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Accountants often see the impact that excess stock has on a business long before the business owner realises what is happening. Over-stocking drains cash, fills storage space, increases waste, and restricts flexibility at key moments. Many business owners still treat high stock levels as a sign of strength, yet in practice it is one of the most common and avoidable pressures on working capital. By helping clients understand how to optimise their stock, accountants can add real value and improve day-to-day decision making. A good starting point...

Many businesses regard their overheads as fixed, predictable, and largely outside their control. In reality, an overhead audit often uncovers costs that have risen quietly, services that are no longer used, and processes that have gone unchallenged for far too long. Carrying out a structured review of overheads can make a surprising difference to cash flow, operational efficiency, and long-term resilience. The first step is gathering recurring costs in one place. Software subscriptions, insurance, utility bills, telecoms, outsourced services,...

The Financial Services Compensation Scheme (FSCS) has raised its savings guarantee for bank deposits, increasing the deposit protection limit from £85,000 to £120,000 per person. This change came into effect on 1 December 2025 and marks a significant increase in how your bank deposits are protected in the UK. This new deposit protection limit ensures that qualifying UK bank and building society depositors are covered if their bank fails. The FSCS compensation limit is reviewed periodically by the Prudential Regulation Authority (PRA)....

HMRC has published a new Making Tax Digital newsletter. This newsletter is mainly intended for taxpayers and agents who are currently testing the Making Tax Digital for Income Tax (MTD for IT) system. MTD for IT will become mandatory in phases from April 2026. For nearly two years, HMRC has been stress-testing its MTD for IT systems to ensure they can support increasing numbers of volunteer taxpayers. So far, HMRC has confirmed that testing has successfully deal with: The sign-up process works for individuals and agents, including those...

There are now less than 2 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We urge our readers who have not yet completed and filed their 2024-25 tax return to file as soon as possible to avoid the stress of last-minute preparations as the 31 January 2026 deadline fast approaches. You should also be aware that payment of any tax due should also be made by this date. This includes the remaining self-assessment balance for the 2024-25 tax year, and the first payment on account for the 2025-26 tax...

VAT road fuel scale charges are fixed, standardised amounts that businesses must use to account for output VAT when they provide fuel for private use in a vehicle that is also used for business purposes. The VAT road fuel scale charges are published annually with the current figures applying from 1 May 2025 to 30 April 2026. The fuel scale rates are designed to encourage the use of cars with low CO2 emissions. A business can use the VAT fuel scale charges to work how much VAT they need to pay back when a business car is used for private...

Employees with a second job, third job or more may be able to defer or delay paying Class 1 National Insurance on their additional employment. This deferment can be requested when Class 1 National Insurance contributions are being paid to more than one employer. If you have 2 jobs, over the tax year you’ll need to earn: £967 or more per week from one job over the tax year. £242 or more per week in your second job If you have more than 2 jobs, over the tax year you’ll need to earn: £1,209 or more per week from 2 of those jobs £242 or...

The rules that govern who pays Income Tax in Scotland is determined by whether an individual is considered a Scottish taxpayer. For most people, determining Scottish taxpayer status is straightforward. Individuals who live in Scotland are considered Scottish taxpayers, while those who live elsewhere in the UK are not. If a taxpayer has homes in both Scotland and elsewhere in the UK, HMRC guidance is used to determine their main home for Scottish Income Tax purposes. Those without a permanent home who regularly stay in Scotland, such as...

Many modern companies insist on the inclusion of restrictive covenants to limit the freedoms of employees upon the termination of their contracts. However, the High Court recently reinforced the stringent legal principles governing the enforceability of such restrictive covenants, suggesting that they often overstep.A young man had been working as a salesperson for a UK subsidiary of an American company that sells made-to-measure suits and shirts manufactured in the USA. His original contract included restrictive covenants limited to 6 months....

Food and energy costs remain central concerns for households and businesses because they influence everything from wages to margins to day to day operating decisions. Inflation is easing compared to the volatility of the last few years, but the picture for the next twelve months is still mixed. Prices appear set to rise more slowly, yet neither category is likely to fall in any meaningful way. Food price outlook Food prices surged during the supply chain disruptions of 2021 to 2023 and were pushed higher again by wage pressures, transport...