News

| 12-08-2025

Important Changes to Agricultural & Business Relief – Take Action Before April 2026

| 06-08-2025

The 2024 Autumn Statement introduced proposed new rules relating to Business Relief (BR), formerly Business Property Relief (BPR), and Agricultural Property Relief (APR), coming into force

Maximise the profits in your business

| 04-08-2025

When it comes to growing a business, many people focus on increasing sales. But sales alone don’t pay the bills - profit does. If you want your business to thrive, it’s important to look beyond the top line and focus on what’s actually left at the end of the day.

Revived Pensions Commission Aims to Secure Better Retirements

| 30-07-2025

The government has announced the revival of the Pensions Commission, twenty years after it helped bring in automatic enrolment. Its goal is to stop future pensioners from being worse off than those retiring today.

Government Borrowing Jumps – Are Tax Rises on the Way This Autumn?

| 30-07-2025

UK government borrowing was £20.7 billion for June, according to new figures from the Office for National Statistics (ONS) - an increase of £6.6 billion compared to the same month last year.

New Charity SORP Is on the Way: What Trustees and Finance Teams Should Know

| 30-07-2025

If you're involved with a charity - whether you're on the board, manage the accounts, or provide support behind the scenes - you may have heard that there are

HMRC Releases Transformation Roadmap

| 30-07-2025

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. HMRC have said that the aim of the Transformation Roadmap is to make the tax administration

Are You Making Use of the Employment Allowance?

| 23-07-2025

UK Economy: Growth Falters, Inflation Rises – Practical Takeaways for Business Owners

| 23-07-2025

Business owners across the UK are facing an increasingly complex economic picture. Inflation has crept up again and recent figures show the economy has

Pension Reforms: What Can You Do to Prepare?

| 15-07-2025

The Government's new Pension Schemes Bill, currently before Parliament, introduces wide-reaching reforms aimed at improving outcomes for pension savers. These changes will not only affect how pensions are

Could Reading More Help Your Business?

| 15-07-2025

The Department for Education has announced a National Year of Reading, launching in January 2026, in a bid to reverse the steady decline in reading for pleasure among young people. According to a survey carried out

Is it Too Hot or Cold to Work? What Employers Need to Know

| 15-07-2025

With the UK experiencing more frequent extremes in temperature - both hot and cold - it’s worth brushing up on what the law says about working conditions, and what you can do to keep

Farm Inspections to Increase by 50% as Environment Agency Steps Up Regulation and Support

| 07-07-2025

Farm businesses are set to face greater scrutiny from the Environment Agency (EA) following an announcement that

Progress as Companies House Reforms Target Economic Crime

| 07-07-2025

Companies House is undergoing a major transformation following the introduction of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). Backed by new legislative powers,

Big Changes Could Be Coming to Parental Leave – What Employers Should Know

| 07-07-2025

The government has launched a full review of the UK’s parental leave and pay system, aiming to make it fairer, simpler and better suited to the needs of modern

Earning Extra Income? You Might Need to File a Tax Return – Here’s What to Know

| 30-06-2025

If you earn extra income from a side hustle, you could be legally required to register for Self Assessment and complete a tax return - and it’s better to get

Ten Years of Free Companies House Data – and How It Can Help Your Business

| 30-06-2025

Last week marked ten years since Companies House made all digital company data freely available through its online service on GOV.UK.

Inflation Falls Slightly to 3.4% for May

| 25-06-2025

According to the latest figures released by the Office for National Statistics, the main rate of inflation decreased from 3.5% in April to 3.4% in the year to May. Looking at the figures behind the headline rate shows that food prices

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As the UK heads into the Budget this autumn, speculation is mounting over whether Chancellor Rachel Reeves will be forced to raise taxes to plug a growing gap in the nation’s finances. According to the National Institute of Economic and Social Research (Niesr), the government is on course to miss its own borrowing targets by £41.2 billion, unless action is taken. Niesr warns that a “moderate but sustained increase in taxes” may be the only realistic route for the government, particularly under the borrowing rules the chancellor has described as “non-negotiable.” A “Trilemma” for Reeves When Reeves became Chancellor, she set out two strict fiscal rules:

Day-to-day government spending must be funded by tax revenues, not borrowing.
Public debt must fall as a share of national income within five years.

These rules were intended to reassure investors and signal economic credibility. However, meeting them is becoming increasingly difficult as weaker-than-expected economic growth and the reversal of welfare cuts are expected to deliver less than previously forecast. The ongoing effect of US trade tariff policies on global trade is also a challenge. Niesr says the chancellor faces a “trilemma” between:

Fulfilling Labour’s spending commitments.
Sticking to the manifesto promise not to raise taxes on working people.
Meeting the self-imposed borrowing rules.

