Clean Up All Your Workflow Chaos With One Tool

A recent issue with Class 2 National Insurance Contributions (NICs) for the 2024/25 tax year has come to our attention, and we want to ensure you’re aware of what’s happening and what it means for you. The Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) have flagged this issue, and HMRC is actively working to resolve it.

As an accounting firm, we often guide limited company contractors and directors through the maze of financial planning, ensuring they make informed decisions to secure their future and optimise their business. One often-overlooked tool in this process is Relevant Life Insurance, a tax-efficient life insurance policy that offers significant benefits for both contractors and company directors. In this blog, we’ll explore what relevant life insurance is, how it works, and why it’s a smart choice for limited company contractors and directors.

The UK government's plan to overhaul profit and loss (P&L) filing requirements for small companies, introduced under the Economic Crime and Corporate Transparency Act 2023, is under review and may be scrapped. The proposed changes, set to take effect in April 2027, would require small and micro-businesses to file detailed P&L statements with Companies House, ending exemptions that currently allow them to submit abridged accounts. However, Business Secretary Jonathan Reynolds has signalled a potential U-turn due to concerns about the burden on small firms.