Publications

Chancellor Rachel Reeves has reversed last year’s decision to restrict winter fuel payments, confirming that pensioners in England and Wales with taxable incomes of £35,000 or less will again receive the benefit from this autumn.

Many parents and carers want to give children a solid financial base, yet feel unsure where to begin. The UK tax system offers several wrappers and allowances designed for minors, each with different rules on access, tax treatment and contribution levels.

The policy push for a net-zero economy is now hard-wired into the UK tax system, with many businesses investing in lowercarbon equipment, property upgrades and greener vehicles. The tax system offers a range of permanent and time-limited reliefs that can cut the headline cost of those projects by up to 25%. We have summarised the main opportunities below, together with the deadlines and practical steps we recommend you take during the rest of the 2025/26 tax year.

UK-INDIA TRADE DEAL CUTS TARIFFS Britain and India have signed a long anticipated trade deal that is expected to boost the UK economy by £4.8bn a year by 2040.

Exports already account for around 30% of UK gross domestic product (GDP), and the government wants that share to rise further by helping more small firms sell overseas. In the 2024 Autumn Statement, ministers renewed the goal of lifting UK exports to £1 trillion a year by 2030. Although the headline target often makes the news, the real shift will come from the thousands of owner-managed businesses that decide to quote for an order in Dublin, Dubai, or Denver for the first time.

Diversification spreads risk across different assets, markets and tax wrappers. It helps private investors smooth returns instead of relying on a single share, fund or property. The principle is simple: assets rarely move in perfect sync, so setbacks in one area may be offset by steadier performance elsewhere. A balanced portfolio is therefore less exposed to shocks and better placed to meet long-term goals such as retirement income, school fees or a future house purchase.

A merger or acquisition can open new doors for growth, streamline operations, and enhance market presence. Businesses across the UK often consider combining forces to improve economies of scale, benefit from complementary expertise, or secure new technology. Although this form of restructuring can bring advantages, it also involves risks if it is not managed correctly. This guide outlines essential factors that business owners should consider when they plan or undertake a merger or acquisition in the current UK environment.

OVERVIEW OF THE NEW STATE PENSIONS Under the new State Pension, you need at least ten “qualifying years” of National Insurance (NI) contributions to receive anything. You typically need 35 qualifying years to receive the full new State Pension. These are broad guidelines; some people who paid  or received NI credits under the old system may have special situations, so it’s worth checking your own NI record to confirm your status.

BANK OF ENGLAND EXPECTED TO CUT RATES IN MAY The Bank of England (BoE) is now widely expected to cut interest rates in May, as escalating trade tensions sparked by Donald Trump’s tariff hikes weigh heavily on the global economic outlook.

These rates and allowances are based on fiscal announcements made by the UK and Northern Ireland, Scottish and Welsh Governments and are for information only. All information is subject to change before 6 April 2025 and confirmation by the respective Governments. The above must not be considered advice and no warranty is given for the accuracy or completeness of the details. Professional advice should be sought before making any decisions. Rates apply to the UK unless stated otherwise.

Government grants are non-repayable funds allocated to businesses to achieve specific objectives, such as fostering innovation, enhancing sustainability, or stimulating regional development. For SMEs, these grants can alleviate financial constraints, reduce operational risks, and accelerate growth. Unlike loans, grants do not require repayment, making them an attractive funding source for businesses aiming to undertake new projects or expand existing operations.

LANDLORDS TO RECEIVE MTD LETTERS Landlords and sole traders to receive letters from April. HMRC is set to inform taxpayers affected by Making Tax Digital (MTD) for Income Tax.