There has been considerable discussion over the past year regarding proposed changes to Companies House filing requirements, in particular the suggestion that small companies would be required to file a profit and loss account on the public record.

Recent updates published on the GOV.UK website have now clarified the position. The proposed requirement has not been introduced and will not take effect in the immediate future. Instead, the government has confirmed that the changes have been postponed and are currently under review.

Background to the proposed changes
The original proposals formed part of wider reforms introduced through the Economic Crime and Corporate Transparency Act 2023. One of the key aims of these reforms is to improve corporate transparency and the quality of information available at Companies House.

As part of this, it had been suggested that small and micro entities would no longer be able to file reduced or filleted accounts. Instead, companies would have been required to submit a full set of accounts, including a profit and loss account, for public inspection.

This raised concerns for many business owners, particularly around the commercial sensitivity of profit figures and the potential for competitors to access this information.

Current position
The latest GOV.UK announcement confirms that these changes will not be implemented as originally planned. The proposed start date has been withdrawn, and the government has indicated that the policy is being reconsidered.

Importantly, it has also been confirmed that companies will be given a minimum notice period before any new requirements are introduced. This means that even if the reforms are brought back in some form, there will be sufficient time to prepare.

For the time being, the existing rules remain unchanged. Small companies can continue to file reduced accounts at Companies House, without including a profit and loss account on the public record.

What this means for your business
In practical terms, there is no immediate action required. Businesses should continue to prepare full accounts for tax and internal purposes, but there is no change to what needs to be filed publicly.

However, it would be unwise to assume that the proposals have been permanently dropped. The direction of travel remains towards greater transparency, and some form of enhanced disclosure requirement is still likely in the future.

Planning ahead
Although the changes have been delayed, it may be sensible to review your accounting systems and processes to ensure that you can produce complete and accurate financial information if required.

It is also worth considering how greater transparency might affect your business, particularly in terms of pricing, margins and competitor awareness.

If you would like to discuss how these potential changes could affect your business or ensure that your systems are ready for future developments, please get in touch.

The ongoing conflict in Iran and the wider Middle East is beginning to have economic consequences that are likely to be felt by UK businesses over the coming months. While the situation remains uncertain, press commentary and early government signals provide a useful indication of how the impact may unfold and how policymakers may respond.

Energy costs are expected to be the most immediate pressure point. Disruption to oil and gas supplies has already led to rising prices, and this feeds directly into business costs, particularly for transport, manufacturing and energy intensive sectors. The government has already taken initial steps to secure fuel supplies, and further measures such as fuel duty freezes or targeted support for certain industries may follow if prices continue to rise.

For households, the knock on effect is likely to be higher living costs. Rising fuel and energy prices typically feed into food and retail prices, increasing inflationary pressure. In response, there is growing expectation that the government may reintroduce targeted cost of living support, particularly for lower income households. While this may help sustain consumer demand to some extent, it is unlikely to fully offset the impact of higher prices.

Businesses themselves may also see more direct support. If cost pressures intensify, there could be measures such as tax deferrals, extended payment arrangements, or targeted grants for the most affected sectors. However, unlike the pandemic period, any support is likely to be more limited and focused, reflecting pressure on public finances.

A key challenge for policymakers is balancing support with fiscal discipline. Rising borrowing costs and slower economic growth mean that there is less room for large scale intervention. As a result, any government response is likely to be selective rather than broad based.

Supply chain disruption is another area to watch. Increased shipping costs and delays may affect the availability and pricing of goods, particularly those sourced from or routed through the region. In response, there is likely to be a greater focus on supply chain resilience, including alternative sourcing and stock management.

From a business perspective, the practical implications are clear. Many businesses are likely to face increased input costs, which may need to be passed on through pricing. Cash flow management will become increasingly important, particularly where costs rise ahead of revenues. At the same time, maintaining flexibility and reviewing supplier arrangements may help to mitigate disruption.

While it is too early to predict the full economic impact, the direction of travel is becoming clearer. Rising costs, tighter margins and ongoing uncertainty are likely to define the near term environment.

If you would like to discuss how these developments may affect your business, or explore practical steps to manage the impact, please get in touch, and if you feel this alert could help a business colleague or family member, please feel free to share it with them.

Pensioners are being urged to stay vigilant for any Winter Fuel Payment scams. HMRC is starting to recover Winter Fuel Payments issued for winter 2025 from those earning over £35,000 a year. While the process will affect nearly two million people, most will see the repayment handled automatically through adjustments to their PAYE tax code from April 2026, meaning there is no need to contact HMRC directly.

However, the scale of the recovery operation has created an opportunity for scammers. Over the past year, HMRC recorded more than 25,000 scam reports linked to Winter Fuel Payments. Officials are warning that fraudsters may now exploit confusion around the repayment process. Fake texts, emails, and phone calls are expected to increase, often impersonating HMRC and individuals may feel pressured to hand over personal or financial details.

