What is MTD for IT? Making Tax Digital for Income Tax has been designed to increase the efficiency of the tax system. It will require self-employed businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter using compatible software. It will be phased in from April 2026. For these...
Introduction The rapid and steady increase in the Bank of England Base rate starting late 2021 was intended to reduce inflation by making it more expensive to borrow money. As the Bank of England Base rate increased, so did mortgage rates. Overview The average UK inflation rate during 2022 was around 9.07%, falling a...
Introduction The Financial Reporting Council have amended Financial Reporting Standard 102 (‘FRS102’) to incorporate updated requirements when accounting for lease contracts (Section 20 of FRS102). There are minimal changes for lessors, so this article concentrates on the position of the lessee’s perspective, with the key objective being to introduce you to the forthcoming changes...
Contract Revenue The Financial Reporting Council has amended Financial Reporting Standards 102 (‘FRS102’) and 105 (‘FRS105’) to incorporate updated requirements when accounting for contract revenue. This article considers the changes, with the key objective being to introduce you to the new requirements which are effective for accounting periods commencing on or after 1 January...
The UK government has recently published changes to legislation that increase the monetary size thresholds that are applied when determining whether your business qualifies as a micro, small or medium-sized entity. The changes come in to effect on 6 April 2025 and apply to companies and limited liability partnerships registered in the United Kingdom,...
In the last quarter, the US stock market rose by 9.6% significantly outperforming non-US markets. Outside the US, the best performance came from the Japanese equity market up 3.3% whereas the UK, the Chinese and European ex UK equity markets were down 0.2%, 1.1% and 4.1% respectively. The last quarter of 2024 saw an...
With the 31 January Self-Assessment tax return filing deadline fast approaching, HM Revenue and Customs issued a press release last week noting that 5.4 million taxpayers are yet to complete their return. More than 24,800 people reportedly filed their tax returns on New Year’s Day, with an additional 38,000 filing on 31st December. Notably,...
Nationwide’s House Price Review and outlook for 2025 highlighted that the housing market showed remarkable resilience in 2024, despite continued affordability challenges. Given this strength, Nationwide forecasted house price growth to generally range between 2% and 4% in 2025. Robert Gardner, Nationwide’s chief economist, reflected on the unexpected resilience of the housing market in...
As an employer who offers employee benefits in kind you may be aware of the requirement to submit forms P11d and P11D(b) to determine how much income tax and employer Class 1A National Insurance is payable on the benefits received. H M Revenue & Customs (‘HMRC’) announced in January 2024 that form P11d is...
UK house prices experienced a notable increase in November, climbing 1.2% month-on-month. This sharp rise marks a rebound in the annual growth rate, which surged to 3.7%, up from 2.4% in October. The annual growth is now at its fastest pace since November 2022, highlighting a renewed strength in the housing market. As a...