The deputy director for macroeconomics at Niesr, Stephen Millard, said that if the chancellor is going to be able to raise £40 billion, “I think one of the big taxes is going to have to be raised.” Where Might Tax Increases Come From? NIESR has suggested the government could raise revenue by:

Extending the freeze on income tax thresholds beyond 2028 (a stealth tax that raises more as wages rise).
Reforming council tax, or even replacing it with a land value tax.
Changing the scope of VAT.
Reforming pensions allowances.

A Difficult Autumn Ahead With all these pressures converging, the upcoming Autumn Budget could be a significant one. However, whether it will include tax rises, stealth tax extensions, or reforms to the tax system, remains to be seen. As always, we’ll be keeping a close eye on the Autumn Budget and any announcements that could affect you or your business. Once the details are confirmed, we’ll provide a clear summary highlighting what matters most – whether that’s changes to tax rates, allowances, or other measures. If you have any questions about the effect of tax on your business or personal situation, please give us a call, we’ll be happy to help you. See: https://www.bbc.co.uk/news/articles/cn85vyd1epzo

The 2024 Autumn Statement introduced proposed new rules relating to Business Relief (BR), formerly Business Property Relief (BPR), and Agricultural Property Relief (APR), coming into force from 6 April 2026. A consultation with HMRC recently closed, the outcome of which was confirmed on 21 July. Subject to further amendments, the announcements will be included in the upcoming Finance Act.

What’s new?

The new legislation relating to farms and businesses brings in a £1million allowance per person, spread across agricultural and business assets if both are owned.

This is a dramatic change to a regime which has been in place for many years, and which allowed qualifying business assets and farms to pass down the generations without a tax charge. The current rules state that where qualifying conditions are met, these assets receive 100% Inheritance Tax (IHT) relief.

Latest updates

The recent HMRC consultation confirmed that the £1million allowance will now ‘renew’ every seven years, in the same was as the £325,000 IHT Nil Rate Band. It also confirmed that the £1million allowance is not transferrable on death to a surviving spouse.

What hasn’t changed?

These proposed changes do not affect the operation of the IHT Nil Rate Band of £325,000 or the Residence Nil Rate Band of £175,000.

What happens after April 2026

From 6 April 2026, qualifying agricultural and business assets will only be exempt from IHT up to £1million per person if the conditions are met. Any excess value above this limit only receives 50% relief. This gives an effective IHT rate of 20% on the value above £1million.

What can be done?

There is an opportunity, prior to 6 April 2026, to carry out planning based on the current transitional rules. This will allow you to remove agricultural and / or business assets from your estate – potentially in excess of the £1million allowance – without an immediate charge to IHT by transferring (gifting) assets which qualify for the relief.

If you feel the situation outlined applies to you, it is important that you contact us as soon as possible for planning to be carried out before 6 April 2026.

Transfers (gifts) can be made to:

· Individuals. A seven year survival period for IHT applies. There may be Capital Gains Tax (CGT) to consider but this can usually be deferred. However, you will lose control of the asset(s).

· Trusts. The same IHT and CGT position applies but you can (jointly with your trustees) retain control of the asset(s).

Trusts are widely used estate planning vehicles but are particularly useful in this situation, in view of the upcoming changes. A trust will, usually, also receive its own £1million IHT allowance for qualifying agricultural and business assets.

It is crucial for planning to be considered during this transitional period allowing, perhaps, larger value gifts to be made than would be the case from 6 April 2026.

There are important considerations when using a trust, but this current time-limited opportunity should not be ignored. Using a trust will allow you to remove assets from your estate which might otherwise generate IHT liabilities under the new rules.

What else can be done?

Other options to mitigate the IHT burden can be considered, such a life insurance to provide funds towards a potential IHT liability.

Your Wills should be reviewed

It is also important for holders of these qualifying agricultural and business assets to review their Wills to ensure they are structured to make use of all available reliefs and exemptions. This is particularly relevant bearing in mind the inability to transfer the £1m allowance.

Download our handy PDF HERE

When it comes to growing a business, many people focus on increasing sales. But sales alone don’t pay the bills – profit does. If you want your business to thrive, it’s important to look beyond the top line and focus on what’s actually left at the end of the day.

Why profit matters more than sales

High sales figures might look impressive, but if your costs are just as high (or higher), your business may be working hard for very little reward. Profit is the real measure of success – it’s what gives you the freedom to reinvest, grow, or simply take home a decent return for your hard work.

Understand your gross profit

Gross profit is what’s left after you subtract the direct costs of producing your goods or delivering your services. These are things like materials, stock, or labour that’s linked directly to a sale.

For instance, if you sell a product for £100, and it costs you £60 to make or buy it in, your gross profit is £40.

Keeping an eye on gross profit helps you understand how efficient your core business activity really is. To improve it, you might:

Review pricing – are your products or services priced correctly for the value you offer?
Reduce costs – can you source materials more efficiently or cut waste?
Focus on higher-margin products – do some lines bring in more profit than others?

