Archive:May 2025

Please find below all the articles from May 2025.

Chancellor adds more fuel to ISA reform fire

Thursday, May 1, 2025

After much rumour and conjecture, it seems that some potentially significant changes to ISAs (Individual Savings Accounts) are on
the way.

We heard a lot in the build up to the Spring Statement – only to hear no words uttered by the Chancellor in relation to this. Yet, we then saw some new information come out in the Spring
Statement papers, released after the Parliamentary speech, by the Treasury.

This stated: ‘The government is looking at options for reforms to ISAs that get the balance right…

Financial reporting: major changes for business sizes take effect

Thursday, May 1, 2025

Significant changes affecting financial reporting have kicked in, meaning many businesses may be re-classified in
terms of their sizes.

The thresholds to determine whether a company is counted as ‘micro, small or medium’ changed on 6 April for the first time in 12 years. The Government announced the changed
in December 2024.

The figures on the potential impact of the changes released by the Government, indicated around 6,000 businesses would go from ‘large’ to ‘medium’ under the changes. Around
113,000 businesses and LLPs will shift from…

HMRC could get new powers in tax avoidance clampdown

Thursday, May 1, 2025

Tax avoidance – and specifically those who promote it – has once again been pushed into the spotlight. That’s because of a new review
launched by the Government, as trailed at the Spring Statement.

New measures are being put forward to crackdown on the promotion of tax avoidance. HMRC would get more powers and have the option to issue stronger penalties if the proposals go forward.

Officials said the plans would empower HMRC to ‘more efficiently and effectively disrupt the business model promoters rely on’.

According to…

Tax rises inevitable amid tariff trade war?

Thursday, May 1, 2025

The dust had barely settled on Rachel Reeves’ Spring Statement before shockwaves were sent through financial markets following news
of trade tariffs from America. Donald Trump’s new tariff regime – which initially included enormous tariffs on most of the world’s largest trading nations – has led to fears of a ripple
effect that could envelop the UK economy.

And some leading economists in the UK have warned that the knock on effect of this situation will inevitably force the Chancellor to raise taxes at the…