We are delighted to announce that Dr. Anjulika Salhan has been selected to receive the Editor’s Choice award from CEO Insights (visit them at https://www.ceoinsightsindia.com). This award recognizes outstanding leaders who have demonstrated innovation and excellence across several key parameters while delivering high levels of customer satisfaction.

It is an annual distinction that showcases the exceptional leadership skills of individuals who have made significant contributions in their respective fields. We are honoured to have Dr. Salhan as part of our community and applaud her achievements in advancing her profession.

Dr Anjulika Salhan is currently the Managing Director at System Holdings, Salhan Accountants, and Xpert Technologies.

System Holdings are fintech specialists who use the latest tech to help all sorts of businesses across the world to be more flexible and meet their customers’ needs. System Holdings (system-holdings.co.uk)

Salhan Accountants offer an outstanding and comprehensive accountancy service that encompasses every aspect of finance from investment advice, HR outsourcing, budgeting, yearly accounts and tax litigation support to name a few. Services – Accountants Birmingham and Droitwich (salhanaccountants.co.uk)

Xpert Technologies provide software solutions that are changing the game for small and medium-sized businesses all over the UK. Xpert Technologies – Accountancy software for small businesses (xpert-technologies.co.uk)

As a fintech entrepreneur and two-time recipient of the English Women’s award, Anjulika is a dynamic individual who consistently pioneers new technological and software solutions to address complex challenges within the accountancy industry.

Her unwavering commitment to customer satisfaction and service excellence is the hallmark of her professional approach. We take great pride in having her as a valued member of our team, and we eagerly anticipate a promising future with her at the helm, driving progress through her innovative ideas and approaches.

Salhan Accountants are delighted to announce the acquisition of PA Chartered Accountants and we warmly welcome Paul and all the clients he brings with him.

PA Chartered Accountants, which has been led by Paul Alton, has a strong client base in the Midlands and offered an advisory service to families and businesses and a consultancy service to other accountants.

This acquisition is part of  Salhan Accountants continued strategy to increase its client base and continuously enhance its offerings to its clients. PA Chartered Accountants clients will gain from these service offerings and our years of experience.

We excited to announce today the launch of Xpert Training – https://xpert-training.xyz/

With the economy suffering, the job market has never been so competitive. Potential employees need to stand out from the crowd if they hope to secure a position. Alternatively, many individuals are turning to self-employment, creating their own position.

With this in mind, we at Xpert Training have created an e-learning system, offering a wide range of courses, aimed at providing specialised skills. Users can choose from over 800 courses, with content covering various aspects of entrepreneurship and professional development.

Everyone is different, and it’s for this reason why we have compiled an extensive platform of courses, covering many different essential skills. We built Xpert Training with eight categories of people in mind, in the hope of offering something for everyone. These categories include:

• Getting ready for a job
• People Skills
• Entrepreneurs
• Managers Training
• Employee Management
• Sales Training
• Logistics and Supply Chain
• Marketing Training

It’s worth noting that these are just starting points, and we recommend that users take a look at the course list as we offer a diverse portfolio.

Education can play a vital role in changing lives, and we want to play our part in this, utilising the power of online learning. Online courses offer flexibility and can be completed at home and with the advent of lockdown, this is more important than ever before. We believe that education is empowering, motivating and can really level the playing field, ensuring that everyone has a chance at the same opportunities in their chosen career.

Our platform provides high quality, enriching training courses, but we understand that affordability is also an important issue. Therefore, we offer competitive pricing, ensuring that our courses are as accessible to as many people as possible.

We at Xpert Training hope this is the first step in upskilling the nation!

If you have any questions about our platform or you’d just like more information on what we have to offer, please feel free to get in touch with our amazing customer service team.

Visit the website and take a look for yourself: https://xpert-training.xyz/

Personal guarantees risk holding back the growth the economy needs, the Federation of Small Businesses (FSB) has warned.

Research by the FSB shows that 60% of limited company directors would borrow to grow their business – if they did not have to put hard-earned assets like savings or their houses on the line.

By contrast, only 13% would go ahead if a personal guarantee is required.

The FSB says the practice is now widespread, with 78% of directors who applied for finance being asked for a personal guarantee. Faced with this, a quarter decided not to take up finance at all.

The FSB is now calling on the government to close the Financial Conduct Authority (FCA) loophole that leaves these loans unregulated and unsupervised by banks.

It says that without action, would-be entrepreneurs could be deterred from starting up, with personal risk outweighing ambition and ideas left unrealised.