Why cutting prices can backfire

It’s tempting to drop prices to bring in more sales, especially when things are quiet. But a lower price means a lower profit per sale – and you may end up working twice as hard for half the reward. Unless your costs drop too, chasing sales this way can shrink your margins and leave you worse off.

Know your numbers

One of the simplest ways to improve profit is to understand exactly what money is coming in – and where it’s going out. Many small businesses are surprised when they look closely at their figures. Regular financial reporting, even at a basic level, gives you the insight to spot leaks, adjust quickly, and make confident decisions.

A clearer path to profit

Profit isn’t just about cutting costs – it’s about understanding your business and making small changes that add up over time.

If you’d like support reviewing your margins, simplifying your reporting, or exploring ways to make your business more rewarding, we’d be happy to help. Just get in touch for a chat.

New government analysis suggests some worrying trends:

45% of working-age adults are saving nothing into a pension
4 in 10 people are undersaving for retirement
Self-employed workers, low earners and some ethnic minorities are most at risk of falling behind
There’s a 48% gap in private pension wealth between men and women

It’s estimated that people retiring in 2050 could see 8% less private pension income than today’s pensioners.

What’s the Commission going to do?

The newly revived Commission will look at what may be stopping people from saving enough and will issue its final report in 2027.

What does this mean if you’re a business owner or self-employed?

If you’re self-employed or run a small business, this news is a reminder to check in on your own retirement planning. The figures suggest that 3 million self-employed people aren’t saving into a pension.

However, these figures don’t factor in that many business owners look to use their business as their pension. For instance, you may be planning to sell the business or property within it to fund retirement.

Whatever the case, it’s practical to regularly review your planning to check that you will have enough to retire on. Contributing to pensions also carry some tax advantages which can be worth factoring in.

Possible effects on employers could include auto-enrolment being expanded with increased costs or administration work. It’s too early to know what the Pension Commission will recommend, but it could pay to watch developments so that you can be prepared.

See: https://www.gov.uk/government/news/government-revives-landmark-pensions-commission-to-confront-retirement-crisis-that-risks-tomorrows-pensioners-being-poorer-than-todays

UK government borrowing was £20.7 billion for June, according to new figures from the Office for National Statistics (ONS) – an increase of £6.6 billion compared to the same month last year.

While the overall figure is broadly in line with forecasts for the year so far, the rise has added pressure on Chancellor Rachel Reeves ahead of the Autumn Budget. Higher spending on public services, rising interest payments on debt, and weaker-than-expected tax receipts have contributed to the increase.

What does this mean for taxpayers?

Economists now widely expect that the Chancellor will need to find £15–25 billion later this year to meet her fiscal rules – particularly the commitment to:

Not borrow for day-to-day spending
Get debt falling as a share of national income by 2029–30

This makes tax rises a real possibility in the upcoming Budget.

What kind of tax changes could we see?

Obviously, nothing has been confirmed yet, but there is speculation about extending the freeze on income tax thresholds beyond 2028, which brings more people into higher tax bands over time

Other possibilities might include targeted tax increases on capital gains, dividends, pensions, or business reliefs, or maybe reforms to tax breaks – particularly those perceived as benefiting higher earners or larger businesses.

At this stage it’s difficult to predict what could change, however we’ll continue monitoring developments as the Budget approaches. If you’d like to talk through your tax planning or discuss what changes could mean for you, please get in touch.

See: https://www.bbc.co.uk/news/articles/cwygq5plz04o

If you’re involved with a charity – whether you’re on the board, manage the accounts, or provide support behind the scenes – you may have heard that there are some changes coming to the way charities report their finances.

The biggest step in that process has been completed with the consultation into the new Charities Statement of Recommended Practice (SORP) now closed. Over 140 stakeholders submitted their views, and these are now being analysed to help shape the final version of the guidance.

So, what should charities be doing in the meantime?

What Is the SORP?

The SORP (Statement of Recommended Practice) is the framework that sets out how charities should prepare their accounts to comply with UK accounting standards.

The SORP-making body includes the Charity Commission for England and Wales, the Office of the Scottish Charity Regulator (OSCR), and the Charity Commission for Northern Ireland.

When Will the New SORP Apply?

The updated SORP is expected to be published in October 2025. It will apply to financial years starting on or after 1 January 2026.

So, if your charity’s financial year runs from January to December, you’ll be using the new SORP from January 2026. If your year starts in another month, the changes will kick in at the beginning of whichever month starts your 2026/27 financial year.

What Should You Do Now?

While the full guidance won’t be finalised until October, the Charity Commission are urging charities to get ready for the changes the Financial Reporting Council introduced on lease accounting and revenue recognition.

