Harris & Co

Harris & Co Harris & Co Chartered accountants and Business Advisors We are a firm of chartered accountants who specialise in advising owner managed businesses.

Having spent the last 20 years growing our business from a zero base, we have first hand experience of the issues involved in setting up and running a successful business. We can offer practical solutions to your business issues. Oh and we're great at doing your accounts and saving you tax too!

Tax burden on households skyrocketsThe tax burden on UK households has increased significantly, with HMRC collecting £87...
27/05/2026

Tax burden on households skyrockets

The tax burden on UK households has increased significantly, with HMRC collecting £87.3bn in taxes in April, £6.3bn more than last year. Workers contributed £52.5bn in income tax and National Insurance, as frozen thresholds pushed more into higher tax brackets. These figures are set to climb even further.

Late payment legislation is ‘historic’ momentThe UK government’s formal commitment to legislation to stamp out late paym...
22/05/2026

Late payment legislation is ‘historic’ moment
The UK government’s formal commitment to legislation to stamp out late payments is an historic moment, according to the Federation of Small Businesses (FSB).

The FSB says small firms have spent years battling a culture of poor payment practices by big businesses towards their smaller suppliers.

The government’s plans for more stringent rules around prompt payment will go ahead in this parliament, the King’s Speech confirmed.

These will include maximum payment terms of 60 days while late payments will also be subject to mandatory interest of 8% above Bank of England base rate.

Sole traders not ready for MTDThe majority of sole traders are unprepared for the upcoming Making Tax Digital (MTD) dead...
20/05/2026

Sole traders not ready for MTD

The majority of sole traders are unprepared for the upcoming Making Tax Digital (MTD) deadline on 7 August, with research from Sage revealing that 70% lack understanding of the new requirements. Only 8% are using MTD-compatible software to manage their tax records. Under MTD, sole traders earning over £50,000 must keep digital records and submit quarterly tax returns to HMRC.

I recently came across this post and thought it was worth reposting, given the ever rising Government spending and conse...
08/05/2026

I recently came across this post and thought it was worth reposting, given the ever rising Government spending and consequent rise in taxation:

The next time you hear a politician use the word 'billion' in a casual manner, think about whether you want the 'politicians' spending YOUR tax money.

A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of its releases.

1. A billion seconds ago, it was 1959.

2. A billion minutes ago, Jesus was alive.

3. A billion hours ago, our ancestors were living in the Stone Age.

4. A billion days ago, no-one walked on the earth on two feet.

5. A billion £'s ago was only 13 hours and 12 minutes, at the rate our present government is spending it.

UK Tops OECD for Wealth‑Related Tax RevenuesThe UK collects a higher proportion of wealth‑related taxes than any other O...
06/05/2026

UK Tops OECD for Wealth‑Related Tax Revenues

The UK collects a higher proportion of wealth‑related taxes than any other OECD member, according to new analysis from the Institute for Economic Affairs (IEA). The report finds that such taxes—including inheritance tax, capital gains tax, and property‑based levies—are expected to generate more than 3.5% of GDP in 2024.

The IEA argues that proposals for a new wealth tax are misguided, contending that policies aimed at stimulating wealth creation—such as expanding housing supply—would be more effective.

The report also highlights long‑term trends in wealth distribution. It notes that the UK’s wealth inequality has declined compared with previous decades: the top 1% now hold around 22% of total wealth, below the EU average of 25% and significantly lower than the United States, where the figure exceeds 35%.

The Confederation of British Industry (CBI) is warning that the UK’s current business rates system is holding back inves...
01/05/2026

The Confederation of British Industry (CBI) is warning that the UK’s current business rates system is holding back investment, productivity and overall economic growth.

In a survey of 700 companies, nearly one in three said the system had directly contributed to them cancelling, scaling back or delaying planned property investments.

According to the CBI, the UK now has the highest property tax levels in the OECD for the second year running, with property taxes as a share of GDP coming in at four times the level seen in Germany.

Many businesses say that high rates bills—combined with a system they view as unpredictable, complex and full of sudden “cliff edges”—are damaging confidence and discouraging long-term investment.

The CBI is calling on governments across the UK to deliver meaningful reform to help strengthen competitiveness and support sustained economic growth.

Hike in employer NICs sees £28bn collected from employers in 2025-26 tax year, over 16% higher than original Treasury pr...
28/04/2026

Hike in employer NICs sees £28bn collected from employers in 2025-26 tax year, over 16% higher than original Treasury predictions

National insurance is through the roof in the latest HMRC tax revenue figures, with PAYE Class 1 employer NICs hitting £143.9bn in 2025-26, up from a total of £108.5bn in 2023-24 due to the huge rises implemented in April 2025 after the announcement at Budget 2024.

Based on these numbers it would appear that the NICs raid has been even more lucrative for the government than original Treasury predictions of an additional £24bn in employer NICs.

The new increased NI burden for employers has added £28bn to their tax bill in the first year of operation following chancellor Rachel Reeves’ decision to raise the main rate of employers’ NIC on 6 April 2025 from 13.8% to 15%, and drag more low paid employees into the net with reduction of thresholds.

MTD: Tax revolution or bureaucratic nightmare?The Making Tax Digital (MTD) initiative aims to modernise the UK tax syste...
15/04/2026

MTD: Tax revolution or bureaucratic nightmare?
The Making Tax Digital (MTD) initiative aims to modernise the UK tax system by requiring taxpayers to submit quarterly updates online. However, critics including the ICAEW argue it adds unnecessary bureaucracy and costs, with some self-employed individuals considering reducing their work hours to avoid the burden. The National Audit Office has raised concerns about the scheme's value for money, predicting costs will exceed savings. Despite this, Labour plans to expand MTD, raising fears of increased state surveillance over taxpayers.

Rising costs and stagnant wages, coupled with record high tax rates for individuals and businesses, stifles growth, with...
14/04/2026

Rising costs and stagnant wages, coupled with record high tax rates for individuals and businesses, stifles growth, with majority of taxpayers ‘pessimistic’ reports a new survey.

Most UK taxpayers believe taxation on workers and business is too high, and want to see a smaller tax burden, displaying ‘shock and embarrassment’ when finding out how UK compares with EU and US competitors.

A survey of over 3,000 taxpayers by free market think tank, the Institute of Economic Affairs (IEA) found Britons see energy costs (85%), high taxes (75%), and too much red tape (74%) as major barriers to growth.

Taxpayers are negative about prospects for the UK economy, citing wages as being too low (78%), a lack of investment in public services (77%), and companies prioritising profit (73%).

A third of respondents (31%) said increasing taxes on businesses prevented growth, while 47% said it would cause the economy to contract.

One week since Making Tax Digital for Income Tax became mandatory, HMRC confirms that 250,000 have registered but mostly...
14/04/2026

One week since Making Tax Digital for Income Tax became mandatory, HMRC confirms that 250,000 have registered but mostly via accountants, not by individual landlords and self employed.
With the first quarterly filing report due in July, only around 80,000 individual taxpayers have signed up for the new MTD reporting system. HMRC expects a total of 864,000 individual taxpayers to fall under the first wave of MTD with qualifying income of £50,000 plus for the tax year 2024-25.
A last-minute change of rules may mean that some taxpayers whose income has dropped below the £50,000 threshold can now extricate themselves from MTD regime, as long as they phone HMRC to advise them that their income has fallen. Originally there was no way out of MTD, so this was a welcome announcement from HMRC.

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NN47SL

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