An insight from the gbac team on all things accounting, finance and more.
From 1 January 2027, the qualifying period for protection against unfair dismissal will be cut from two years to six months. At the same time, the cap on compensatory awards for unfair dismissal will be removed.
The population of directors and employees utilizing company vehicles decreased by 240,000 during the 2015/16 to 2020/21 period; however, this trend has reversed annually since then, primarily attributable to the favourable tax incentives associated with electric and hybrid vehicles.
The HMRC will commence the enrolment process for sole traders and landlords who were required to register for Making Tax Digital (MTD) in April 2026 but have not yet completed registration.
This July’s tax revenue increased by 17% compared to two years prior. The outlook is expected to deteriorate, with approximately 1.7 million additional savers now projected to incur tax on their savings during the current year, exceeding initial estimates.
The Autumn Budget date has now been set for 28 October, with the new Chancellor facing some familiar challenges.
Currently, stablecoins are taxed in the same manner as other cryptoassets. However, this is anticipated to change in April 2027, when eligible stablecoins will likely be classified similarly to money for tax purposes.
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