Those changes involve:

Lease accounting: There are changes to how leases are reported in the accounts. Most leases will now appear on the Balance Sheet, although there are some exceptions.

Revenue recognition: This is all about when income is recognised in your accounts. The new rules may change how you account for grants, donations, contracts, and trading income – particularly where there are conditions attached.

If you’d like a friendly chat about what these changes might mean for your charity, or if you want to schedule a SORP-readiness review later this year, just get in touch. We’d be happy to help you.

See: https://www.gov.uk/government/publications/charity-commission-news/charity-commission-news-july-2025

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.

HMRC have said that the aim of the Transformation Roadmap is to make the tax administration system more automated, more focused on self-service and better set up to get things right first time. The roadmap includes more than 50 IT projects, services and measures.

Let’s see what some of these include.

New PAYE service

As part of the Transformation Roadmap, a new online PAYE service will be launched that’s designed to give all UK PAYE taxpayers easier access to their tax affairs. Through their Personal Tax Account or the HMRC app, employees will be able to check and update things like:

Income details
Tax codes
Allowances and reliefs
Work-related expenses

For employees, this should mean more visibility and control of their tax. For employers, it could mean fewer questions from staff about their tax codes or deductions – especially if you’re already fielding those awkward “why has my tax changed?” queries.

If you run payroll or support employees with benefits or expenses, it’s a good idea to keep an eye on these updates. Over time, staff might expect you to understand and even guide them through using these services.

Push for 90% Digital by 2030

HMRC is clear that they feel the future is digital. Their goal is for 90% of customer interactions to happen digitally by 2030.

That means less reliance on letters and phone calls, and more emphasis on apps, online forms, and AI-powered assistants. In fact, HMRC believes they can save £50 million a year just by reducing paper correspondence.

Post will still exist, but only for critical correspondence and those who genuinely need it.

AI and Automation

Artificial Intelligence (AI) is playing a big role in this transformation. HMRC will use it to:

Help staff summarise calls and cases
Improve online guidance with digital assistants
Spot fraudulent documents using biometric checks
Develop principles for how third-party software (like payroll or tax apps) should interact with HMRC systems

It seems there is a growing emphasis on real-time data and compliance. For example, the introduction of a Digital Disclosure Service will allow taxpayers to correct mistakes more easily – but also means HMRC will have better tools to spot issues.

What Else is Coming Soon: A Few Key Projects

A few measures that HMRC are planning to rollout in this tax year include:

SMS confirmations for Self Assessment updates and some PAYE services
A more streamlined process for registering or exiting Self Assessment
Voice biometrics to speed up telephone verification
A new option for higher earners to manage Child Benefit charges through their tax code

There’s also a focus on tackling offshore tax avoidance, especially among high-net-worth individuals. Tax avoidance amongst non-compliant umbrella companies will also be targeted.

What’s Coming Later?

HMRC will be looking at how they can modernise the penalties they charge for late tax payments and will be providing an update on how they plan to do this later in the year.

Other measures that are in the pipeline include:

Digitising the Inheritance Tax service
Allowing agents to submit information that affects a tax code digitally
An electronic trade documentation pilot looking at how to improve customs operations

New legislation is also planned for April 2026 that will make recruitment agencies legally responsible for accounting for PAYE where they use umbrella companies – so if you use workers in such an arrangement that’s going to be worth a closer look.

What Should You Do Now?

Here are a few simple steps to consider:

Encourage employees to activate and explore their Personal Tax Accounts if they have questions about their tax code.

If you use payroll software, keep an eye on updates from your software provider to make sure your system remains compatible with future HMRC requirements

Stay informed – we’ll be keeping an eye on the rollout and will continue to share relevant updates.

Plan ahead for compliance – it looks as though HMRC will be quicker to penalise when things aren’t done right.

If you’re unsure how these changes might affect your business – or you’d like help reviewing your payroll, compliance processes, or digital readiness – we’re here to support and help you.

To read the Transformation Roadmap in full, see: https://www.gov.uk/government/publications/hmrc-transformation-roadmap/hmrcs-transformation-roadmap

The Tax Faculty of the Institute of Chartered Accountants in England and Wales (ICAEW) is encouraging employers to take a fresh look at the Employment Allowance. If you have a payroll and are not already claiming this allowance, it could reduce your employer national insurance contributions (NICs) by up to £10,500 for the 2025/26 tax year.

It’s a simple, practical incentive that’s already widely used – over 1.2 million employers claimed it in 2024/25 – but some businesses are still missing out, especially newer or smaller employers unfamiliar with the scheme.

What is the Employment Allowance?

The allowance reduces an employer’s Class 1 NIC liability, and is applied through your payroll, meaning you feel the benefit in real time.

The allowance reduces the employer’s NIC liability, not an employee’s.

