Motorsport Accountant Harris & Co

23/10/2026

Government backs down on plans to require smallest businesses to file profit and loss accounts, and balance sheets at Companies House

The decision to ‘pause’ the controversial new reporting requirement was dropped ahead of the Budget as the prime minister Andy Burnham met with small business leaders in the new No10 North.

The planned start date of April 2028 has now been abandoned, with the government saying the accounting changes are now on pause. This is the second time the measure has been delayed.

This means that small and micro businesses will no longer be required to file profit and loss (P&L) accounts with balance sheet information, which was due to be mandatory from 1 April 2028.

23/10/2026

Latest labour market data shows downturn in hiring
The latest statistics on the labour market released by the Office for National Statistics (ONS) show a decrease of 21,000 in the number of vacancies compared to the previous quarter. The decrease is mostly attributed to smaller firms who suggest increased labour costs have slowed recruitment.

In addition, the estimate for payrolled employees in the UK fell by 111,000 (0.4%) between August 2025 and August 2026. Commenting on the data, Alex Hall-Chen, Principal Policy Advisor for Employment at the Institute of Directors said:

‘Demand for labour has been undermined by a succession of employment policies which have increased the cost and risk of hiring staff. The labour market is unlikely to strengthen until the Government tackles this cost of employment crisis.’

UK unemployment was estimated at 4.7% for June to August 2026, down 0.1% on the year and the last quarter. Unemployment for those aged 16 to 24 was 15.6% for the three-month period, down from 16.4% in the previous three months but higher than the rate seen in the equivalent period last year (14.6%). Youth unemployment remains a government focus with Work and Pensions Secretary Pat McFadden commenting on the release of the Industrial Strategy Jobs Plans:

‘Too many young people have been locked out of opportunities for too long.’

Other data released showed annual growth in average regular earnings (excluding bonuses) was 3.7% in June to August 2026 and had been relatively stable. Adjusted for inflation, annual growth in real terms was 0.8%.

21/10/2026

Healey mulls tax hit on family businesses
The Chancellor is weighing plans to charge income tax when owners pass businesses to the next generation, potentially almost doubling their tax bills. Such transfers can currently be arranged to incur lower-rate capital gains tax. The proposals would affect entrepreneurs planning retirement and aim to raise hundreds of millions beyond Labour’s earlier inheritance tax changes for family businesses, which are expected to bring in £300m annually for the public finances.

20/10/2026

A little perspective on the roads on the Tour de Corse Historique and the Harris & Co Vauxhall Chevette

16/10/2026

12/10/2026

🏆 CLASS WINNERS – TOUR DE CORSE HISTORIQUE 2026! 🏁🇫🇷

45 years of motorsport passion. Specialist accountants to the motorsport industry. And still competing at the sharp end!

We are delighted to celebrate another international motorsport success for Harris & Co, following a class victory in the 2026 Tour de Corse Historique in our Harris & Co-backed Vauxhall Chevette HSR.

Widely regarded as one of the world's great historic rallying events, the Tour de Corse Historique is a formidable test of driver, co-driver and machinery, tackling the spectacular but unforgiving mountain roads of Corsica.

With only 50% of cars making it to the finish, simply completing this demanding event is an achievement in itself. To come away with a class win makes it particularly special!

This latest success adds to our previous award-winning performances on this internationally renowned event in two other iconic rally cars — our 1963 Morris Mini Cooper and 1971 Ford Es**rt RS2000.

🏎️ Motorsport isn't just something we sponsor. It's part of our DNA.

At Harris & Co Chartered Accountants, we have been actively involved in motorsport for over 45 years. That experience gives us something rather different from most accountancy practices: a genuine, first-hand understanding of the industry, its commercial challenges and the passion that drives the people working within it.

From racing teams and specialist engineering businesses to competitors and companies supporting the motorsport industry, we combine professional accountancy, audit, taxation and business advisory expertise with decades of practical motorsport experience.

We understand motorsport because we're part of it.

And while winning trophies is immensely satisfying, we're equally proud of helping businesses in this exciting industry achieve their own success.

🏆 Harris & Co – Driven by passion. Backed by experience.

🌐 www.harrisandco.biz

25/09/2026

ONS statistics show government is borrowing more than expected
Data released by the Office for National Statistics (ONS) on 22 September 2026 showed the UK borrowed £18.3 billion in August 2026, up £2.9 billion on the same month last year.

Increased debt levels were partly attributed to the impacts of inflation causing a greater increase in spending than receipts received from taxes and elsewhere. Overall borrowing in the financial year to August 2026 was £77.3 billion, £2.2 billion less than the same period last year but £8.1 billion above the OBR forecast in March.

Nick Redpath, Research Economist at the Institute of Fiscal Studies warned against reading too much into any one set of monthly figures due to revisions being commonly made but stated:

‘Both higher borrowing costs and higher inflation make life harder for a Chancellor who is looking to bring down borrowing and to spend more on government priorities.’

23/09/2026

Economic uncertainty and increasing cost pressures are significantly constraining the growth ambitions of UK SMEs, with many businesses focused on maintaining stability rather than pursuing expansion. According to recent research by Flagstone, 43% of SMEs are uncertain whether they can sustain current trading conditions for more than two years, highlighting the need for greater support to safeguard employment, investment, and long-term business resilience.

The findings show that cost-related pressures dominate the challenges facing UK businesses. In addition to ongoing concerns around energy costs and wider economic uncertainty, organisations are increasingly impacted by rising labour expenses (28%), escalating operational costs, including premises and IT infrastructure (26%), and higher expenditure on materials, stock, and inventory (25%). Collectively, these factors are placing considerable strain on business profitability and limiting opportunities for growth and investment.

18/09/2026

Business group urges Chancellor to ‘restore business confidence’

The Institute of Directors (IoD) has called on Chancellor John Healey to help restore confidence amongst UK businesses in the upcoming Autumn Budget.

The IoD recently published its Autumn Budget submission in which it urged the Chancellor to restore confidence, encourage private investment and create the conditions for stronger long-term economic growth.

It argued that persistent weaknesses in investment, productivity and business confidence ‘risk undermining future prosperity’.

The submission identified five priority areas where the Budget can help strengthen the UK’s growth prospects. The IoD urges the government to:

create a competitive and predictable tax environment
mitigate the investment and employment consequences of the Employment Rights Act
sequence devolution to support productivity across the UK
deliver economically productive infrastructure
accelerate responsible AI adoption across the business population.

Anna Leach, Chief Economist at the IoD, commented: ‘This Budget must restore confidence and provide a clear signal that the UK is committed to being one of the most attractive places in the world to invest, grow a business and create jobs.’