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Considering whether to operate as a sole trader or a limited company? Our blog outlines the key differences, including tax differences, liability, and admin requirements. We have broken down the main pros and cons of each structure and can support you with any further questions.

From 2025, Companies House will require all company directors, PSCs, and those filing on behalf of companies to complete identity verification. These ID verification checks will be phased in from autumn 2025, with the aim of reducing fraud and improving the accuracy of the public register.

Our blog explains Making Tax Digital for Income Tax, outlining who it affects, when it starts, and how to comply. We have highlighted the key deadlines, software requirements, and the benefits of digital record keeping for sole traders and landlords to guide you through preparing for the transition.

Our blog covers the April 2025 legislative changes that will affect IR35 and shift status determination back to contractors for more clients. We have also explained key factors for assessing IR35 status and the benefits of being outside IR35. At Sherwin Currid we offer expert support to help contractors stay compliant and tax efficient.

Chancellor Rachel Reeves’ Spring Statement 2025 focused on economic updates rather than major tax changes. Key announcements included increased defence spending, welfare budget cuts, and updates on the crackdown on tax avoidance. From April 2025 changes announced previously be the Labour Government will also take effect such as Employer NICs and Capital Gains Tax changes.

The Autumn Budget 2024 introduces increased employer NICs, CGT rate hikes, and Stamp Duty surcharges, impacting small businesses, contractors, and property investors. With expanded Employment Allowance and a commitment to digital tax compliance, these changes aim to boost public funding while posing new financial considerations for UK businesses and investors.

The October 2024 Budget, Labour’s first, may include significant changes such as raising Capital Gains Tax, adjusting Business Asset Disposal Relief, increasing Inheritance Tax rates, and altering pension tax relief. These measures aim to address the budget deficit while avoiding increases in working taxes, reflecting Labour’s fiscal priorities.

The upcoming VAT on private school fees, set to start in January 2025, will increase costs for families and could lead to shifts in school enrollment. This change is part of a broader effort to raise revenue and promote educational equality. The impact on private schools, state education, and financial aid remains a key point of discussion as the details of the legislation continue to unfold.

ISAs (Individual Savings Accounts) in the UK offer tax-free savings and investment opportunities, with annual limits of £20,000 in the 2024/25 tax year. Options include Cash ISAs, Stocks and Shares ISAs, and Lifetime ISAs, each catering to different savings goals and risk preferences.

The 2024 King’s Speech outlined the Labour government’s plans under Prime Minister Sir Keir Starmer, focusing on economic stability, clean energy, public health, and border security. Key measures include VAT on private school fees, nationalisation of railways and energy, and new housing and immigration policies, introducing 40 new bills.

Discover the benefits of voluntary VAT registration, from reclaiming VAT on business expenses to enhancing your company’s credibility. Learn how to navigate different VAT schemes and streamline compliance with expert guidance from Sherwin Currid.

With the General Election taking place this week, contractors will be keeping a keen eye on the election campaign coverage to see how their finances will be affected. If you are a contractor, it is vital to know which parties have made pledges that may affect your work.