It’s worth up to £10,500 in 2025/26.

Who can claim?

The ICAEW’s Tax Faculty point out that all employers, including businesses, charities and individuals employing a care or support worker can claim, with the following exceptions:

Public authorities (who do 50% or more of their work in the public sector) other than charities.

Single-director companies where the director is the only paid employee.

One restriction to note is that if you employ someone whose earnings are subject to the off-payroll working rules, or a nanny or gardener or someone else providing personal household or domestic work (and they’re not a carer or support worker), then the allowance can’t be used to offset the Employers NIC due on their specific wages.

Also, if your business operates multiple payrolls or is connected to other companies (e.g. within a family business structure), you can only claim once. Determining whether companies are connected isn’t always straightforward to work out, so it’s best to get advice if you’re unsure.

What’s new for 2025/26?

The maximum allowance has risen to £10,500 (previously £5,000).

Restrictions that previously blocked many larger employers from claiming have been lifted.

It no longer counts as de minimis state aid, simplifying compliance for many.

Can you claim for previous years?

Yes – you can go back four tax years. Which means if you were eligible but didn’t claim Employment Allowance for the 2021/22 tax year, you still have until 5 April 2026 to make a claim.

The eligibility requirements can vary for different tax years, so the ICAEW advises that you check the specific eligibility rules for each year before making a retrospective claim.

Bottom Line

If you’re not already taking advantage of it, the Employment Allowance offers real cash-flow benefits. If you would like help in making a claim or checking if you are eligible, please get in touch and we would be happy to help you.

See: https://www.icaew.com/insights/tax-news/2025/jul-2025/how-to-make-the-employment-allowance-work-for-you

Business owners across the UK are facing an increasingly complex economic picture. Inflation has crept up again and recent figures show the economy has contracted for two months in a row. So, what’s really going on – and what should you be doing as a business owner?

Inflation rises again

The latest figures from the Office for National Statistics show inflation rose to 3.6% in the year to June, up from 3.4% in May. This is the sharpest increase since January 2024 and was driven mainly by rising motor fuel and food prices. Food price inflation has increased for the third consecutive month.

The Bank of England expects inflation to peak around 3.7% in the summer before easing towards its 2% target later in the year. But for now, rising prices are continuing to put pressure on households and businesses alike.

Economic growth faltering

The economy shrank by 0.1% in May, following a 0.1% fall in April. These figures were worse than expected and are mainly down to a drop in manufacturing and weak retail sales. While the economy saw strong growth earlier in the year, that now looks like a temporary boost – partly due to changes in US tariffs and the end of the UK stamp duty break.

Although the economy isn’t technically in recession, it is clearly struggling. Business confidence and activity in some sectors remain fragile, and growth may be modest in the months ahead.

Interest rate cuts on the horizon

There may be some relief ahead in the form of lower interest rates. Bank of England governor Andrew Bailey has said he believes the path for rates is “downward”, and many economists expect a rate cut at the next review in August.

Rates currently sit at 4.25%. A rate cut would reduce the cost of borrowing and could help ease pressure on mortgages, loans and credit. The Bank is being cautious because inflation is above target. However, Mr Bailey indicated that if the job market is showing signs of cooling down the Bank will be prepared to make cuts.

There are signs of that happening. The number of job vacancies has fallen to its lowest level since 2021, and more people are now available for work.

Many employers are struggling to absorb increased payroll costs due to the government’s recent increase in National Insurance for employers as well as the National Living Wage. As an example, National Trust cited these as reasons for its plan to cut 550 jobs from its payroll over the next few weeks.

What are the takeaways for your business

Here are some key takeaways and practical tips for navigating the current climate:

Keep an eye on costs: With inflation on the rise again, review your costs – especially around fuel, food and other goods affected by price increases. If you can, negotiate supplier contracts early to lock in rates.

Plan for potential interest rate cuts: If your business has borrowing (loans, overdrafts or credit lines), a rate cut in August could reduce your costs. Consider reviewing repayment terms or refinancing if you expect rates to drop further later in the year.

Watch your cashflow: If the economy is stalling, demand in some sectors may weaken. Make sure you have a clear view of your cashflow over the next 3-6 months. Adjust your spending plans if needed and chase payments due from your customers promptly.

Take care with hiring decisions: Given slower economic growth and higher employer NICs, it’s sensible to be cautious with recruitment. Consider flexible or temporary options if you’re unsure about long-term demand.

Exporting? Look abroad for growth: Some UK businesses are still thriving by focusing on overseas markets. If your product or service can be exported, this may be a way to grow even if domestic demand softens.

Be ready for tax changes at the Autumn Budget: The Chancellor will face difficult choices later this year, and some are anticipating further tax changes. We’ll be keeping you updated as we learn more.

