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New Charities SORP: Income Recognition & Exchange Contracts
The new Charities SORP introduces some helpful (and occasionally head‑scratching) updates when it comes to income recognition. In respect of income the new SORP prompts you to take a fresh look at your income streams and decide whether each one is an exchange transaction or a non‑exchange transaction. So, what’s the difference? An exchange transaction…
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Corporation Tax Late Filing Penalties Have Increased – What Businesses Need to Know
Filing a Corporation Tax return late has always meant a fine, but from April 2026 it is noticeably more expensive. HMRC has increased late‑filing penalties for the first time in 30 years, and the change affects all limited companies. It applies regardless of company size, whether the business made a profit, or even if it…
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Holiday Pay Records Are Changing – What Every Employer Needs to Know
The Employment Rights Act 2025 brings major changes to UK employment law, including a new requirement from 6 April 2026 for employers to keep detailed holiday pay records for at least six years, with failure to comply potentially treated as a criminal offence carrying unlimited financial penalties. Holiday pay has often been a difficult area…
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Benefits in Kind – Your Essential P11D Deadlines and Duties
Benefits in kind are perks or benefits that employees receive on top of their salary, such as company cars, private medical insurance or interest‑free loans. When these benefits are not put through payroll during the year, employers must report them to HMRC once the tax year has ended. This is done using forms P11D and…
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HMRC Steps Up Checks on Online Sellers
HMRC is preparing for a tougher approach to individuals who make money from selling online, following the receipt of income information from almost 4 million UK-based online sellers in 2025. This is a huge jump compared with the previous year and shows just how closely HMRC is now watching activity on popular digital platforms. The…
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Dividend tax goes up in April 2026 – is it worth taking more now?
Dividend tax rates are set to increase from 6 April 2026. This means anyone receiving dividends from their company will soon face higher tax on that income. The basic rate will rise from 8.75% to 10.75%, and the higher rate from 33.75% to 35.75%, while the top rate will remain the same at 39.35%. As…
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ATED: Key Deadlines and Reporting Duties for 2026–27
Annual Tax on Enveloped Dwellings (ATED) applies when certain companies or similar entities own UK residential properties valued at more than £500,000. It is designed to ensure that residential property held within corporate structures is reported properly each year, even if no tax is ultimately due. The chargeable period runs from 1 April to 31…
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BRI Quiz Night – Thursday 19th March 2026
Burgis & Bullock entered a team into the BRI Business Recovery and Insolvency quiz night on Thursday 19th March at Coventry Rugby Club. It was a fantastic evening with plenty of time for networking, followed by a great two course meal. We were very proud to finish in 6th place – and only one point…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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