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Quarterly Economic Survey
We are proud to be lead sponsors of the Thames Valley Chamber of Commerce Quarterly Economic survey.
The Q2 report was released recently revealing cautious optimism across the Thames Valley business community, with 55% of firms reporting increased UK sales and 56% noting growth in domestic orders. To download a copy of the report, please click here. The survey for Q3 is now open and will be available until 15 September, offering businesses the opportunity to provide feedback on a wide range of issues. We encourage you to have your say – click below to take part in the survey. | | Draft BPR and APR legislation – July 2025
On 21 July 2025, HMRC published the legislation for Business Property Relief (BPR) and Agricultural Property Relief (APR), introducing significant changes to how these reliefs will be applied for inheritance tax purposes.
These changes are more detailed and structured than initially outlined in the Autumn Budget 2024, particularly with the formalisation of allowances and the treatment of trusts.
To read our key highlights in full and how these changes may affect your current arrangements, please click below. | | | |
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| Maximise your business potential - Complete our strategic business health check now! | |
The UK government has announced important tax and business reforms that make proactive financial planning more vital than ever for business owners. | |
To help you stay compliant and identify opportunities, we’ve designed a short questionnaire that addresses key planning areas. Once completed, you’ll receive a tailored PDF summary highlighting areas for potential tax efficiency and strategic planning based on your responses. Don’t miss out on tailored advice for staying compliant and maximising tax reliefs - ensure your business is ready to adapt, thrive and grow, take the questionnaire by clicking below. | | | |
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Employee taxable benefits and expenses | |
With the latest form P11D season over the line, employers will now be aiming to finalise this year’s compliance obligations with the submission of their PSA Settlement Agreement (“PSA”) return to HMRC ahead of the payment deadline of 22nd October 2025. | |
What is a PSA?
A PSA is an enduring formal agreement between an employer and HMRC, ideally agreed ahead of the tax year, which allows the employer to make an annual payment of employment taxes to HMRC, for employee taxable expenses which are minor, irregular, or where the cost is too difficult to apportion across employees. | | | |
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From green incentives to administrative reform, HMRC has been busy rolling out updates that could affect a wide range of businesses. Recent announcements include new VAT treatment for electric vehicle charging points in new builds and conversions, a long-term plan aimed at modernising systems and compliance, and a potential expansion of VAT relief to make charitable donations more tax-efficient. | | | |
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HMRC urges families to save money with Tax-Free Childcare | |
HMRC is encouraging working families to save money by signing up to Tax-Free Childcare and using one of the thousands of facilities accepting it as payment.
Tax-Free Childcare means working families can save up to £2,000 annually for each child up to the age of 11, and £4,000 for a disabled child up to the age of 16, when they’re paying for their childcare. | | | |
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| HMRC clarifies its response to the VAT avoidance scheme for residential care homes | |
Following HMRC’s identification of the care home scheme, using VAT groups as tax avoidance, it has issued a further explanatory Q&A document.
Care home providers who adopted the scheme and Local Authority or NHS customers who received invoices with VAT had both asked HMRC numerous questions following issue of Revenue & Customs Brief 02/2025 on 24 April. | | | |
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| HMRC launches online PAYE service | |
HMRC has launched a new online PAYE service, which it says will give 35 million workers more control over their tax affairs.
The tax authority says the new service will make it simpler and easier to check and update their income, allowances, reliefs and expenses, and will be available via their Personal Tax Account or through the HMRC app. | | | |
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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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