FEB Chartered Accountants

Self-employed? Check your National Insurance record.

HMRC has announced that nearly 800,000 self-employed individuals could have gaps in their National Insurance record.

The issue affects people who became self-employed between 2015 and March 2024, with some gaps potentially linked to how or when Class 2 National Insurance contributions were paid.

For those affected, HMRC says there may be an opportunity to make
contributions for certain earlier years beyond the usual six-year limit and at the original rate.

If you're self-employed, it could be worth checking your NI record and State Pension forecast to make sure your contributions have been correctly recorded.

Contact us to find out more:
Call: 028 9024 0344
Website: www.febni.com

A recent report from Pensions UK suggests that around three-quarters of UK workers are not currently on track for a moderate retirement lifestyle.

The figures make sobering reading:
• £32,700 a year for one person to achieve a moderate retirement lifestyle
• £45,400 a year for two people
• Yet only around 23% of working people are currently on course to reach this level.

The takeaway? Automatic pension contributions may not be enough to deliver the retirement you have in mind.

A comfortable retirement is about more than simply having a pension. It means considering:
• How much you're contributing
• How long you have until retirement
• Your investment strategy
• Your other sources of income
• The lifestyle you want to maintain

The earlier you understand the gap between where you are now and where you want to be, the more options you have to close it.

When was the last time you checked whether your pension is actually on track for the retirement you want?

If you'd like to review your retirement plans, speak to us.

Call: 028 9024 0344
Website: www.febni.com

Al is changing the UK jobs market - and entry-level roles could be feeling the impact first.

The rapid adoption of Al is prompting businesses to rethink how work is done, from automating repetitive tasks to handling analysis, writing, coding, customer service and administration.

The British Chambers of Commerce reports that 54% of UK SMEs are now using Al tools, more than double the 25% reported in 2024.

At the same time, businesses continue to face rising employment costs and difficulties
finding people with the right skills.

This creates a difficult tension:
> Al can improve efficiency and reduce the need for some routine roles.
> Fewer entry-level positions could mean fewer opportunities for young people to gain valuable experience.
› Yet businesses still need skilled people who can work alongside increasingly capable technology.
> Up skilling and Al literacy are becoming increasingly important across industries.

The question isn't simply "Will Al replace jobs?"

It may be more useful to ask:
"What will the jobs of tomorrow look like - and are we preparing people for them?"

For businesses, investing in people and technology may need to go hand in hand if we want to avoid creating bigger skills shortages further down the line.

How do you think Al will change your industry over the next five years?

Call: 028 9024 0344
Website: www.febni.com

Budget Day is coming.…
The next UK Budget has been announced for 28 October 2026.

And while we don't yet know exactly what the Chancellor will announce, it's a good time for business owners and individuals to start thinking about their own financial position.

Could the Budget affect your:
> Tax bill
> Business profits
> Employment costs
> Investments
> Property or rental income
> Pension planning
> Business structure?

There's always plenty of speculation in the run-up to a Budget, but the important question isn't just "What will the Chancellor announce?"
It's "What could it mean for me and my finances?"

If you're a business owner, investor or self-employed, reviewing your position before the Budget could help you make informed decisions rather than reacting afterwards.

If you'd like to review your tax or business position ahead of the October Budget, get in touch.

We'll keep you updated as the announcements are made and, more importantly, explain what
they could mean for you.

Call: 028 9024 0344
Website: www.febni.com

If you're self-employed or a landlord, Making Tax Digital for Income Tax (MTD) could mean changes to the way you keep records and report your income to HMRC.

And if you haven't signed up yet, don't panic - but don't leave it until the last minute either.

MTD for Income Tax is being introduced in stages, based on your qualifying income, and will mean:
> Keeping digital records
> Using compatible software
> Sending quarterly updates to HMRC
> Submitting an end-of-period statement and final declaration

Not sure whether you're affected?

Not sure when you need to sign up?

Or simply don't want the hassle of working it all out yourself?

That's where we can help.

We can help you understand whether MTD applies to you, get you set up with the right software and make sure you know what needs to be reported and when.

If MTD for Income Tax is on your to-do list, get in touch and let us help you get it sorted.

Call: 028 9024 0344
Website: www.febni.com

Receiving a letter from HMRC can be enough to make you think, "Have I done something wrong?"

A Simple Assessment is HMRC's way of telling you that they believe you have tax to pay that hasn't already been collected through PAYE or Self Assessment.

It can happen for things such as:
• Pension income
• State Pension
• Savings interest
• Other taxable income

But don't just assume the amount HMRC has calculated is correct.

Before you pay, check the figures. Make sure HMRC has the right income, tax already paid and personal details.

If something doesn't look right, it may be possible to challenge or correct the calculation.

And if you're unsure what the letter actually means, you don't have to work it out alone.

If you've received a Simple Assessment and want to know what it means for you, get in touch with us and we can help you understand your position.

Call: 028 9024 0344
Website: www.febni.com

VAT changes, rising costs and tighter margins - are you keeping on top of them?

HMRC has updated its guidance on the temporary 5% VAT rate applying to certain children's meals, family attractions and tickets until 1 September 2026.

The latest guidance provides further clarification around party packages, prepayments and mixed supplies - highlighting just how complex the temporary measure can be for businesses.

At the same time, new loD data shows that business confidence continues to weaken, with revenue expectations falling to their lowest level of 2026 and pressure on margins increasing.

For businesses already dealing with rising costs, getting the VAT treatment right matters.

A small change in the VAT rate, an incorrectly treated package or a missed adjustment can all affect your margins and cash flow.

If you're unsure how the temporary VAT rules apply to your business, we're here to help.

Call: 028 9024 0344
Website: www.febni.com

The temporary VAT reduction from 20% to 5% is now in effect - but working out exactly what qualifies isn't quite as simple as it sounds.

The reduced rate applies from 25 June to 1 September 2026 to certain:
> Children's meals
> Children's and family tickets for cinemas, theatres, concerts and exhibitions
> Admission to qualifying family attractions, including theme parks, zoos, soft play and adventure parks

HMRC has now issued further guidance covering some of the trickier areas, including:
> What counts as a qualifying supply
> How the rules apply to bundled or mixed-price packages
> Season tickets and advance bookings
> When the 5% rate should be applied
> How to deal with VAT already accounted for at 20%

If your business operates in hospitality, leisure, entertainment or attractions, getting the VAT treatment right matters - particularly when you're dealing with different types of supplies or packages.

The temporary rate only applies to qualifying supplies, so it's worth checking the detail rather than assuming everything sold during the summer qualifies.

Need help working out how the new rules apply to your business? We're happy to help.

Call: 028 9024 0344
Website: www.febni.com

Your accounts are more than just something you need for HMRC Regularly reviewing your figures can help you understand:

> What's driving your profit
> Where money is being spent
> Whether you're on track with your goals
> Where there may be opportunities to improve

Summer is often a great time to review your business performance before the busy final months of the year.

Good decisions start with good information.

Call: 028 9024 0344
Website: www.febni.com