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With the conflict in the Middle East, there are renewed pressures on the economy with increases to energy and petrol prices. With the new tax year also bringing higher and frozen tax rates and bands, the 2026/27 tax year will need focus and attention.
The articles in this issue are:
- Time for an estate planning review? Many business owners and farmers have already taken steps to mitigate the impact of changes to the inheritance tax business and agricultural property reliefs that came into effect on 6 April 26.
- Making a business out of your property The 2% rise in income tax rates on property income coming in from April 2027 means it is worth considering whether incorporation might work for you.
- Employment rights reform takes off Many of the headline reforms being introduced by the Employment Rights Act 2025 will not land until 2027 but employers need to be aware of the new day one rights which employees are entitled to from 6 April 2026.
- Payroll update With the increase in State pension age, the employee class 1 national insurance threshold is also moving. Also, a higher rate of compensation is now paid to smaller employers for administering statutory payments.
- Making Tax Digital for Income Tax is here If you are a sole trader or landlord, since 6 April you must use MTD if your total annual income from self-employment and/or property letting is over £50,000.
We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.