chair of the new Fair Work Agency – a body that’s set to change how the UK enforces employment rights.

Small businesses across the UK are being urged to take simple, practical steps to protect themselves from growing online threats - and a new free toolkit from the National Cyber Security Centre (NCSC) aims to make that much easier.

From 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.

Running your own business often means juggling a lot - and for many, that includes childcare. With autumn school breaks this month, HMRC is reminding working families that the Tax-Free Childcare scheme can be a good way to make some savings.

The Insolvency Service has reported on an investigation it made into a company that was serving as a front to enable unlicensed insolvency activities previously carried out by another firm.

On 21 July 2025, HM Revenue & Customs (HMRC) announced its Transformation Roadmap – a plan to modernise the UK’s tax and customs systems by 2030.

The government has announced its plan to introduce a new digital ID scheme, which will become the standard way to complete Right to Work checks by the end of the current Parliament.

From 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.

New figures show that more than 750,000 young people haven’t claimed their matured Child Trust Funds – savings pots worth an average of £2,242 each.

The UK’s National Cyber Security Centre (NCSC) is urging businesses to prepare for the fact that Windows 10 will no longer be supported from 14 October 2025.

The Autumn Budget will be delivered on 26 November, but the Chancellor’s recent speech in Liverpool has already given us some useful clues about what could be on the table.

From 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.

The government’s Employment Rights Bill has returned to the House of Commons, moving another step towards becoming law.

Small businesses looking to expand premises could soon find it easier following new government commitments to make business rates fairer. An interim report from the Treasury says that the Chancellor will examine ways to tackle “cliff edges” in the system - sudden jumps in rates that can discourage investment.

On 21 July 2025, HM Revenue & Customs (HMRC) announced its Transformation Roadmap – a plan to modernise the UK’s tax and customs systems by 2030.

The Office for National Statistics (ONS) reported last week that the annual inflation rate for August 2025 was 3.8%, unchanged from July.

From April, people drawing the state pension may see an increase of more than £500 a year, thanks to the government’s triple lock guarantee. The policy means the pension rises each year by whichever is higher: 2.5%, inflation, or average wage growth.

The UK’s National Cyber Security Centre (NCSC) is urging businesses to prepare for the fact that Windows 10 will no longer be supported from 14 October 2025.

From 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.

HM Revenue and Customs have reported that 170,000 scam referrals were made to them in the year to July 2025. Encouragingly, this is a 12% reduction on the previous year, however HMRC are warning taxpayers to take care.

The Government has announced an extra £45 million to expand support for young people who are not currently in education, employment or training (known as NEETs).

From 13 October 2025, Companies House will require all businesses to use GOV.UK One Login to access WebFiling. This change is part of a wider government move to introduce a single, more secure login system across all online services.

The government has confirmed that the plug-in van and truck grant will continue through to at least 2027.

The latest Business Banking Service Quality survey organised by the Competition and Markets Authority shows a shift in the way UK businesses are choosing their banking partners.

The Office for National Statistics (ONS) has confirmed that inflation rose to 3.8% in July. At first glance, that sounds like a worrying development for households and businesses. But before assuming the worst, it’s worth looking a little closer at the figures.

The Bank of England reduced its base rate from 4.25% to 4.00% on 7 August 2025. Because HM Revenue and Customs (HMRC) interest rates are directly linked to the base rate, the interest charged on late tax payments and the interest paid on repayments will also fall.