From April 2026, self-employed individuals and landlords with an income of more than £50,000 will be required to keep digital records and provide quarterly updates on their income and expenditure to HMRC through MTD-compatible software.

Flexible working doesn’t just mean a combination of working from home and in the office – it can mean employees making use of job-sharing, flexitime, and working compressed, annualised, or staggered hours.

For the last couple of years during the Covid-19 pandemic many businesses put on “virtual” Christmas parties for their employees and HMRC agreed that would be acceptable and that the exemption from tax would continue to apply. There continues to be no taxable benefit for employees provided that all staff are invited, and the cost does not exceed £150 a head, inclusive of VAT.

This is known as the ‘trivial benefit’ exemption. Employers do not need to pay tax or National Insurance or let HMRC know, however, they need to keep a record of the gifts should HMRC request the details.

Earlier this month, the business secretary Grant Schnapps announced a government review into tackling late payments for small businesses, while also urging large companies to pay their smaller suppliers promptly.

Russia’s war in Ukraine has made things worse. It has not only meant human suffering – it has affected the entire global economy, driving up the cost of food and energy. It adds to the hardship for those on low incomes and means serious food security risks in the world’s poorest economies.

The new Bills and Notes product is now open to guarantee payments by overseas buyers. The product will be available to more financial institutions with a simpler, more streamlined process.

HMRC has announced their suggested reimbursement rates for employees' private mileage using their company car from 1 December 2022, which are summarized in the table below. The rates have been reduced in line with the recent fall in petrol prices. However, diesel prices remain the same and LPG reimbursement rates have increased.

The British Standards Institution (BSI) have published a national standard, giving organisations guidance on how to manage modern slavery risks in their operations, supply chains and wider operating environment.

Data released last week reveals the full effect of UK sanctions on Russia – with £18.39 billion of Russian assets frozen and reported to the Office of Financial Sanctions Implementation (OFSI).

Royal Mail are adding barcodes to their regular stamps. After 31 January 2023, regular stamps without a barcode will no longer be valid.

Over the last few months, we’ve been hearing from clients and small businesses in the local community about the effects inflation, interest rates and the energy crisis have had on them and their businesses.