1 May 2026 – Due date for corporation tax due for the year ended 30 July 2025.

19 May 2026 – PAYE and NIC deductions due for month ended 5 May 2026. (If you pay your tax electronically the due date is 22 May 2026).

19 May 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 May 2026.

19 May 2026 – CIS tax deducted for the month ended 5 May 2026 is payable by today.

31 May 2026 – Ensure all employees have been given their P60s for the 2025/26 tax year.

1 June 2026 – Due date for corporation tax due for the year ended 31 August 2025.

19 June 2026 – PAYE and NIC deductions due for month ended 5 June 2026. (If you pay your tax electronically the due date is 22 June 2026).

19 June 2026 – Filing deadline for the CIS300 monthly return for the month ended 5 June 2024.

19 June 2026 – CIS tax deducted for the month ended 5 June 2026 is payable by today.

Your Personal Tax Account (PTA) is an easy and secure way to manage your tax online. You can use it to check your tax code, claim a refund and update your details, all in one place, without needing to contact HMRC by phone or post.

Every UK taxpayer has a PTA, but you will need to register through the Government Gateway or GOV.UK One Login to start using it. You may also be asked to confirm your identity during the setup process. This is to keep your details safe and normally involves using photo ID such as a passport or driving licence.

Currently, the following services are accessible through your PTA:

• check your Income Tax estimate and tax code
• fill in, send and view a personal tax return
• claim a tax refund
• check your Child Benefit
• check your income from work in the previous 5 years
• check how much Income Tax you paid in the previous 5 years
• check your State Pension
• check if you will benefit from paying voluntary National Insurance contributions and if you can pay online
• track tax forms that you’ve submitted online
• check or update your Marriage Allowance
• tell HMRC about a change of name or address
• check or update benefits you get from work, for example company car details and medical insurance
• find your National Insurance number
• find your Unique Taxpayer Reference (UTR) number
• check your Simple Assessment tax bill.

When a sole trader or partnership transfers a business to a company, a chargeable gain may arise. This is calculated by reference to the market value of the business assets at the date of incorporation (including goodwill), compared with their original base cost. The resulting gain would ordinarily be subject to Capital Gains Tax.

In many cases, however, the transfer is structured to qualify for Incorporation Relief. Broadly, this requires that the whole business is transferred as a going concern, together with all of its assets (other than cash), in exchange wholly or partly for shares issued by the company.

Where the conditions are satisfied, Incorporation Relief applies automatically and no formal claim is required. The effect of the relief is to defer the gain by reducing the base cost of the shares received, thereby postponing the tax charge until those shares are subsequently disposed of.

A taxpayer may elect for the relief not to apply. This election must be made in writing by 31 January, two years after the end of the tax year in which the incorporation takes place. For example, for a transfer in the current 2026-27 tax year, the election deadline is 31 January 2030. This deadline is reduced by one year if the shares are disposed of in the tax year following that of incorporation.

Bonuses are treated as taxable earnings, so both employers and employees need to understand how they are taxed and reported.

For cash bonuses (including vouchers that can be exchanged for cash), the rules are straightforward. The payment is added to an employee’s normal salary and taxed through the Pay As You Earn (PAYE). This means employers must deduct Income Tax and National Insurance (Class 1) in the usual way through payroll.

Bonuses can sometimes push employees into a higher tax band for that pay period, so the net amount received may be lower than expected.

For non-cash bonuses, such as gifts or rewards, the treatment depends on what is provided. If the item is considered as something that can easily be turned into cash then it is taxed in the same way as cash through PAYE. Other benefits may instead be treated as benefits in kind. A list of typical expenses and benefits and their tax treatment can be found at https://www.gov.uk/expenses-and-benefits-a-to-z

It is important for employers to ensure they apply the correct treatment and reporting method for bonuses, as errors can lead to underpaid tax or penalties.

A recent initiative led by the Lucy Rigby is shining a light on a surprising issue, many young adults in the UK may be sitting on savings they do not even realise they have. The focus is on Child Trust Funds, long term, tax free savings accounts set up for children born between September 2002 and January 2011.

