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The Government's temporary Great British Summer Savings scheme is now live, helping families reduce the cost of summer a...
26/06/2026

The Government's temporary Great British Summer Savings scheme is now live, helping families reduce the cost of summer activities.

Until 1 September 2026, eligible businesses can apply a reduced VAT rate of 5% instead of 20% on qualifying:

- Children's meals in restaurants
- Children's and family cinema and theatre tickets
- Admission to many attractions, including theme parks, zoos, museums and soft play centres.

Many well known attractions and restaurants are taking part, although participation and the savings passed on to customers may vary by business.

If you're planning family days out this summer, it's worth checking whether your chosen venue is participating before you book.

Planning a trip? A quick check could help you save more than you think.

Source: GOV.UK

The Capital Gains Tax allowance has fallen from £12,300 to £3,000.That means more taxpayers could now face a CGT bill wh...
24/06/2026

The Capital Gains Tax allowance has fallen from £12,300 to £3,000.

That means more taxpayers could now face a CGT bill when selling investments, second properties or other chargeable assets.

If you're considering disposing of an asset, now may be a good time to review your position and understand the potential tax implications.

Need guidance? Get in touch K2 Accountancy Group

King Charles is set to become the first modern British monarch to publicly disclose his personal tax bill as part of a w...
22/06/2026

King Charles is set to become the first modern British monarch to publicly disclose his personal tax bill as part of a wider push for transparency around royal finances.

The announcement is expected to provide greater insight into tax paid on personal income, investments and profits generated through private estates, marking a significant shift in how royal finances are reported.

While the circumstances are unique, the move reflects a broader focus on accountability and transparency in financial matters.

Most taxpayers won't be reporting income from a Duchy, but understanding your tax position, maintaining accurate records and planning ahead remains just as important!

Source: Financial Times

Match Day is here!Every successful team needs strong leadership, a solid defence and a creative midfield.Tonight, we're ...
17/06/2026

Match Day is here!

Every successful team needs strong leadership, a solid defence and a creative midfield.

Tonight, we're backing England as they kick off their tournament campaign.

Good luck to the Three Lions from everyone at K2 Accountancy Group, especially our very own Team Captain, Kym, leading from the front.

Come on England!

Almost 300,000 taxpayers have already filed their Self Assessment tax return for the 2025/26 tax year.The deadline may b...
12/06/2026

Almost 300,000 taxpayers have already filed their Self Assessment tax return for the 2025/26 tax year.

The deadline may be months away, but early filing can help you understand your tax position, budget for any liability and avoid the January rush.

Keeping accurate records throughout the year can make the process significantly easier and help reduce last minute stress.
If you're unsure what information you'll need for your next tax return, now is a good time to start preparing.

Source: HMRC

Salary sacrifice has become a popular way for employees to boost pension savings while reducing National Insurance contr...
10/06/2026

Salary sacrifice has become a popular way for employees to boost pension savings while reducing National Insurance contributions.

Under the arrangement, an employee agrees to exchange part of their salary for an employer pension contribution. This can reduce National Insurance costs for both the employee and employer, while still benefiting from pension tax relief.

However, the rules are set to change from April 2029. Under the government's proposed reforms, only the first £2,000 of employee pension contributions made through salary sacrifice each year will remain exempt from National Insurance. Contributions above this amount will still receive Income Tax relief but will become subject to National Insurance.

For many people, the changes may have little impact. However, those making larger pension contributions through salary sacrifice may see a difference in the overall tax efficiency of the arrangement.

While the reforms are still several years away, they highlight how pension and tax rules can evolve over time and why it is important to understand how workplace pension schemes operate.

The government has launched a new AI chatbot through the GOV.UK app to help people find information on topics including ...
05/06/2026

The government has launched a new AI chatbot through the GOV.UK app to help people find information on topics including tax, benefits, childcare and self employment.

Unlike general AI tools, it only uses official government guidance, allowing users to ask questions in plain English without having to search through multiple webpages or understand complex terminology.

For businesses and individuals alike, it is another sign that AI is becoming increasingly embedded in how we access information and make decisions.

However, it is important to understand where guidance ends and advice begins.

The chatbot cannot provide personalised tax, financial or legal advice and is still classed as experimental. While early testing showed strong accuracy levels, users are encouraged to check source material and seek additional support where advice is needed.

A few things to keep in mind:
• It is designed for guidance, not advice
• More complex situations still need human expertise
• You remain responsible for getting your tax right
• AI can support decision making, but it should not replace it

As AI becomes more common across business and finance, understanding when you need information and when you need tailored advice will become increasingly important.

Unsure whether your situation needs guidance or advice? Getting support early can save time, reduce stress and help avoid costly mistakes.

HMRC Payments on Account are advance payments towards your next Self Assessment tax bill. They are designed to help elig...
03/06/2026

HMRC Payments on Account are advance payments towards your next Self Assessment tax bill. They are designed to help eligible taxpayers spread the cost of tax across the year, rather than paying one larger amount in a single payment.

Payments are usually made in two instalments, due on 31 January and 31 July, with each payment typically based on your previous year’s tax bill.

For many self-employed individuals, landlords, freelancers and business owners, understanding how Payments on Account work can make budgeting easier and improve cash flow planning.

Key benefits include:

- Spreading tax payments across two instalments
- Better visibility over future tax commitments
- Improved budgeting and cash flow management
- Greater confidence when planning ahead

Payments on Account usually apply if your Self Assessment tax bill exceeds £1,000 and less than 80% of your income has already been taxed at source.

Understanding your liabilities early can help you stay organised, prepared and focused on running your business.

Need support understanding your upcoming HMRC obligations? Our team is here to help.

More small businesses are facing greater tax complexityAnalysis based on HMRC data suggests tax investigations into smal...
29/05/2026

More small businesses are facing greater tax complexity

Analysis based on HMRC data suggests tax investigations into small businesses are recovering more money than ever, with average recoveries increasing by around 23%.

That does not necessarily mean businesses are getting more things wrong.

As tax rules and reporting requirements continue to evolve, accurate records and good processes matter more than ever.

Keeping on top of compliance early can help avoid issues later.

If you are unsure whether your records or reporting processes are up to date, now could be a good time for a review.

Need confidence that your records and reporting processes are up to date? Speak to the K2 Accountancy Group.

New analysis from global tax firm Ryan suggests the UK ranks highest for property taxes as a share of GDP among major ec...
27/05/2026

New analysis from global tax firm Ryan suggests the UK ranks highest for property taxes as a share of GDP among major economies.

With business rates receipts forecast to reach £37.1 billion in 2026/27, property related costs remain an important consideration for many businesses, particularly those operating from physical premises.

Combined with wider increases in wages and operating costs, this continues to place greater focus on planning ahead, managing cash flow and improving efficiency.

Understanding the impact early can help businesses make more informed decisions and prepare with confidence.

Speak to the K2 team if you would like support planning ahead.

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