HMRC has recently clarified several points in its capital allowances guidance following consultations with professional bodies. These updates aim to reduce uncertainty and make claims easier for businesses to apply. While some ambiguity remains due to the principle-based legislation, the guidance provides useful improvements for companies planning capital investment.

The end of the financial year is a strategic point for SMEs to assess their tax exposure and ensure they’re operating as efficiently as possible. Proper year-end planning helps safeguard compliance, manage liabilities, and capitalise on reliefs provided under UK tax law.

The UK tax landscape is changing. The government’s Making Tax Digital (MTD) initiative, which currently applies to VAT, will soon extend to Income Tax Self Assessment (ITSA). From April 2026, many self-employed individuals, landlords, and sole traders will face more frequent digital reporting obligations.

As part of major reforms to tackle economic crime and increase corporate transparency, Companies House is introducing new mandatory identity verification checks for company directors and key individuals. These changes form a core part of the Economic Crime and Corporate Transparency Act 2023, and will fundamentally change how UK companies are managed and validated.

We have known for sometime that the amendments to UK GAAP are coming and that there may be, for some businesses, quite an impact on KPIs, covenants and potentially remuneration schemes.

Have you really understood the impact of these upcoming changes and calculated any downside or potential upside to your reporting and what it means for your business?