Finance updates

From April 2026, MTD for Income Tax will apply to sole traders and landlords earning over £50,000. It requires quarterly submissions and digital record-keeping. BlueFox Accounting helps clients prepare with tailored software, training, and support, ensuring a smooth transition and full compliance.

Company car tax is changing, with rising BiK rates and the end of key exemptions. EVs and hybrids remain tax-efficient, but their advantages are shrinking. Vans offer stability, while pickups face reclassification from April 2025. Businesses should act now to secure savings and build a long-term fleet strategy. BlueFox Accounting offers clear, tailored advice to help you stay ahead of the curve.

From January 2026, lease accounting rules are changing, requiring leases to appear on the balance sheet. This could impact eligibility for schemes like EIS, SEIS, and EMI, as well as audit exemptions, due to increased reported assets. Businesses should review their position now to avoid losing access to funding or incentives. BlueFox Accounting can help you plan ahead and stay compliant.

The Autumn Budget 2025 brings a mix of tax freezes, welfare support, and business incentives. While headline rates remain unchanged, households face rising tax burdens through stealth measures, and businesses must prepare for new compliance rules. Our blog breaks down the key changes in plain English, highlighting what they mean for individuals, small businesses, and social enterprises.

From autumn 2025, identity verification will be mandatory for directors, PSCs, and LLP members under ECCTA. Verified individuals will receive a Companies House personal code, required for filings and appointments. BlueFox Accounting supports clients through the verification process, ensuring full compliance and readiness for the new regime. Let me know if you'd like this adapted for onboarding emails, trustee briefings, or a compliance checklist.

From 18 November 2025, directors and PSCs must verify their identity before filing confirmation statements or taking on new roles. Each verified individual will receive a personal code, which must be linked to their company role. BlueFox Accounting can act as an ACSP to support clients through the verification process and ensure full compliance.

Medium and large businesses must assess whether contractors working via personal service companies fall under IR35. If so, they must issue a Status Determination Statement and deduct tax and NICs. Key factors include control, substitution, and financial risk. Getting it wrong can lead to penalties. BlueFox Accounting can help you assess contracts and stay compliant.

As of 1st April 2025, significant changes to company size thresholds and audit requirements are coming into effect.

Spring Statement 2025 focuses on MTD delays, stricter tax compliance, fairer penalties, digital upgrades, and support for small traders.