Watson Knipe Blog

For many, tax returns are something to be dealt with ‘later’, a task pushed to the edge of the January deadline. But more people are choosing to file theirs earlier in the tax year. In fact, HMRC recently reported that nearly 300,000 people submitted their 2024 to 2025 return in the first week after 6 April 2025 – HMRC article.

As of June 15, 2025, a major overhaul of the Energy Performance Certificate (EPC) system took effect. The new methodology, known as RdSAP 10, marks the most significant change in over a decade to how domestic energy efficiency is assessed. For landlords and property investors, this is not just an administrative update; it is a strategic shift with direct implications for compliance, costs, and property value.

Starting your own business is an exciting step. Often, it is driven by passion, a product, skill or service you believe in and want to share with the world. But passion alone is not enough. Building solid foundations is critical if you want your business to thrive in the long term. Here are five things every start-up needs to consider from the outset.

From 6 April 2025, changes to the Employment Allowance (EA) and employer National Insurance contributions (NICs) will impact many UK businesses. These updates are designed to support smaller employers, but they come alongside an increase in the cost of employing staff. Here is what you need to know.

The rise in homeworking has transformed how tenants use rental properties, leading to increased wear on furnishings, carpets, and appliances. As a landlord, understanding how fair wear and tear is defined and how it affects what you can claim is essential for effectively managing your rental business and tax liabilities.

From April 2026, all unincorporated businesses and landlords with income over £50,000 must comply with Making Tax Digital for Income Tax (MTD ITSA). This follows the MTD rules already in place for VAT. The move to digital reporting is not optional, and choosing the right software now will make the transition smoother and more efficient.

From 6 April 2025, HMRC implemented a significant change that will affect taxpayers across the UK, including many businesses and property owners. As part of a broader shift announced in the 2024 Autumn Budget, the interest charged on late tax payments will increase significantly, rising by 1.5%.

The government announced increased rates to the National Living Wage (NLW) and National Minimum Wage (NMW) in the Spring Budget 2025.  This increase reflects the government's commitment to aligning wages with the cost of living.

We wanted to let you know about the changes to Child Benefit effective from 7 April 2025. Families will receive a financial boost, thanks to increases in Child Benefit payments.

The increased payments for families are shown below. These payments, made every four weeks, are automatically transferred to bank accounts, helping to ease household budgeting.

Chancellor of the Exchequer Rachel Reeves held the spring statement on Wednesday, 26th March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and in turn, to support the government's growth mission’.

At Watson Knipe, we're committed to supporting small businesses through important changes in tax reporting. One of the biggest changes on the horizon is the rollout of Making Tax Digital for Income Tax (MTD for ITSA). The next phase becomes mandatory in April 2026, and it's important to start preparing now to avoid disruption later.

From April 2026, businesses and landlords with over £50,000 must comply with Making Tax Digital (MTD) for Income Tax. This means using HMRC-approved software to keep digital records and send quarterly updates to HMRC instead of filing a self-assessment tax return.

The Autumn Budget 2024 introduced significant changes to National Insurance Contributions (NICs) that will directly impact company directors, particularly those who take a minimal salary for tax efficiency.

From 6 April 2024, the main rate of Class 1 employee NICs will reduce to 8%, while the employer rate remains at 13.8%.

The Autumn Budget 2024 introduced significant changes to Stamp Duty Land Tax (SDLT), which is set to reshape the property market. SDLT is calculated on increasing portions of the property price, and the liability depends on several factors:

Managing rental properties can be time-consuming, especially when tracking rental income, expenses, and compliance requirements. For landlords and property investors, staying on top of finances is crucial to ensuring profitability and meeting tax obligations. That’s where Hammock, a property finance platform explicitly designed for landlords, comes in.

Running a small business comes with its fair share of challenges, and managing finances is often one of the most daunting tasks. With limited resources and time, keeping track of income, expenses, taxes, and payroll can feel overwhelming. Fortunately, accounting software such as QuickBooks, Sage, Xero, and FreeAgent has transformed how small businesses handle their financial responsibilities.

As a business owner, staying on top of your accounting and tax obligations is crucial to avoiding penalties and keeping your operations running smoothly. Here is a comprehensive guide to the key accounting and tax dates you need to know for 2025.

There were some significant changes last year for those owning and operating furnished holiday lettings (FHL). From April 2025, the FHL tax regime will be abolished, reshaping how these properties are treated for tax purposes. Here is a comprehensive overview of what this means for property owners and how to prepare for the upcoming changes.

The Chancellor's Autumn Budget 2024 announcement has brought stability and opportunities for businesses, with changes that will impact financial planning, investment strategies, and operational costs. Let’s delve into the key highlights and what they mean for businesses across the UK.

The Autumn Budget 2024 has brought several key updates to personal tax policies in the UK. Whether you're a salaried individual, a business owner, or an investor, these changes will affect how you manage your finances. This article is a summary of the most critical updates announced.