Tina McKenzie, Policy Chair of the FSB, said:

‘Personal guarantees should never be the default setting – they must be a last resort, used with care and absolutely necessary. If we are serious about building a climate where small firms can thrive and new ideas can take root, we need to rein in their overuse.

‘Otherwise, the speed of small business growth will slow to a snail’s pace at a time we need it the most, and we risk turning away a wealth of entrepreneurial talent.’

Internet link: FSB

Inheritance Tax (IHT) on pensions is the most unpopular of the tax raising measures introduced by the Labour government during its first year, according to a survey.

The survey conducted by investment platform AJ Bell found that 44% of respondents were opposed to the pension IHT proposals while only 21% supported them.

Other measures were also strongly opposed, including the decision to raise employer National Insurance contributions (NICs), with 41% against the tax rise and just 24% in support. Raising rates of Capital Gains Tax (CGT) and restricting IHT relief available to farmers were also unpopular.

However, some tax raising policies attracted net support with 48% in favour of raising the rates of stamp duty on second homes.

Tom Selby, AJ Bell’s Director of Public Policy, said:

‘This data shows tax rises of every shade are divisive. While some tax increases attract a balance of support, they still divide the room.

‘Nothing that emerged from Rachel Reeves’ red box over the last year enjoys support from a majority of voters, illustrating that even less controversial tax changes are still politically fraught.

‘IHT is often described as the most hated tax and this data backs that up. Proposals to subject unused pensions funds to IHT on death are the most widely opposed of all the tax raising measures announced so far.

‘We’re urging the chancellor to instead consider alternative proposals which would be fairer and simpler, without undermining her plan to tax unused pensions on death.’

Internet link: AJ Bell

HMRC has issued a warning to be on high alert for scams linked to Winter Fuel Payments after receiving 15,100 reports of bogus activity in June.

Fraudsters have been targeting vulnerable individuals using SMS messages and phishing websites. During June, HMRC took action to remove 4,600 fake websites linked to Winter Fuel Payments.

HMRC is urging individuals to be alert to suspicious communications and to report any suspect phone calls, emails or texts via GOV.UK. HMRC will never contact people by text to claim Winter Fuel Payments or request personal information.

Anyone who is eligible for Winter Fuel Payments will receive the payments automatically without having to make a claim. Any recovery of the payment for pensioners whose total income is over £35,000 will be collected via Pay As You Earn (PAYE) or self assessment, dependent on how the individual pays tax on their income.

Kelly Paterson, HMRC’s Chief Security Officer, said:

‘Don’t be fooled by these attempts by scammers to take your money or access your personal information.

‘Never let yourself be rushed. If someone contacts you saying they’re HMRC, wanting you to urgently transfer money or give personal information, be on your guard. If a phone call, text or email is suspicious or unexpected, don’t give out private information or reply, and don’t download attachments or click on links.

‘I’m urging people to be alert to scams relating to Winter Fuel Payments and to report any suspicious texts, phone calls or emails to HMRC.’

Internet link: HMRC

HMRC plans to introduce a tax avoidance criminal offence risks overreach, the Chartered Institute of Taxation (CIOT) has warned.

HMRC plans to create a new strict liability criminal offence for failing to disclose notifiable arrangements under the Disclosure of Tax Avoidance Schemes (DOTAS) regime without a reasonable excuse.

The CIOT argues that DOTAS is much too wide in its current formulation to be suitable for a criminal offence. Applying the proposed offence to all the DOTAS hallmarks seems excessive, it adds.

This is especially true, since the proposal is intended to be a response to specific issues with disguised remuneration mass-marketed tax avoidance schemes, the CIOT warns.

John Barnett, CIOT’s Vice President, said:

‘The government is right to be taking a robust approach to those who continue to devise, promote or sell mass-marketed tax avoidance schemes. There should be no place for such people and their schemes in the tax services market.

‘However, every proposal to increase HMRC’s powers like this needs to be tested against a hypothetical test of what would happen if an HMRC officer decides to use or target the legislation inappropriately.

‘The present proposal places too high a level of reliance on HMRC’s unpublished (and as such, not transparent) internal governance process to provide appropriate, independent safeguards and work effectively, so that such an outcome could never happen in practice.

‘It is essential for building and maintaining trust in the tax system that the way HMRC use their powers and operate safeguards can be effectively monitored and subjected to appropriate oversight.’

