Prestons Accountants

07/10/2026

🚨rules brought in under the Economic Crime and Corporate Transparency Act 2023, directors are required to verify their identity with Companies House or risk enforcement action and penalties.

Since 18 November 2025, newly appointed directors must verify their identity before acting as a director. Existing directors are required to verify during a 12-month transition period, when filing the company’s next confirmation statement. The aim is to ensure that directors controlling businesses can be identified and held accountable in efforts to address the misuse of UK companies for criminal purposes.

Three directors were fined at City of London Magistrates’ Court on Wednesday 16 September; two for continuing to act as directors despite not completing identity verification and one for ‘failing to take reasonable steps’ to prevent someone acting as director while unverified. The three directors were also prosecuted for failing to file confirmation statements within the statutory period.

07/10/2026

🚨On 28 September 2026, John Healey delivered his first speech as Chancellor of the Exchequer at the Labour Party Conference identifying ‘Backing Britain’ as one of his main priorities. Business was identified as being of key importance and the speech recognised the impact that cost pressures could have on growth.

Jobs for young people was a central message. The National Wealth Fund will be used to create and support a further 130,000 jobs including expanding local apprenticeship services and restoring the Union Learning Fund to help people build new skills and adapt to changes such as the increasing role of AI.

The speech also focused on industrial growth. As well as the previously announced funding for British shipyards, the wider package or economic plans linked to the speech proposed that more flexible funding could be issued to buyers from certain countries to incentivise buying British.

09/09/2026

08/09/2026

🚨From September 2026, HMRC intends to write to taxpayers who need to use the Making Tax Digital for Income Tax (MTD for IT) service but who have not registered to let them know HMRC has signed them up on their behalf.

HMRC will send letters confirming who needs to register for and use MTD for IT in the 2026/27 tax year.

Letters will arrive by post or can be viewed in HMRC online services depending on taxpayer preferences. The letters will be sent out in stages over the coming months and individuals will be contacted after HMRC has signed them up.

HMRC will also remind taxpayers that they need to use MTD compatible software to create and store digital records for their MTD sources of income; send quarterly updates to HMRC; and submit an end-of-year tax return.

Under the new late submission penalties, a penalty point is awarded where a quarterly update or tax return deadline is missed. Once a four-point threshold is reached, a financial penalty will be issued.

08/09/2026

🚨An analysis carried out by the government has revealed that a crackdown on zero hours contracts could cost businesses £2.9 billion a year.

Employment reforms carried out by Labour will cut the number of hours employees can work before they must be offered guaranteed time.

An analysis published recently showed that the reforms could cost employers between £350 million and £2.9 billion based on the eventual threshold of hours the policy impacts.

Additionally, companies could face more administrative costs and less flexibility.

Around £1.2 billion in costs would come from businesses being forced to pay employees compensation for cancelled shifts.

However, government officials said the reforms could provide a boost of £10 billion to the UK economy as a result of better productivity and employee wellbeing.

Commenting on the matter, a spokesperson for the Trades Union Congress (TUC) said: ‘The aim of this legislation is to stop this practice and give variable hours workers security and stability - so good employers have nothing to fear.’

08/09/2026

🚨Prime Minister Andy Burnham has pledged to help ease the cost-of-living crisis for households in the UK.

Mr Burnham stated he will ‘pull every single lever’ to help reduce the cost of living and improve local high streets.

The government said that the Prime Minister will focus on ‘everyday fixes’ to ease financial pressure on UK households. Under new plans, subscriptions will be easier to cancel, and companies will be mandated to make it clearer when subscriptions will auto-renew at a higher price.

Mr Burnham has also vowed to stop retailers’ use of ‘pretend prices’, which will prevent shops from using ‘was’ prices, made-up discounts or misleading recommended retail prices to promote deals.

He said: ‘I know people are sick and tired of rip-off discounts and subscription traps. Westminster has got used to telling people that everyday hassles like this are just part of life.

‘I don’t think that’s right, especially when the cost of living continues to weigh heavily on so many people’s lives.’

13/08/2026

🚨The move is part of the sweeping changes to employee rights sets out in the government’s flagship Employment Rights Act 2025. When the consultation was released previous minister for business Peter Kyle said the measure would ‘ensure all jobs provide a baseline level of security and predictability, ending exploitative zero hours contracts’.

Under the new rules, these workers, including those placed through agencies, will have the right to:

guaranteed hours, where the number of hours offered reflects the hours worked by a qualifying worker during a reference period;
reasonable notice of shifts and changes to these; and
payment for shifts cancelled, curtailed or moved at short notice.
Now the government has released costings for the proposals, setting out a maximum £2.9bn bill for businesses every year to comply with the rules. This includes a total of £450m per annum to pay for the right to guaranteed hours, £1.2bn to implement the workers’ new right to reasonable notice of shifts, and up to £1.3bn in compensation payments for cancelled or shortened shifts.

12/08/2026

🚨HMRC’s performance data for 2025/26 shows it has made progress on customer service but still has a way to go, according to the Chartered Institute of Taxation (CIOT).

The data shows a mixed picture with progress on compliance activity, digital adoption and HMRC’s telephone service.

However, challenges remain around debt levels, correspondence handling and customer satisfaction.

The CIOT welcomed the news that HMRC has met their target of 85% of attempts to get through to an HMRC helpline adviser succeeding. This is the first time it has met their target in this area.

The CIOT also noted that HMRC has missed its other four customer experience targets.

12/08/2026

🚨Prime Minister Andy Burnham has slashed business rates for pubs, clubs and live music venues in England by 20%.

The reduction will take effect from April 2027 and will save the typical pub an estimated £1,100 next year, according to the government.

Designed to cut costs for working people and communities, the move will benefit nearly 32,000 pubs, clubs and live music venues, the government said.

The changes will be fully funded, including through reviewing reliefs for businesses that do not make a positive contribution to local communities, such as v**e shops.

Mr Burnham said: ‘For too long, governments have stood by while cherished venues have disappeared from our local high streets.

12/08/2026

🚨In a new development HMRC has confirmed it will begin automatically signing up taxpayers who should already be using Making Tax Digital (MTD) for Income Tax but have yet to enrol.

HMRC stated: ‘From September 2026, HMRC will begin signing up customers who should be using MTD for the 2026 to 2027 tax year but have not yet done so, helping them meet their requirements. This will happen in stages over the coming months.’