An insight from the gbac team on all things accounting, finance and more.
The government has announced that starting in 2028, micro-entities and small businesses will be required to submit profit and loss (P&L) accounts to Companies House, with the option to keep these accounts private.
The enterprise management incentive (EMI) reforms introduced in April 2026 have significantly advanced the acceptance of this benefit.
Individuals are revising their tax-planning approaches to account for inheritance tax (IHT) being applied to unused pension pots starting April 2027.
Starting from 6 April 2027, individuals under the age of 65 will be limited to saving a maximum of £12,000 in cash individual savings accounts (ISAs) each tax year.
Unless opted out, pensioners will have received the winter fuel payment for 2025/26; however, HMRC can recover this payment if their income exceeds £35,000. Recently, HMRC has updated its guidance regarding the recovery process.
HMRC are having to remind taxpayers that there is no deadline extension if a VAT return submission date falls on a weekend or a bank holiday.
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