These accounts were originally introduced to encourage saving from an early age and to give young people a financial head start when they reached adulthood. In many cases, the government contributed at least £250 at birth, with additional amounts for lower income families. Over time, these funds have often grown, and some are now worth a few thousand pounds.

However, a significant number of these accounts remain unclaimed. According to recent government commentary, hundreds of thousands of young people are unaware that they even have a Child Trust Fund, let alone how to access it. Lucy Rigby highlighted that this money could provide meaningful support as individuals begin adult life, whether that means funding education, covering living costs, or helping with a first major purchase. 

To address this, HM Revenue and Customs has stepped up its efforts to reconnect individuals with their savings. One of the key measures is a targeted campaign aimed at 21 year olds, a group considered more likely to have up to date contact details through employment or student finance records. Letters are being issued directly to encourage individuals to check whether they have an account and to take steps to access it. 

In addition, HMRC continues to promote its free online tracing service, which allows individuals to locate their Child Trust Fund provider quickly and without cost. This is an important point, as some third party services charge fees for what is essentially a straight–forward process when completed through official channels.

Clients reading this update, with children in the relevant age group, or young adult clients themselves, may be advised to check whether funds are available.

In many ways, this initiative highlights a broader theme. Even well intentioned government schemes can lose visibility over time, leaving valuable resources unused. A small amount of awareness can make a significant difference, particularly when it helps individuals access funds that are already rightfully theirs.

From 1 May 2026, the Renters’ Rights Act introduces the most significant changes to private renting in England for many years. The reforms affect how landlords let property, manage tenants and bring tenancies to an end.

For landlords and property investors, understanding these changes is essential to remain compliant and avoid penalties.

Fixed term tenancies replaced by rolling agreements

One of the biggest changes is the move away from fixed term tenancies. Most existing and new tenancies will become assured periodic tenancies, meaning they run on a rolling basis with no fixed end date.

This removes the certainty of a defined term and means landlords must plan for greater flexibility in occupancy.

End of no fault evictions

The Act abolishes Section 21 evictions. Landlords can no longer ask tenants to leave without giving a valid legal reason.

Instead, possession will only be possible using specific grounds, such as:

• rent arrears
• selling the property
• moving into the property

This represents a major shift in the balance of rights towards tenants.

New rules on rent increases

Rent increases will be limited and standardised. In most cases, landlords will only be able to increase rent periodically, typically once per year, and tenants may challenge increases they believe are excessive.

This means pricing strategy will need to be more carefully managed.

Greater tenant protections

The new rules introduce stronger protections for tenants, including:

• a ban on rental bidding wars
• restrictions on discrimination, for example against tenants with children or those receiving benefits
• limits on advance rent payments, generally capped at one month

These changes are designed to make access to rental housing fairer and more transparent.

New compliance requirements for landlords

Landlords must also meet new administrative obligations. For example, tenants must receive a government information sheet explaining the changes by 31 May 2026, or landlords may face fines.

Further measures, including a landlord database and ombudsman scheme, are expected to increase oversight of the sector.

What landlords should do now

With these changes now in force, landlords should:

• review tenancy agreements and processes
• ensure compliance with new eviction rules
• update rent review strategies
• check communication procedures with tenants
• consider the long term viability of their property portfolio

A more regulated environment

The overall direction of travel is clear. The private rented sector is becoming more regulated, with greater emphasis on tenant rights and transparency.

For landlords, the focus now shifts from flexibility to compliance and long term planning. Taking early advice and reviewing procedures now will help ensure that property businesses remain both compliant and commercially viable under the new rules.

Late payment remains one of the most common causes of cash flow pressure for small businesses. Even profitable businesses can struggle if invoices are not paid on time. The good news is that there are several practical options available to improve collections, ranging from simple internal processes to more formal recovery action.

Start with clear credit control procedures

The first step is to ensure that your processes are working properly. Invoices should be issued promptly and include clear payment terms, due dates and bank details. A structured follow up system is essential. This might include reminder emails shortly before the due date, followed by regular and consistent contact once payment becomes overdue.