For those submitting self-assessment tax returns online, the payment should appear automatically in their 2025-2026 return which is due to be submitted by the 31 January 2027. Taxpayers are also advised to check carefully and add the payment manually if they are liable. Paper filers will need to include it themselves.

HMRC stresses that it will never request repayment or bank details via text or email. As HMRC’s Chief Customer Officer, said: 

‘Criminals are great pretenders and often use fake letters, emails, calls and texts to impersonate HMRC and trick people into giving them money.

I’d encourage anyone who’s unsure to use our online tool at GOV.UK to check whether and how their payment will be recovered – there’s no need to call us.’

The recent announcement from Rachel Reeves highlights a clear shift in the government’s economic approach, placing retail banks at the centre of efforts to stimulate growth and support households and businesses.

In a meeting held on 22 April 2026, senior leaders from major UK banks, including Barclays, Lloyds, Santander, NatWest, Nationwide and HSBC, were brought together to align their activities with the government’s wider economic plan. The message was straightforward. Retail banks are expected to play a more active role in supporting lending, investment and financial resilience across the economy.

The focus of the discussions appears to be twofold. Firstly, ensuring that credit continues to flow to individuals and businesses, particularly in a period where economic uncertainty remains a concern. Secondly, encouraging banks to support long term growth by helping customers invest, whether through savings products, mortgages or business finance. This reflects a broader policy direction that sees private sector investment as a key driver of economic recovery and stability.

From a practical perspective, this development signals that banks may increasingly be encouraged, or expected, to adopt a more proactive stance in their customer relationships. This could include offering more tailored financial products, improving access to borrowing for viable businesses, and supporting households in managing financial pressures such as rising costs or interest rates.

For business owners, this creates both opportunity and responsibility. Greater engagement from banks could improve access to funding for expansion, working capital or investment in productivity. However, it is also likely that lending decisions will remain closely tied to financial performance and risk management. Businesses will still need to present strong financial information, credible forecasts and clear evidence of repayment capacity.

For individual clients, the emphasis on savings and investment may lead to a renewed focus on personal financial planning. Banks may promote savings vehicles or investment options more actively, particularly as part of the government’s wider ambition to increase participation in financial markets and improve long term financial security.

There is also a wider point to consider. The government’s approach underlines the importance of collaboration between the public and private sectors in driving economic outcomes. While policy can set direction, delivery often depends on how effectively financial institutions respond.

In summary, the Chancellor’s engagement with retail banks reflects a coordinated attempt to support economic growth through increased lending, improved financial access and stronger customer engagement. For accountants and their clients, it reinforces the importance of maintaining robust financial foundations and being ready to take advantage of opportunities as they arise.

1 May 2026 – Due date for corporation tax due for the year ended 30 July 2025.

19 May 2026 – PAYE and NIC deductions due for month ended 5 May 2026. (If you pay your tax electronically the due date is 22 May 2026).

19 May 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 May 2026.

19 May 2026 – CIS tax deducted for the month ended 5 May 2026 is payable by today.

31 May 2026 – Ensure all employees have been given their P60s for the 2025/26 tax year.

1 June 2026 – Due date for corporation tax due for the year ended 31 August 2025.

19 June 2026 – PAYE and NIC deductions due for month ended 5 June 2026. (If you pay your tax electronically the due date is 22 June 2026).

19 June 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 June 2024.

19 June 2026 – CIS tax deducted for the month ended 5 June 2026 is payable by today.

Your Personal Tax Account (PTA) is an easy and secure way to manage your tax online. You can use it to check your tax code, claim a refund and update your details, all in one place, without needing to contact HMRC by phone or post.

Every UK taxpayer has a PTA, but you will need to register through the Government Gateway or GOV.UK One Login to start using it. You may also be asked to confirm your identity during the setup process. This is to keep your details safe and normally involves using photo ID such as a passport or driving licence.

Currently, the following services are accessible through your PTA:

• check your Income Tax estimate and tax code
• fill in, send and view a personal tax return
• claim a tax refund
• check your Child Benefit
• check your income from work in the previous 5 years
• check how much Income Tax you paid in the previous 5 years
• check your State Pension
• check if you will benefit from paying voluntary National Insurance contributions and if you can pay online
• track tax forms that you’ve submitted online
• check or update your Marriage Allowance
• tell HMRC about a change of name or address
• check or update benefits you get from work, for example company car details and medical insurance
• find your National Insurance number
• find your Unique Taxpayer Reference (UTR) number
• check your Simple Assessment tax bill.

When a sole trader or partnership transfers a business to a company, a chargeable gain may arise. This is calculated by reference to the market value of the business assets at the date of incorporation (including goodwill), compared with their original base cost. The resulting gain would ordinarily be subject to Capital Gains Tax.

