Welcome to our June newswire

The delay to payrolling Benefits in Kind (BIK) to 2027 may seem like a cause of relief for many businesses who are concerned about the extra responsibility the changes will bring, but employers should still prepare for this landmark change. Rather than filing an annual P11D form, the changes to payrolling BIK will force businesses to complete additional admin […]

Receiving a Kittel VAT notice is something that many businesses dread. HM Revenue and Customs (HMRC) can demand the repayment of tax already reclaimed, and this can sometimes amount to a significant amount of money. The notice comes when a trader “knew or should have known” their transaction was linked to fraudulent evasion of VAT.

Public borrowing hit £20.5 billion in April, the highest level for that month since 1993 and nearly £3 billion above forecast. Economists warn the Chancellor may have little choice but to plug the gap with tax rises, spending cuts or changes to fiscal rules if elevated levels of borrowing persist. While nothing is confirmed, several areas are drawing speculation.

The International Monetary Fund (IMF) has upgraded the UK's 2025 GDP growth forecast to 1.2 per cent, citing a strong first-quarter performance and signs of a recovering economy. The official figures indicate that increases in customer spending and business investment have contributed to this economic growth.

On 8 April 2025, Companies House introduced identity verification for those who make filings on behalf of a business. It is currently a voluntary process, but will become mandatory for new businesses by the end of the year and mandatory for everyone within 12 months of their most recent filings.

How much State Pension you get depends on your National Insurance (NI) record when you reach the State Pension age. Gaps in your NI record could affect how much you receive. Unfortunately, too many sole traders are still missing out on the full State Pension due to a range of factors.

It is not uncommon for directors of a company to take loans from the business during each financial year, often to cover unexpected bills. However, you must keep track of any directors’ loans – money withdrawn from the company that is not a salary, dividend, or business expense repayment or a loan made by a director to the company – in a directors’ loan
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