2029 may seem like a while away. However, from that point, B2B and B2G transactions must be invoiced electronically and businesses must be prepared to adapt to this new requirement with minimal disruption.
The men’s football World Cup gets underway on 11 June, sparking a wave of office sweepstakes across the globe.
The men’s football World Cup gets underway on 11 June, sparking a wave of office sweepstakes across the globe.
Following months of delays and uncertainty, the Government has confirmed that small businesses in the UK will be required to file balance sheet and profit and loss (P&L) accounts with Companies House.
Two men have been arrested in East London after allegedly running a TikTok tax scam leading HMRC to block £153 million in repayment claims.
It was warned by many businesses that rising National Insurance Contributions (NICs) and wages would combine with operational costs to make recruitment more difficult.
National Bike Week returns once again from 8 – 14 June 2026 and celebrates the power of pedalling across the UK.
Rumours were flying this week that HMRC announced a 22 per cent tax on your ISA if you are holding uninvested cash. This has since been described by the treasury as ‘nonsense’.
Do you know what your Personal Savings Allowance is?
While most taxpayers in the UK will know the thresholds for Income Tax, a worrying few know the way in which personal savings can be subject to tax.
With ISAs set for a significant overhaul, understanding the less tax-efficient saving options will soon be more important.
How much tax do you pay on your savings?
While your savings are not taxed, any interest generated by those savings could be subject to tax if it exceeds your Personal Savings Allowance.
Depending on the rate of Income Tax you pay, your Personal Savings Allowance will differ.
The thresholds are:
ISAs remain the more tax-efficient saving strategy as the interest generated from them is tax-free.
It is therefore most effective to utilise the full £20,000 saving limit for an ISA as early in the tax year as possible to benefit the most from the accumulation of interest.
How should tax on savings be managed?
The main issue is that tax on savings is often overlooked, resulting in HMRC taking action for underpaid taxes.
This will often manifest in a charge through PAYE, as employees are more likely to overlook this obligation.
Those filing Self Assessment tax returns should already be declaring interest earned, so any compliance issue in that group points to a wider problem with handling tax obligations.
When attempting to make the most of saving strategies, it is best to seek professional financial advice.
This will be more important if the saving limit for Cash ISAs falls to £12,000 for under-65s in 2027 as proposed, leaving younger savers to have to find new ways to grow their wealth.
Our professional team can help you to determine an effective saving strategy that suits your financial goals while helping you to be mindful of the tax obligations that you may face.
We do not want to see anyone caught off-guard by an unexpected tax bill and understanding your exposure is vital for preventing this.
Get in touch with our team to regain confidence in your saving strategy.
Weak economic growth and tighter regulations on lenders are to blame for the largest drop in bank lending to UK businesses in 30 years, according to new data.
A study conducted by Boston Consulting Group showed British bank loans to companies outside of the finance sector fell to 59 per cent of UK Gross Domestic Product (GDP) in the third quarter of last year.
Back in 2008, before the financial crash, bank loans were roughly 90 per cent of GDP.
Small and Medium-sized Enterprises (SMEs) have been disproportionately affected by this dip in lending.
How have SMEs been affected by a fall in loans?
SMEs make up 99.9 per cent of all UK businesses and Bank of England data shows that SME-specific lending has almost halved over the last 15 years. It now sits at a 30-year low of 6.5 per cent of GDP in 2026.
Traditional banks are favouring SMEs that have physical capital they can repossess if the SME defaults on a loan, placing knowledge-based SMEs at a disadvantage.
Insolvency rates are also rising. Without the safety net of bank overdrafts or bridge loans, a late payment from a major client can now escalate into forced insolvency.
Why don’t banks want to loan to Small and Medium-sized Enterprises?
Banks have moved away from broader SME lending, which carries higher risks and offers lower profits due to the work that is needed to perform due diligence on smaller businesses.
Instead, the banks have turned to lending more within specific sectors, such as property, with real estate SMEs now receiving 51 per cent of all loans.
Banks have also reported that the demand for loans has gone down due to weak economic growth. However, SMEs say they are less likely to apply for a loan because of a fear of rejection.
It is worth remembering that bank loans are not the only way to finance an SME and seeking professional financial support is vital for understanding your options.
