Making Tax Digital for income tax, What is it and what do you need to know?

Making Tax Digital (MTD) for income tax is part of HMRC’s ongoing effort to modernise the UK tax system.  It is a government initiative to implement a fully digital tax system in the UK, where taxpayers keep digital records and use MTD compatible software to make tax submissions electronically.

It will affect individuals who are self employed and landlords and is being rolled out in phases, beginning from 6 April 2026.  If this applies to you it’s important to start preparing now.

Trump’s UK-US trade deal, Implications for UK businesses

The United States and the UK reached a significant new trade agreement, described by President Donald Trump as a ‘breakthrough’ which was echoed by Sir Keir Starmer as an important milestone in strengthening transatlantic economic relationships. The deal addresses critical sectors and introduces notable tariff adjustments aimed at enhancing trade flows between the two nations.

Trump’s tariffs – implications for UK SMEs in 2025

On 2 April 2025 US president Donald Trump, enacted tariffs that could have introduced significant challenges for UK small and medium -sized enterprises (SMEs). These measures include a universal 10% tariff on all imports into the US, with higher reciprocal tariffs, ranging from 11% to 50% targeting countries with substantial trade deficits with the US including the UK.

Charities are you ready for tiered reporting? (SORP 2026)

The ‘Statement of Recommended Practice: Accounting and Reporting by Charities’ (‘the SORP’) ensures consistency and transparency across the sector, making charity accounts comparable, understandable and useful for donors, beneficiaries, and the public alike.   It has been updated following an extensive development process informed by the views of engagement partners and a sector specific SORP Committee.

DEFRA grant funding announcements

The Department for Environment, Food & Rural Affairs (DEFRA) confirmed that several grant funds will reopen, providing financial support for farmers and estates.  These grants are designed to help improve productivity, sustainability and innovation across the sector.  However, this has been somewhat overshadowed by the closure of the Sustainable Farming Incentive (SFI) scheme, with payments stopped with immediate effect.

Navigating wage increases, staffing shortages and the future of work for SMEs

The increase to the National Minimum Wages (NMW) from April 2025, will see another increase in NMW since its introduction.  While many employees and businesses favour the proposed increases which go some way to offset the uplift in the cost of living, some SMEs oppose the rise saying that it is only a ‘benefit’ to businesses that can afford it.