Communicate early and professionally

Many late payments are not the result of dispute, but simply poor organisation on the part of the customer. A polite but firm phone call can often resolve the issue quickly. It is helpful to confirm that the invoice has been received, that there are no queries, and that payment has been scheduled.

Review credit terms and customer risk

If a customer regularly pays late, it may be necessary to review the terms offered. Options include shorter payment periods, reduced credit limits, or requiring payment in advance. For new customers, consider carrying out basic credit checks before extending credit.

Consider incentives and penalties

Offering small discounts for early payment can encourage faster settlement, particularly for larger invoices. At the other end of the scale, businesses can charge statutory interest and compensation on late payments under the Late Payment of Commercial Debts (Interest) Act 1998. While not always enforced, the existence of these charges can strengthen your position.

Use formal recovery options where necessary

If informal methods fail, more formal action may be required. This could include:

� instructing a debt collection agency

� issuing a formal letter before action

� commencing legal proceedings through the courts

For undisputed debts, a statutory demand may also be appropriate, particularly where the amount involved is significant.

Explore invoice finance and factoring

Where late payment is a persistent issue, businesses may consider invoice finance. This allows you to receive a large proportion of the invoice value upfront, improving cash flow while the finance provider collects the debt.

Take a proactive approach

The key to effective debt collection is consistency. Businesses that actively manage their debtor list tend to experience fewer problems than those that only react once cash flow becomes tight.

If you would like help reviewing your credit control procedures or improving cash flow, please get in touch.

Recent government guidance has highlighted a growing risk of fraud linked to Winter Fuel Payments, with criminals attempting to exploit uncertainty around changes to eligibility and repayment arrangements. Pensioners are being encouraged to remain cautious if they receive unexpected communications claiming to be connected with the payment, particularly where personal or financial information is requested.

Winter Fuel Payments are designed to help eligible pensioners meet the additional costs of heating during the colder months. However, recent changes mean that some individuals with annual income above £35,000 may see the payment recovered through the tax system. In most cases this recovery will happen automatically through PAYE coding adjustments or through the Self-Assessment process, meaning that there is normally no need for individuals to take action or contact HMRC directly.

Unfortunately, fraudsters often take advantage of policy changes and public uncertainty. HMRC has reported thousands of scam referrals relating to Winter Fuel Payments over the past year, with criminals using letters, emails, phone calls and text messages that appear to come from official sources. These messages may suggest that the recipient must provide bank details, make a payment, or confirm personal information in order to receive or retain their entitlement.

A key point for pensioners and their families is that government departments will not normally request sensitive information by email or text message in relation to Winter Fuel Payments. Payments are usually made automatically, and any recovery of overpayments is generally handled through the tax system without the need for direct contact. Messages suggesting urgent action is required should therefore be treated with caution.

Typical warning signs of a scam include requests for immediate payment, links to unfamiliar websites, or communications that create a sense of urgency. Fraudsters may attempt to imitate official branding or use convincing language, making the messages appear genuine. Taking a moment to verify the authenticity of any communication can help prevent unnecessary financial loss.

Families and advisers may wish to remind older relatives or clients to be wary of unexpected messages and to avoid sharing personal details unless they are certain of the recipient’s identity. Suspicious emails or texts can often be reported to the appropriate authorities, helping to reduce the impact of fraudulent activity.

As policy changes continue to attract attention, it is likely that scammers will continue attempting to exploit confusion. Remaining aware of the risks and understanding how legitimate payments are administered can significantly reduce the likelihood of falling victim to fraud. Taking a cautious and informed approach can help ensure that support payments achieve their intended purpose without exposing vulnerable individuals to unnecessary risk.

Raising prices is rarely comfortable for business owners, yet it is often necessary to maintain margins as wages, materials, finance costs and energy bills rise. The difficulty is rarely the price itself. It is the customer’s perception of whether the product or service is still worth the cost. A more effective approach than simply announcing higher fees is to increase the deemed value of what is being offered, so that the revised price feels justified and reasonable.