Final thoughts

It’s a challenging environment, but not without opportunities. If you stay alert, control what you can, and keep your plans flexible you’re likely to be well placed to keep your business resilient as the economic picture develops.

If you need help reviewing your costs, cashflow or hiring strategy in light of these changes, we’re here to help.

The Government’s new Pension Schemes Bill, currently before Parliament, introduces wide-reaching reforms aimed at improving outcomes for pension savers. These changes will not only affect how pensions are administered but also impact scheme selection, cost management, and employee engagement over the long term.

Figures released last week suggest that the average worker on an average salary saving into a pension pot over their working life could benefit by up to £29,000 when they retire.

Here are two of the measures that could particularly affect small employers.

Automatic Consolidation of Small Pension Pots

Small pension pots under £1,000, often created when employees change jobs, will now be automatically consolidated into large, authorised schemes that have been certified as delivering good value.

This change will reduce the administrative work involved in holding and reporting on multiple inactive pots. This could have an indirect benefit to employers too.

Schemes Will Need to Prove They Are Value for Money

Pension schemes will need to meet new regulatory standards to prove they offer long-term value, not just low charges. This will help protect savers from getting stuck in underperforming schemes. The intention is to help employees get the best possible retirement outcomes.

As an employer, you will need to make sure the default pension scheme you use is meeting these standards. Failing to do so will run the risk of being required to switch schemes.

In addition, a poorly performing scheme could affect the value of the benefits package you offer and might lead to losing existing or potential employees.

What Can You Do to Prepare?

It may be worth speaking to your pension adviser so that they can provide you with specific advice on the pension scheme you use and its value.

As the value-for-money requirements become clear, review your pension provider to ensure they’re on course to meet the requirements.

Employees may have questions about how the changes may affect their pension, so be ready to communicate with them early and provide support where needed.

These changes may create an opportunity to re-evaluate how your workplace pension supports retention and financial security for your workforce.

By staying ahead of these changes now, you can ensure your business continues to provide high-quality, compliant pension arrangements that support your employees’ long-term financial wellbeing.

See: https://www.gov.uk/government/news/workers-in-line-for-29000-boost-thanks-to-landmark-pensions-bill

The Department for Education has announced a National Year of Reading, launching in January 2026, in a bid to reverse the steady decline in reading for pleasure among young people.

According to a survey carried out by the National Literacy Trust, just 1 in 3 of children and young people aged 8 to 18 said they enjoyed reading in their free time in 2025. Less than 1 in 5 said they used their free time to read daily. This is the lowest these statistics have been in 20 years.

The National Year of Reading campaign aims to reignite a reading culture by involving parents, schools, libraries, and businesses. While the initiative is focused on children and families, there could be wider benefits.

Reading regularly for pleasure has been shown to reduce stress and can improve decision-making. Considering the multiple responsibilities you juggle, reading may not only lessen your stress levels but also freshen your approach when it comes to work.

Books can also give you new ideas – whether it’s a biography that reshapes how you think about leadership, or a business title that gives you some new marketing strategies.

Reading for pleasure is also linked with stronger writing skills. Being a more confident and a clearer communicator, whether in an email or a client pitch, could benefit you in your interactions with customers and suppliers. A culture of reading within your team could similarly have a positive effect on how your staff engage with customers and each other.

There are community-level benefits too. A more literate population supports a stronger workforce. Supporting reading initiatives – by partnering with schools, donating books, or perhaps encouraging employees to read with their children – could play a part in helping to build the foundations of a more skilled and confident workforce in the long term.

The National Year of Reading presents a timely reminder: reading is not just for classrooms and libraries. It can be a practical and powerful tool in your personal growth and in developing your business.

See: https://literacytrust.org.uk/news/parents-urged-to-read-more-to-boost-childrens-life-chances/

With the UK experiencing more frequent extremes in temperature – both hot and cold – it’s worth brushing up on what the law says about working conditions, and what you can do to keep your team comfortable and safe.

The Health and Safety Executive (HSE) provides a useful guide that can help you make sure you’re one step ahead of the law.

Is there a maximum workplace temperature?

You might be surprised to learn there’s no legal upper limit when it comes to how hot a workplace can be. That’s because some working environments – like bakeries or foundries – naturally reach high temperatures due to the nature of the job.

However, that doesn’t mean employers can ignore the heat. Under health and safety law, you must:

Keep workplace temperatures at a comfortable level
Provide clean and fresh air

And the minimum?

For indoor workplaces, the rules are a little clearer:

The temperature should be at least 16°C
If the work involves ‘rigorous physical effort,’ it can be as low as 13°C

Outdoor working comes with extra risk

Working outdoors in hot (or cold) environments can quickly affect your employees’ health. There can be long-term health effects too, such as skin cancer. And the weather can affect an employee’s ability to handle machinery or other tasks safely.

It’s therefore important to make sure you have measures in place to protect those who may be working outdoors.

