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Our rural specialists cautiously welcome the outcome of the Spending Review 2025
Our rural team joins industry bodies in cautiously welcoming the outcome of the Spending Review, whilst acknowledging that the spending plans announced will present further challenges to an already stressed sector.
Within the modestly positive overall settlement of £7.4 billion for Defra, the £2.7 billion allocated for farming and nature recovery includes a £100 million reduction in funding for farming and countryside schemes including Countryside Stewardship, Landscape Recovery and capital grants. As NFU President, Tom Bradshaw, succinctly pointed out, this will mean that ‘farmers and growers will need to do more with less’.
To read our article in full, please do so by clicking below. | | Shortlisted for Employer of the Year Award 2025
We are delighted to announce that James Cowper Kreston has been shortlisted as a finalist for the Employer of the Year award at the Accounting Excellence Awards 2025. Our commitment to creating a supportive and inclusive workplace culture has been recognised through this nomination.
At James Cowper Kreston, we believe that our employees are our greatest asset, and we aim to create an environment where everyone can thrive and maximise their career potential.
Over the past few years, we have made significant investments in our people and their development. Our initiatives include comprehensive training programmes, flexible working arrangements, and a strong focus on employee well-being.
To read more, please click below. | | | |
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HMRC’s R&D advance clearances consultation – our response and what businesses should know | |
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HMRC recently asked for views on creating a expanded clearance process for R&D tax relief. The aim is to give companies more certainty before they submit a claim.
At James Cowper Kreston, we welcomed the consultation. Many of the businesses we support need clarity at the planning stage, especially when entering contracts, investing in new activity, or working with third parties. A well-designed clearance process could make a real difference. | | | |
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£86 Billion Government Investment in Science and Technology | |
We welcomed the UK Government’s landmark announcement of an £86 billion investment in science and technology, unveiled as part of its Modern Industrial Strategy to drive economic renewal and regional innovation.
This transformative funding package, set to reach £22.5 billion annually by 2029/30, is designed to supercharge the UK’s position as a global leader in research and innovation. | | | |
It will support advancements in AI, life sciences, advanced manufacturing, and clean energy, while empowering local leaders to develop regional innovation clusters through the new Local Innovation Partnerships Fund. | |
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National Minimum Wage and National Living Wage challenges and changes | |
The National Minimum Wage (NMW) and National Living Wage (NLW) rates are set by the government and are reviewed annually. The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. As of April 2025, the rates are as follows:
• £12.21 for those aged 21 and over • £10.00 for those aged 18 to 20 • £7.55 for those under 18 and apprentices | | | |
Employers are legally required to pay at least the minimum wage to all eligible workers. Failure to do so can result in penalties and being publicly named by the government. The latest government National Minimum Wage (NMW) Naming Scheme highlights:
• £7.4 million in underpaid wages owed to 60,000+ workers • 518 employers named publicly for breaches
To read our article in full, please click below. | |
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From 6 April 2025 the scope of UK IHT is based on residence and an individual is within scope of UK IHT on worldwide assets while they are Long Term Resident (LTR) in the UK. LTR is triggered after 10 years of UK tax residence out of the previous 20 years and there is also a 10-year tail for those who leave the UK (reduced for those who were resident between 10 and 19 previous years). When calculating “years” of UK residence for the LTR test, the SRT is used, and a split year of residence counts as a “year” of residence for LTR purposes. | | | |
To read about SRT and IHT in full, please click below to view our factsheet. | |
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The VAT Tribunal has decided that private dance classes are not within the VAT education exemption
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A recent First Tier Tribunal (FTT) found that dance classes provided as tuition were outside the VAT exemption because the subjects (line dancing, ballet, Latin, ballroom) were not those ordinarily (or commonly) taught in schools or universities. The FTT found that these classes were very specialised and significantly different from generalised dance within the school National Curriculum.
Two conditions apply to VAT exempt tuition: | | | |
- The person delivering the tuition must be either a partner or a sole proprietor, and
- The subject must be regularly taught in schools or universities. For example, top-up tuition for school subjects such as Maths or a language is acceptable
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| Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 June 2025.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 June 2025 can be found by clicking below. | | | |
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Outsourcing HR & payroll together – benefits and risks | |
In the tightest of times SME owners and leaders will of course want to consider cost reductions, and outsourcing is typically a route, but sometimes previous bad decisions can have a bearing on future outsourcing options. Our article considers one such case and looks at the merits of outsourcing to the right providers – adding competent experienced providers with strength and depth to supplement internal capability and reduce costs. | | | |
Should HR be added to the outsourcing agenda, in fact, does HR have a role at all in a typical SME? We look at what SME’s should expect from an HR function (whether outsourced or not) to help CEOs answer these questions. To read this in further detail, please click below. | |
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James Cowper Kreston is a leading firm of accountants and business advisers with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.
If you have any questions about the topics covered in this newsletter or want to explore how we can help you please contact us here: Email: info@jamescowperkreston.co.uk
Call: 01635 35255 James Cowper Kreston
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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