Customers rarely assess value purely on cost. Instead, they consider usefulness, convenience, reliability, status and peace of mind. A modest price increase can often be accepted if customers clearly understand what additional benefit they are receiving. The key is to communicate improvements in a way that highlights relevance to the customer’s needs rather than simply listing features.

One of the most effective methods is to reframe the offering in terms of outcomes rather than inputs. For example, a professional adviser does not simply sell time. They sell confidence, reduced risk and better decision making. A supplier of components does not only deliver materials. They provide consistency, quality assurance and fewer operational disruptions. When communicating a price increase, explain how the service helps clients save time, avoid errors or achieve stronger results.

Bundling additional elements into an existing service can also enhance perceived value. This does not necessarily require significant extra cost. Examples might include providing short summary reports, improved response times, online access to information or periodic review meetings. These additions signal commitment and professionalism, helping customers recognise that the service is evolving rather than simply becoming more expensive.

Clarity and transparency are also important. Customers are more receptive to price adjustments when they understand the context. A brief explanation that costs have risen, combined with a clear description of improvements made, positions the increase as part of responsible business management rather than opportunistic pricing. Avoid defensive language. Instead, emphasise continuity, quality and ongoing investment in the service offering.

Another useful technique is to segment customers according to the level of service they require. Introducing tiered packages allows customers to select the level of value that best matches their budget and expectations. Some may prefer a basic service at a lower cost, while others may welcome a more comprehensive option that provides additional reassurance or support.

Consistency of messaging matters. Staff should understand how to explain the enhanced value proposition clearly and confidently. Written communications should reinforce the same themes, highlighting benefits such as reliability, improved service delivery and better outcomes. Customers often accept price changes when they feel respected and well informed.

Ultimately, price increases are easier to accept when customers believe the relationship continues to deliver strong value. By focusing on outcomes, service improvements and

clarity of communication, business owners can strengthen trust while protecting profitability.

For the 2026-27 tax year, individuals with income between £100,000 and £125,140 face an effective marginal income tax rate of 60%. This unusually high rate is not a separate tax band but arises because the personal allowance is gradually withdrawn once income exceeds £100,000.

The personal allowance remains £12,570 for 2026-27 and continues to be withdrawn at the rate of £1 for every £2 of adjusted net income above £100,000. Once income reaches £125,140, the personal allowance is completely lost.

This tapering creates an effective marginal tax rate of 60% on income within this band. Normally, income in the higher rate band is taxed at 40%. However, when the personal allowance is reduced, part of the income that would otherwise have been tax free becomes taxable. In practical terms, every additional £1 of income above £100,000 results in 40% higher rate tax plus a further 20% effective charge caused by the loss of personal allowance.

For example, an additional £1,000 of income above £100,000 may lead to £400 higher rate tax plus tax on £500 of lost personal allowance, creating a further £200 tax liability. The combined effect produces an effective marginal rate of 60% within this band.

The issue has become more significant because income tax thresholds are currently frozen until at least April 2031, meaning more individuals are gradually being drawn into this band as earnings increase.

The High Income Child Benefit Charge should also be considered when reviewing income levels. For 2026-27, the charge applies where adjusted net income exceeds £60,000, and Child Benefit is fully withdrawn once income reaches £80,000. This change increased the upper limit from the previous £60,000 cap, reducing the marginal impact on families compared with earlier years. (GOV.UK)

Planning ideas to consider

There are several legitimate planning steps that may help individuals reduce adjusted net income below £100,000 or limit the impact of the personal allowance taper.

Pension contributions are often the most effective strategy. Personal pension contributions attract tax relief and reduce adjusted net income for the purposes of calculating the personal allowance. A carefully timed pension contribution may restore some or all of the personal allowance and significantly reduce the effective marginal tax rate.

The 60% marginal band is often described as a hidden tax trap because it does not appear in standard tax tables. Individuals approaching this income level may benefit from reviewing their position before the end of the tax year to ensure that planning opportunities are not overlooked.