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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.
For small and medium-sized enterprises (SMEs) across Northern Ireland, the business landscape is changing faster than ever. Rising costs, shifting trade rules, and an increasingly competitive marketplace mean that business owners need more than annual accounts to stay ahead — they need real-time financial insight.
That’s where digital accounting comes in.
HMRC’s Making Tax Digital (MTD) for Income Tax is coming — and it will affect thousands of people in Northern Ireland. From April 2026, sole traders, landlords, and certain partnerships with turnover above the threshold will have to keep digital records and send quarterly updates to HMRC using approved software.
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.
From April 2026, Making Tax Digital for Income Tax (MTD ITSA) becomes mandatory for thousands of individuals — including landlords and sole traders — with combined turnover over £50,000. While that may seem far off, nine months is not a long time when it comes to updating systems, learning new processes, and becoming fully compliant.
The UK Government’s latest defence strategy, unveiled by Sir Keir Starmer, outlines an ambitious and expansive vision for the country’s armed forces — but it also raises big questions about how it will be funded and what trade-offs may lie ahead for the wider economy, taxpayers, and business owners.
Making Tax Digital (MTD) for Income Tax is on the horizon — and for many individuals, the first compliance deadline is fast approaching.
If you’re self-employed, a landlord, or have a combination of qualifying income sources, you may be required to join the scheme from April 2026. In this article, we’ll break down who is affected, what “qualifying income” means, and how to work out if you’re in scope.
Making Tax Digital (MTD) for Income Tax is the most significant change to the UK tax system in a generation. Designed to modernise tax reporting and reduce errors, it marks a shift away from annual tax returns to a more real-time, digital-first approach.
If you’re a sole trader, landlord, or self-employed individual, this change could affect how you run your business, manage your records, and interact with HMRC.
Here’s what you need to know.
Most business owners know the importance of filing their tax return. It’s an essential compliance obligation — one that ensures you stay on the right side of HMRC. But beyond ticking the annual box, there’s a much more powerful financial tool that often goes overlooked: a well-planned tax strategy.
f you have employees or clients with children aged between 16 and 19 years old, there is an important deadline approaching that could impact their entitlement to Child Benefit — worth up to £1,354 a year.
At first glance, Making Tax Digital (MTD) may seem like another administrative burden — more reports, more deadlines, more compliance. However, when we look beyond the surface, MTD represents a major opportunity for individuals, businesses, and the wider economy.
If you’ve recently received a letter from HMRC about Making Tax Digital (MTD) for Income Tax, you’re not alone. HMRC has started writing to sole traders and landlords with combined turnover over £50,000 to prepare them for major changes starting from April 2026.