IFRS for SMEs: Third Edition Released with Significant Updates
In 2024, the International Accounting Standards Board (IASB) released the long-anticipated third edition of the IFRS for SMEs Accounting Standard, marking the first major update to the framework since 2015. This edition brings the standard in closer alignment with full IFRS while preserving its simplified structure and suitability for small and medium-sized entities. The IFRS […]
Employment-Related Securities Reporting: Key Deadlines 2025
In the UK, any employer that provides employees or directors with shares or securities—whether as part of a formal share scheme or through ad hoc arrangements—is required to report these events to HM Revenue & Customs (HMRC) via an annual Employment-Related Securities (ERS) return. These rules apply regardless of whether the company operates a registered […]
International Tax Reforms: A Strategic Shift in UK Cross-Border Tax Policy
In a move that reflects both post-Brexit independence and global tax alignment efforts, the UK government has announced a package of proposed reforms to its international tax rules. These reforms—targeting transfer pricing regulations and the Diverted Profits Tax (DPT)—form part of a broader agenda to simplify the UK tax system, reduce unnecessary compliance for domestic […]
Revised Company Size Thresholds Take Effect from April 2025
The UK government has enacted a significant reform to company reporting rules by increasing the financial thresholds that define a company’s size for accounting and filing purposes. From 6 April 2025, businesses will see the turnover and balance sheet limits rise by approximately 50%, allowing thousands more companies to qualify for simplified reporting obligations under […]
Major Updates to UK GAAP: Revisions to FRS 102 and FRS 105 Effective 2026
The Financial Reporting Council (FRC) has published substantial amendments to FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) and FRS 105 (The Financial Reporting Standard applicable to the Micro-entities Regime). These changes are set to take effect from 1 January 2026, with early adoption permitted for financial statements prepared […]
Steel Act 2025: Govt Powers to Safeguard Industry
In 2025, the UK government enacted the Steel Industry (Special Measures) Act, marking a significant moment in the state’s willingness to intervene in strategically vital sectors. The Act gives ministers emergency powers to oversee and, where necessary, take control of steel manufacturing operations to prevent closures that would threaten the UK’s industrial base, national resilience, […]
DMCC Act 2024: Key Consumer Law Changes Ahead
The UK government has passed the Digital Markets, Competition and Consumers Act 2024 (DMCC Act), marking one of the most substantial overhauls of consumer protection law in over a decade. Coming into force in April 2025, this legislation is designed to tackle misleading business practices, increase fairness in digital marketplaces, and give regulators sharper tools […]
Cyber Security and Resilience Bill: A New Legal Era for Digital Defence in the UK
In a decisive step toward hardening national cyber defences, the UK government has introduced the Cyber Security and Resilience Bill, a landmark piece of legislation aimed at improving the UK’s preparedness against cyber threats. The bill is part of a broader national strategy to address the rising tide of cyberattacks targeting public institutions, private businesses, […]
UK Immigration Reforms 2025: A Tighter Framework with Big Implications for Business
n 2025, the UK government announced a sweeping set of reforms to the immigration system, aimed at reducing net migration and increasing pressure on employers to prioritise domestic recruitment. While framed politically as a response to public concerns over immigration levels, the practical effects of these reforms will be felt most acutely by UK businesses—particularly […]
The Employment Rights Bill: Reshaping the Workplace in the UK
The UK government is moving forward with one of the most significant employment law overhauls in recent years through the introduction of the Employment Rights Bill. Framed as a landmark step towards promoting fairer, more secure work, the legislation is designed to strengthen employee protections, boost workplace dignity, and eliminate long-standing exploitative practices in the […]
Business Liquidations on the Rise: What’s Driving the Exit Trend Among UK Entrepreneurs?
In the 2024–25 tax year, the UK experienced a marked increase in voluntary business liquidations, with levels not seen since the height of the COVID-19 pandemic. This upward trend has raised concerns among economists, business advisers, and policymakers, as more entrepreneurs—particularly sole traders and owners of small private limited companies—choose to shut down operations and […]
Inheritance Tax Reform: A New Challenge for Family Businesses
Recent changes to the UK’s inheritance tax (IHT) regime are set to have a lasting impact on the way family businesses plan for succession and generational transfer of ownership. Announced as part of the Autumn 2024 Budget and due to come into effect in April 2026, these changes centre on Business Property Relief (BPR), a […]
Canadian Solar EMEA GmbH v HMRC [2025]: A Warning on Cross-Border Classifications and Duty Liability
![Canadian Solar EMEA GmbH v HMRC [2025]](https://www.taxoo.co.uk/wp-content/uploads/2025/05/tx-036-940x529.jpg)
In a landmark decision handed down by the Upper Tribunal in 2025, the case of Canadian Solar EMEA GmbH v HMRC brought renewed attention to the importance of product classification and origin rules in cross-border trade. While the decision focused on the importation of solar panels, its implications go far beyond one sector. At the […]
Rettig Heating Group UK Ltd v HMRC [2025]: Substance Over Form Reaffirmed in Corporate Tax Planning
In the 2025 Upper Tribunal decision Rettig Heating Group UK Ltd v HMRC, the court tackled the tax treatment of complex intra-group transactions carried out by Rettig Heating Group UK Ltd. This judgment sheds light on how UK tax law approaches the distinction between the legal form and the commercial substance of corporate arrangements, particularly […]
HMRC Clarifies LLP Salaried Member Rules: What This Means for UK Businesses
HMRC has recently issued updated guidance on the salaried member rules for Limited Liability Partnerships (LLPs), focusing specifically on the interpretation of Conditions B and C. These rules are critical for determining whether an LLP member should be taxed as self-employed or treated as an employee for income tax and National Insurance purposes. The latest […]
Spring 2025 Tax Simplification Measures: What They Mean for UK SMEs
As part of its ongoing commitment to modernise the UK’s tax and customs framework, the government has introduced a new package of tax simplification and administrative reform measures in the Spring 2025 Statement. Designed to ease compliance burdens and improve certainty for businesses and traders, these reforms mark a continuation of efforts to make the […]
HMRC Interest Rates Adjusted Following Bank of England Base Rate Cut
On 8 May 2025, the Bank of England reduced its base rate from 4.50% to 4.25%. In response, HM Revenue & Customs (HMRC) has announced corresponding changes to its interest rates for late payments and repayments. Effective Dates and New Rates The revised HMRC interest rates will apply from: 19 May 2025 […]