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Avoiding the last-minute rush: A business owners guide on preparing next year’s tax return

The annual self-assessment tax return deadline has just passed, and for many business owners, the experience may have been a mad scramble to gather documents, double-check figures, and submit their returns and pay the tax on time.

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Is cash still king?

The new economic secretary to the Treasury, Emma Reynolds, has said that there are no plans to regulate businesses, whether big or small, to compel them to accept cash.

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Interest rate cut to 4.5% amid warning on inflation

In an expected move, the Bank of England has cut the base rate by 0.25% although two members wanted to cut to 4.25% as Andrew Bailey warns inflation could rise to 3.7% this year

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11.5 million file Self Assessment by 31 January deadline

More than 11.5 million taxpayers beat the Self Assessment deadline to file their tax return for the 2023 to 2024 tax year by 31 January and avoid a £100 late filing penalty

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Why you should prioritise tax planning before the tax year ends

As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed.

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Are you ready for the new safety and security declaration requirements?

Starting from 31 January 2025, entry summary declarations are now required for goods imported into Great Britain (GB) from the EU.

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HMRC’s phone service criticised … again

A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service.

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Renters’ Rights Bill continues to progress

The Renters’ Rights Bill returned to Parliament for debate last week and included some new changes.

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Government funding for AI Projects to boost small business productivity

The UK Government has announced a £7 million funding initiative aimed at helping small businesses enhance their productivity and efficiency through artificial intelligence (AI).

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Inflation falls to 2.5%: What this means for your business

The latest figures reveal that UK inflation fell slightly in December, down to 2.5% from 2.6% in November.

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Two business rates agents suspended by VOA

The Valuation Office Agency (VOA) have announced the suspension of two business rates agents.

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New Steel Council launched to rebuild the UK’s steel industry

Business Secretary Jonathan Reynolds recently co-chaired the first meeting of a new Steel Council.

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Navigating pricing strategies amid rising wage costs: Insights from NEXT

Tax measures taking effect in April mean that businesses are facing rising wage costs in 2025. As a result, many businesses are looking at whether price increases could help them manage the financial impact without losing customers.

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The importance of right to work checks

Recent immigration enforcement activity has highlighted the need for employers to ensure their workers have the right to work in the UK.

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HMRC charges interest when no tax is due

The Chartered Institute of Taxation (CIOT) is lobbying the government to address unfair tax rules as HMRC interest rates on late payments rise

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ICO highlights data privacy to new startups

The idea of tackling data protection can seem overwhelming when starting a new business. The ICO has an e-learning site that provides videos and advice for small organisations.

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A fresh start: Reviewing your business goals for the New Year

January is more than just a fresh start; it’s a chance to be intentional about where your business is headed.

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Spring Forecast scheduled for 26 March 2025

Rachel Reeves, the Chancellor of the Exchequer, has confirmed 26 March 2025 as the date for the Spring Forecast.

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40,072 filed their tax return over the Christmas break

Festive filing statistics show that over 40,000 people filed their tax returns over the Christmas period

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HMRC introduces new interactive tool for self-employed people

HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it.

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Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.

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