If your business involves extreme temperatures

In some sectors, extreme temperatures are part of the job. If this applies to your business, then you would need to consider things like heat stress, dehydration or cold stress.

Final thoughts

There may be no fixed maximum temperature at work, but the key principle is that employees should not be working in conditions that put their health at risk. If your team is too hot or cold, it’s worth reviewing what you can do to help. Sometimes, just making a few small adjustments can make a real difference.

See: https://www.hse.gov.uk/temperature/employer/index.htm

Farm businesses are set to face greater scrutiny from the Environment Agency (EA) following an announcement that the number of annual inspections will increase by around 50% over the next four years. The move is part of a wider government strategy to improve environmental performance in agriculture and reduce pollution from farming activities.

Under the new plan, the number of farm inspections is expected to reach 6,000 per year by 2029.

A Stronger Regulatory Framework

The EA’s inspection programme focuses on enforcing environmental laws, including those around issues such as fertiliser use, slurry storage, soil health, and runoff into watercourses. While the core aim is to reduce pollution and protect rivers, lakes and wildlife, the shift also signals a firmer approach to compliance, with additional capacity for enforcement in cases of serious or repeated non-compliance.

Farms that present the highest risk to water quality will be prioritised. These will include areas where agricultural activity has already affected rivers or groundwater, or where large volumes of slurry and waste are handled.

What This Means for Farmers

For farmers, the implications are mixed. On one hand, most are interested in protecting the environment, however an increase in inspections is likely to be time-consuming or burdensome, particularly if you are already working to tight margins.

However, the Environment Agency has said the additional funding will help them to provide more advisory support, clearer guidance, and stronger links to farm networks and supply chains. This could mean a more supportive approach from the Environment Agency where they find a willingness to respond to advice.

Next Steps

For farm businesses, the coming years are likely to bring more regulatory engagement and higher expectations around environmental standards. Those already investing in sustainable practices may welcome the advisory elements of the changes, while others may need to reassess their compliance strategies to avoid enforcement actions as inspections ramp up.

In practical terms, now may be a good time for you to review your current practices, identify any potential risks, and make use of available support and guidance.

See: https://www.gov.uk/government/news/major-boost-to-cut-agricultural-pollution

Companies House is undergoing a major transformation following the introduction of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). Backed by new legislative powers, the agency is shifting from a passive registrar to an active gatekeeper – taking direct action against fraud, money laundering, and misuse of the UK’s corporate framework.

A newly published progress report highlights the scale and impact of this reform so far. Key achievements include:

Querying or removing misleading or false information affecting over 100,000 companies.

Blocking over 10,000 suspicious company applications, including mass incorporations at single addresses – a known red flag for money laundering.

Supporting law enforcement efforts to identify around £50 million in UK property tied to organised crime.

Collaborating internationally in Europol’s Asset Sprint to help seize criminal assets globally.

Issuing around 850 intelligence reports to UK law enforcement agencies using new internal capabilities.

Mandatory Identity Verification

The changes being brought about by the ECCTA mark a new era of corporate regulation in the UK. While the new measures are primarily aimed at deterring criminal activity, they also raise the bar for all companies in terms of compliance and the accuracy of information filed with Companies House.

A key upcoming development is mandatory identity verification for company directors and persons with significant control (PSCs) – this is expected to become mandatory by autumn 2025. However, Companies House have already begun contacting many companies to encourage voluntarily starting the process early.

How We Can Help

Our company secretarial services are designed to help businesses stay compliant and adapt to these evolving requirements with confidence. Whether you need support with director and PSC filings, maintaining statutory registers, or preparing for the upcoming identity verification rules, we can help you stay on the right side of regulation while focusing on what matters most – running your business.

If you’re concerned about how these changes may affect your company, or simply want to ensure you’re fully prepared, get in touch with our team today. We will be happy to help you!

See: https://www.gov.uk/government/news/new-powers-yield-real-world-impact-in-companies-house-economic-crime-crackdown

The government has launched a full review of the UK’s parental leave and pay system, aiming to make it fairer, simpler and better suited to the needs of modern families.

This is part of the government’s wider ‘Plan to Make Work Pay, and it could lead to significant reforms in how maternity, paternity and shared parental leave work – with the potential to affect businesses and employers across the country.

Why now?

The review comes in response to growing concern that the current system is complicated and unaffordable for many families – especially new fathers and partners. Currently, one in three dads don’t take paternity leave, often because they simply can’t afford to. Shared parental leave is available but uptake remains very low.

What’s being reviewed?

The Government will be looking at the whole parental leave system, from maternity and paternity leave through to shared parental leave. The goal is to make the system work better for both parents and employers.

