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When it comes to sending chills down a business owner’s spine, three little letters stand above the rest… HMRC.

Even the most confident entrepreneurs can feel a shiver when an unexpected brown envelope lands on their desk. But here’s the truth: with the right systems, knowledge, and accountant in place, there’s nothing to be afraid of.

Tax season might not involve cobwebs or cauldrons, but for many business owners, it can feel just as frightening. As the 31 January filing deadline looms, even the bravest entrepreneurs can find themselves haunted by piles of paperwork, sleepless nights, and the fear of unexpected tax bills.

Halloween might come once a year, but for many small business owners, financial frights can strike at any time. 👻

From 18 November 2025, Companies House will begin rolling out a new identity verification process for all company directors and persons with significant control (PSCs).
This change forms part of the Economic Crime and Corporate Transparency Act, a major piece of legislation designed to increase transparency, tackle fraud, and strengthen trust in the UK’s business register.

Recent media reports are warning of potential tax rises ahead — and for many business owners, landlords, and high-net-worth individuals, that means it’s a good time to review your plans.

While no changes are confirmed yet, speculation is mounting around how the next Budget could attempt to raise revenue. As your trusted accounting partners in Northern Ireland, we wanted to walk you through what might be on the horizon — and what steps you can take now to protect yourself.

The UK Government has announced a wide-ranging plan to support small businesses, outlining a series of measures aimed at tackling long-standing challenges and helping smaller firms to grow.

The plan has been welcomed by leading professional bodies, including the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants in England and Wales (ICAEW), as an important step toward strengthening the UK’s small business economy.

New figures from the Office for National Statistics (ONS) show signs that the UK labour market is continuing to cool.

For the three months to June, unemployment rose slightly to 4.7%, the highest in four years, while average pay growth slowed from 5% to 4.6% including bonuses. Excluding one-off payments, pay remained flat at 5%, suggesting that employers are scaling back incentive-based rewards as budgets tighten.

HMRC has launched a new letter campaign targeting companies that may have miscalculated corporation tax marginal relief on their recent returns.

Businesses receiving one of these letters must respond within 30 days, even if they believe their calculations are correct. Failure to do so could result in a formal compliance check and potential penalties.

Chancellor Rachel Reeves is set to deliver her Autumn Budget on 26 November 2025. With borrowing at a five-year high and public finances under pressure, speculation is growing about which tax changes may be announced to raise revenue.

While nothing will be confirmed until Budget Day, it’s worth considering the areas most likely to affect individuals and businesses here in Northern Ireland.

At Exchange Accountants, we’re proud that a recent client survey showed 99% of our clients would be happy to recommend us to family and friends. For us, this is more than just a statistic — it’s a reflection of the relationships we’ve built and the trust our clients place in us.

In business, financial risks don’t always appear on the surface. Sometimes they hide in the detail — and if left unchecked, they can grow into serious problems that affect profitability, compliance, or even a company’s survival. This is where forensic accounting comes into play.

At Exchange Accountants, we are advising clients to review their inheritance planning following significant changes to the way pension savings are treated for inheritance tax (IHT).

Chancellor Rachel Reeves confirmed in the last autumn Budget that unspent pension pots will now form part of an individual’s estate for IHT purposes, regardless of age at death.

This is a major shift away from previous rules, where pensions could usually be passed on tax-free if the deceased was under 75.