Batchelor Coop Limited

08/10/2025

Speculation about which taxes might increase in the budget next month (and how much they might increase by) continues to mount. At the moment, nothing is certain.

However one move which is being reported as increasingly likely is a reduction in employees' National Insurance contribution rates offset by an increase in tax rates.

This would be a step towards simplification of the tax system and technically wouldn't breach the government's manifesto pledge not to increase taxes on 'working people' (since the move would be tax neutral overall for employees currently subject to NI). However, it could affect anyone who doesn't currently pay NIC on their income, including:
- Employees above State Pension age
- Pensioners
- Landlords
- Small company directors drawing their income via a low salary, topped up by dividends.

For now, it appears to be a case of sitting tight and waiting to see what happens before implementing any changes.

Other areas of possible change include Inheritance Tax and Capital Gains Tax.

10/06/2025

Are you ready for MTD?

A recent survey suggests that almost half of sole traders feel unprepared for the upcoming changes - so if you aren’t ’MTD ready’ you are not alone.

Over the coming months we will be continuing our MTD pilot - utilising various software solutions in order to assess which of them will be the best option for you each of our clients. If you meet HMRCs criteria, you will need to make MTD submissions from 6 April 2026.

If you have any questions, call the office to speak to David, Rebecca, or your usual contact.

07/01/2025

Self Assessment tax payments are due on 31 January 2025. If taxpayers are struggling to make their tax payments they should make a time-to-pay arrangement with HMRC in order to minimise penalties and prevent recovery action being taken.

If you owe less than £30,000 you may be able to make an arrangement online. If you owe more, then you may still be able to enter into a payment plan but will need to apply by telephone.

As usual, a 5% surcharge will be applied to any 2023/24 liability not paid by the end of February if no formal arrangement is made before then. This is in addition to late payment interest.

04/12/2024

We are receiving an increased number of enquiries from recipients of letter from HMRC regarding ‘overseas assets, income or gains’.

The recipients of the letter often have American share portfolios linked to shares obtained through a current or previous employment. If you have received such a letter and wish to discuss it, please call us on 01304 620600 and ask to speak with Graham or Rebecca.

31/10/2024

Our budget summary is out - click on the link below to read it.

One possible issue not widely reported is that Twin Cab Pick-Ups with a payload over one tonne will be considered as cars for Capital Allowances and Company Car Tax purposes. A similar announcement was made in February this year, before an abrupt U-Turn just a week later. Now the government have confirmed that all Double Cab Pick-ups purchased or leased in the 2025/26 tax year or onwards will be treated as cars after all.

The key dates are 1 April 2025 for companies, and 6 April 2025 for sole traders and partnerships.

Our FREE monthly eNEWS email newsletter will keep you up to date with the latest news related to the world of accountancy.