What this might mean for you

If you employ staff, particularly younger adults or growing families, this review could eventually lead to changes in your statutory obligations. It might mean:

Higher levels of statutory pay
Longer periods of paid leave for both parents
Changes to how shared leave works and is applied for

But it could also mean simpler rules to navigate, which would be welcome for many employers!

It’s worth keeping in mind that these changes won’t happen overnight. The review will gather views from parents, businesses and experts across the country before any new policies are introduced.

What can you do now?

Right now, there’s no action required – but it’s worth keeping this on your radar. Here are a few tips:

Stay informed: If draft proposals come out later this year, there may be a chance to have your say.

Review your current policies: Make sure your employee handbook or contracts reflect the current legal entitlements correctly – especially if you haven’t looked at them in a while.

Be prepared for change: While we don’t know the final shape of any reforms, there’s a clear signal that better support for working parents is a priority for the Government.

See: https://www.gov.uk/government/news/landmark-review-of-parental-leave-launched

If you earn extra income from a side hustle, you could be legally required to register for Self Assessment and complete a tax return – and it’s better to get ahead of it now, rather than wait until the January deadline.

The threshold is simple: if you earn more than £1,000 in a tax year from any additional income, you may need to file. This applies whether you’re selling online, renting out property, freelancing, creating content, dog walking, tutoring, or even trading cryptoassets.

Why Act Now?

Filing early means you:

Avoid the stress of the January rush
Know what you owe sooner, so you can budget or set up a payment plan
Get peace of mind by knowing your tax affairs are in order

You don’t need to pay immediately – the deadline for payment is still 31 January 2026 for the 2024-25 tax year – but getting your return done early gives you options and avoids surprises.

Many people running side hustles or earning income outside of employment simply don’t realise that tax rules apply – until it’s too late. If you’re unsure whether you need to file, or want help staying compliant, get in touch with us. We’ll guide you through what’s required and make it as straightforward as possible.

Last week marked ten years since Companies House made all digital company data freely available through its online service on GOV.UK. Since launching on 22 June 2015, the Find and Update company information tool has become one of the UK’s most heavily used public data services, with over 16.5 billion searches carried out in 2023-24 alone.

The data includes details on every UK-registered company – such as directors, financial filings, registered addresses, filing history, and company status. It’s used every day by lenders, investors, regulators, law enforcement, and businesses of all sizes to make informed decisions.

How This Data Can Help You Run and Grow Your Business

As your accountant, we regularly use Companies House data behind the scenes – but it’s also a powerful tool that you can use to support growth, reduce risk, and manage your operations more effectively.

Here are some practical ways it can benefit your business:

Check who you’re dealing with: Before working with a new supplier, customer, or partner, use Companies House to confirm their legal status, directors, and trading history. It’s a simple step that can help protect your business from fraud or unreliable firms.

Monitor competitors or industry trends: You can view company filings, changes in directorship, or new company formations in your sector – useful for keeping an eye on competitors or spotting new opportunities.

Improve credit control and chase debts: Knowing who legally controls a business (and where they’re registered) can help if you need to follow up on unpaid invoices. It’s also useful in preparing for legal action or insolvency procedures.

Support funding and investment conversations: When applying for finance or pitching to investors, it helps to know how your business compares to others in your industry. Accessing competitor filings can provide useful benchmarks on growth, structure, or cash flow trends.

Stay compliant: Seeing how other businesses meet their statutory filing requirements can help you understand what’s expected – and avoid late fees or damaging your reputation.

Spot opportunities to expand: Looking at newly registered businesses in your area or sector can help you identify potential customers, partners, or gaps in the market.

What’s Next?

The data is about to become even more reliable. New reforms under the Economic Crime and Corporate Transparency Act will introduce mandatory identity verification for directors and other checks to improve accuracy.

If you’re unsure how to make the most of this information or would like help integrating it into your processes – from onboarding checks to competitor tracking – let’s talk. We’re here to help you use every tool available to support the health and growth of your business.

See: https://www.gov.uk/government/news/companies-house-celebrates-10-years-of-open-data

According to the latest figures released by the Office for National Statistics, the main rate of inflation decreased from 3.5% in April to 3.4% in the year to May.

Looking at the figures behind the headline rate shows that food prices have increased for the third month in a row. At 4.4%, this represents the highest inflation rate for food since February 2024.

Some feel that these increases are because businesses are passing on the costs of April’s increase in employer’s national insurance.

However, this is not the only factor at play. Prices for chocolate have increased by 17.7% in the year to May. This is primarily due to bad harvests in areas that produce cocoa meaning that stocks of chocolate have been low and pushing prices up.

The figures showed some good news though in the form of cheaper travel prices.

While inflation had reduced in the earlier part of the year, the current figures show that inflationary pressures continue to be felt.

See: https://www.bbc.co.uk/news/articles/c5ygdqp922vo

01233 630000

mg@mageegammon.com

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