In many cases, however, the transfer is structured to qualify for Incorporation Relief. Broadly, this requires that the whole business is transferred as a going concern, together with all of its assets (other than cash), in exchange wholly or partly for shares issued by the company.

Where the conditions are satisfied, Incorporation Relief applies automatically and no formal claim is required. The effect of the relief is to defer the gain by reducing the base cost of the shares received, thereby postponing the tax charge until those shares are subsequently disposed of.

A taxpayer may elect for the relief not to apply. This election must be made in writing by 31 January, two years after the end of the tax year in which the incorporation takes place. For example, for a transfer in the current 2026-27 tax year, the election deadline is 31 January 2030. This deadline is reduced by one year if the shares are disposed of in the tax year following that of incorporation.

Bonuses are treated as taxable earnings, so both employers and employees need to understand how they are taxed and reported.

For cash bonuses (including vouchers that can be exchanged for cash), the rules are straightforward. The payment is added to an employee’s normal salary and taxed through the Pay As You Earn (PAYE). This means employers must deduct Income Tax and National Insurance (Class 1) in the usual way through payroll.

Bonuses can sometimes push employees into a higher tax band for that pay period, so the net amount received may be lower than expected.

For non-cash bonuses, such as gifts or rewards, the treatment depends on what is provided. If the item is considered as something that can easily be turned into cash then it is taxed in the same way as cash through PAYE. Other benefits may instead be treated as benefits in kind. A list of typical expenses and benefits and their tax treatment can be found at https://www.gov.uk/expenses-and-benefits-a-to-z

It is important for employers to ensure they apply the correct treatment and reporting method for bonuses, as errors can lead to underpaid tax or penalties.

A recent initiative led by the Lucy Rigby is shining a light on a surprising issue, many young adults in the UK may be sitting on savings they do not even realise they have. The focus is on Child Trust Funds, long term, tax free savings accounts set up for children born between September 2002 and January 2011.

These accounts were originally introduced to encourage saving from an early age and to give young people a financial head start when they reached adulthood. In many cases, the government contributed at least £250 at birth, with additional amounts for lower income families. Over time, these funds have often grown, and some are now worth a few thousand pounds.

However, a significant number of these accounts remain unclaimed. According to recent government commentary, hundreds of thousands of young people are unaware that they even have a Child Trust Fund, let alone how to access it. Lucy Rigby highlighted that this money could provide meaningful support as individuals begin adult life, whether that means funding education, covering living costs, or helping with a first major purchase. 

To address this, HM Revenue and Customs has stepped up its efforts to reconnect individuals with their savings. One of the key measures is a targeted campaign aimed at 21 year olds, a group considered more likely to have up to date contact details through employment or student finance records. Letters are being issued directly to encourage individuals to check whether they have an account and to take steps to access it. 

In addition, HMRC continues to promote its free online tracing service, which allows individuals to locate their Child Trust Fund provider quickly and without cost. This is an important point, as some third party services charge fees for what is essentially a straight–forward process when completed through official channels.

Clients reading this update, with children in the relevant age group, or young adult clients themselves, may be advised to check whether funds are available.

In many ways, this initiative highlights a broader theme. Even well intentioned government schemes can lose visibility over time, leaving valuable resources unused. A small amount of awareness can make a significant difference, particularly when it helps individuals access funds that are already rightfully theirs.

From 1 May 2026, the Renters’ Rights Act introduces the most significant changes to private renting in England for many years. The reforms affect how landlords let property, manage tenants and bring tenancies to an end.

For landlords and property investors, understanding these changes is essential to remain compliant and avoid penalties.

Fixed term tenancies replaced by rolling agreements

One of the biggest changes is the move away from fixed term tenancies. Most existing and new tenancies will become assured periodic tenancies, meaning they run on a rolling basis with no fixed end date.

This removes the certainty of a defined term and means landlords must plan for greater flexibility in occupancy.

End of no fault evictions

The Act abolishes Section 21 evictions. Landlords can no longer ask tenants to leave without giving a valid legal reason.

Instead, possession will only be possible using specific grounds, such as:

• rent arrears
• selling the property
• moving into the property

This represents a major shift in the balance of rights towards tenants.

New rules on rent increases

Rent increases will be limited and standardised. In most cases, landlords will only be able to increase rent periodically, typically once per year, and tenants may challenge increases they believe are excessive.

This means pricing strategy will need to be more carefully managed.

Greater tenant protections

The new rules introduce stronger protections for tenants, including:

• a ban on rental bidding wars
• restrictions on discrimination, for example against tenants with children or those receiving benefits
• limits on advance rent payments, generally capped at one month

These changes are designed to make access to rental housing fairer and more transparent.

New compliance requirements for landlords

Landlords must also meet new administrative obligations. For example, tenants must receive a government information sheet explaining the changes by 31 May 2026, or landlords may face fines.

