Tax Tips and News

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09/05/2025

May Tax Tips and News

Welcome to Sephton’s monthly newsletter. Here, you’ll find all our latest tax tips as well as the news that’s affecting our clients. If you scroll down the page, you’ll see you have access to the complete archive too. We’re committed to making sure our clients receive useful advice and support throughout the year.

If you need further assistance though, please get in touch using the details on the ‘contact’ page. We’re happy to help.

Tax rises inevitable amid tariff trade war?

The dust had barely settled on Rachel Reeves' Spring Statement before shockwaves were sent through financial markets following news of trade tariffs from America. Read More...

HMRC could get new powers in tax avoidance clampdown

Tax avoidance - and specifically those who promote it - has once again been pushed into the spotlight. That's because of a new review launched by the Government, as trailed at the Spring Statement. Read More...

Financial reporting: major changes for business sizes take effect

Significant changes affecting financial reporting have kicked in, meaning many businesses may be re-classified in terms of their sizes. Read More...

Chancellor adds more fuel to ISA reform fire

After much rumour and conjecture, it seems that some potentially significant changes to ISAs (Individual Savings Accounts) are on the way. Read More...

May Questions and Answers

Q: My business has always used P11D forms for reporting benefits-in-kind. We don't payroll benefits currently. But I've heard the rules are changing. What does this mean for my business and what do I need to do to prepare? Read More...

May Key Dates

19 May - For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll owe HMRC