Further measures, including a landlord database and ombudsman scheme, are expected to increase oversight of the sector.

What landlords should do now

With these changes now in force, landlords should:

• review tenancy agreements and processes
• ensure compliance with new eviction rules
• update rent review strategies
• check communication procedures with tenants
• consider the long term viability of their property portfolio

A more regulated environment

The overall direction of travel is clear. The private rented sector is becoming more regulated, with greater emphasis on tenant rights and transparency.

For landlords, the focus now shifts from flexibility to compliance and long term planning. Taking early advice and reviewing procedures now will help ensure that property businesses remain both compliant and commercially viable under the new rules.

Late payment remains one of the most common causes of cash flow pressure for small businesses. Even profitable businesses can struggle if invoices are not paid on time. The good news is that there are several practical options available to improve collections, ranging from simple internal processes to more formal recovery action.

Start with clear credit control procedures

The first step is to ensure that your processes are working properly. Invoices should be issued promptly and include clear payment terms, due dates and bank details. A structured follow up system is essential. This might include reminder emails shortly before the due date, followed by regular and consistent contact once payment becomes overdue.

Communicate early and professionally

Many late payments are not the result of dispute, but simply poor organisation on the part of the customer. A polite but firm phone call can often resolve the issue quickly. It is helpful to confirm that the invoice has been received, that there are no queries, and that payment has been scheduled.

Review credit terms and customer risk

If a customer regularly pays late, it may be necessary to review the terms offered. Options include shorter payment periods, reduced credit limits, or requiring payment in advance. For new customers, consider carrying out basic credit checks before extending credit.

Consider incentives and penalties

Offering small discounts for early payment can encourage faster settlement, particularly for larger invoices. At the other end of the scale, businesses can charge statutory interest and compensation on late payments under the Late Payment of Commercial Debts (Interest) Act 1998. While not always enforced, the existence of these charges can strengthen your position.

Use formal recovery options where necessary

If informal methods fail, more formal action may be required. This could include:

� instructing a debt collection agency

� issuing a formal letter before action

� commencing legal proceedings through the courts

For undisputed debts, a statutory demand may also be appropriate, particularly where the amount involved is significant.

Explore invoice finance and factoring

Where late payment is a persistent issue, businesses may consider invoice finance. This allows you to receive a large proportion of the invoice value upfront, improving cash flow while the finance provider collects the debt.

Take a proactive approach

The key to effective debt collection is consistency. Businesses that actively manage their debtor list tend to experience fewer problems than those that only react once cash flow becomes tight.

If you would like help reviewing your credit control procedures or improving cash flow, please get in touch.

Recent government guidance has highlighted a growing risk of fraud linked to Winter Fuel Payments, with criminals attempting to exploit uncertainty around changes to eligibility and repayment arrangements. Pensioners are being encouraged to remain cautious if they receive unexpected communications claiming to be connected with the payment, particularly where personal or financial information is requested.

Winter Fuel Payments are designed to help eligible pensioners meet the additional costs of heating during the colder months. However, recent changes mean that some individuals with annual income above £35,000 may see the payment recovered through the tax system. In most cases this recovery will happen automatically through PAYE coding adjustments or through the Self-Assessment process, meaning that there is normally no need for individuals to take action or contact HMRC directly.

Unfortunately, fraudsters often take advantage of policy changes and public uncertainty. HMRC has reported thousands of scam referrals relating to Winter Fuel Payments over the past year, with criminals using letters, emails, phone calls and text messages that appear to come from official sources. These messages may suggest that the recipient must provide bank details, make a payment, or confirm personal information in order to receive or retain their entitlement.

A key point for pensioners and their families is that government departments will not normally request sensitive information by email or text message in relation to Winter Fuel Payments. Payments are usually made automatically, and any recovery of overpayments is generally handled through the tax system without the need for direct contact. Messages suggesting urgent action is required should therefore be treated with caution.

Typical warning signs of a scam include requests for immediate payment, links to unfamiliar websites, or communications that create a sense of urgency. Fraudsters may attempt to imitate official branding or use convincing language, making the messages appear genuine. Taking a moment to verify the authenticity of any communication can help prevent unnecessary financial loss.

Families and advisers may wish to remind older relatives or clients to be wary of unexpected messages and to avoid sharing personal details unless they are certain of the recipient’s identity. Suspicious emails or texts can often be reported to the appropriate authorities, helping to reduce the impact of fraudulent activity.

As policy changes continue to attract attention, it is likely that scammers will continue attempting to exploit confusion. Remaining aware of the risks and understanding how legitimate payments are administered can significantly reduce the likelihood of falling victim to fraud. Taking a cautious and informed approach can help ensure that support payments achieve their intended purpose without exposing vulnerable individuals to unnecessary risk.