Internet link: CIOT

UK-based holders of cryptoassets will have to provide personal details to crypto service providers or face penalties of up to £300 from HMRC.

The regulations will be introduced in the UK on 1 January 2026 and are part of the OECD Cryptoasset Reporting Framework (CARF). This requires crypto platforms to share detailed information with tax authorities of clients’ crypto transactions.

In addition, HMRC is already requiring full disclosure on self assessment forms for the 2024/25 tax year, so taxpayers who own crypto – like Bitcoin, Ethereum or Dogecoin –will have to include any crypto gains or income in their tax returns.

HMRC said the ‘new rules will help unmask anyone evading tax due on their crypto profits. Those who don’t comply risk a £300 fine from HMRC’.

Once data is received from service providers, HMRC will be able to identify those who haven’t been correctly paying tax on their crypto profits.

The Treasury estimates the measure will raise up to £315 million in tax revenue by April 2030, the same amount needed to fund more than 10,000 newly qualified nurses for a year.

Jonathan Athow, HMRC’s Director General for Customer Strategy and Tax Design, said:

‘Importantly, this isn’t a new tax – if you make a profit when you sell, swap or transfer your crypto, tax may already be due.

‘These new reporting requirements will give us the information to help people get their tax affairs right.

‘I urge all cryptoasset users to check the details you will need to give your provider. Taking action now and having this information to hand will help you avoid penalties in the future’

Internet link: HMRC

HMRC is warning those earning extra income through a side hustle to check if they need to register for self assessment and file a tax return.

Side hustles can be any additional income stream, from online selling to content creation, from dog walking to property rental. It also includes gains or income received from cryptoassets.

Anyone who earns over the £1,000 threshold may need to register for self assessment and complete a tax return.

There is a checker tool on GOV.UK for those who aren’t sure if they meet the criteria. If they do and are new to self assessment they will need to register to receive their Unique Taxpayer Reference.

Guides for side hustlers can also be found at taxhelpforhustles.campaign.gov.uk.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘Whether you are selling handmade crafts online, creating digital content, or renting out property, understanding your tax obligations is essential. If you earn more than £1,000 from these activities, you may need to complete a self assessment tax return.

‘Filing early puts you in control – you will know exactly what you owe, can plan your payments, and avoid the stress of the January rush. You don’t need to pay immediately when you file – you have until 31 January to settle your tax bill.’

Internet link: HMRC

Self-employed taxpayers and landlords should file their 2024/25 tax return early to find out if Making Tax Digital (MTD) will apply to them from next April, says the Low Incomes Tax Reform Group (LITRG).

Taxpayers who report more than £50,000 of gross income from self-employment and/or rental income in their 2024/25 tax return will be required to join the new Making Tax Digital for Income Tax regime from April 2026 and must have the software needed to participate.

LITRG is encouraging anyone who thinks they could be in scope of MTD from April 2026 to complete their 2024/25 tax return well in advance of the 31 January 2026 deadline to see whether their income exceeds this limit.

HMRC will use the information provided in 2024/25 self assessment tax returns to identify taxpayers who will be impacted by MTD from April 2026.

HMRC will then write to tell them they must follow the MTD rules, but this could be as late as February or March 2026.

Some people who meet the income threshold might be able to apply for an exemption from MTD if they meet certain criteria, for example if they are digitally excluded.

Sharron West, Technical Officer at LITRG, said: ‘There are still more than six months to go until the self assessment deadline for 2024/25 tax returns, but if you think you may meet the MTD threshold, you should act now.’

Internet link: Chartered Institute of Taxation

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.

This service forms part of HMRC’s Transformation Roadmap that sets out ambitious plans to become a digital first organisation by 2030, with 90% of customer interactions taking place digitally.

HMRC says its plans to modernise the tax and customs system, introduce new AI technologies and work with third parties and intermediaries will make it easier for taxpayers, businesses and intermediaries to interact with it.

The digital first approach will see HMRC automating tax wherever possible and offering new digital self-serve options across a number of tax regimes.

In addition, taxpayers liable for the High Income Child Benefit Charge (HICBC) will no longer have to register for self assessment.

James Murray MP, Exchequer Secretary to the Treasury, said: ‘We are going further and faster to make HMRC fit for the 21st century, including delivering a simpler and easier system for all PAYE workers.

‘By 2030, taxpayers can expect a modern and innovative HMRC with cutting-edge AI, industry-leading customer service practices, and a laser focus on delivering taxpayer value for money by ensuring everyone pays their fair share.’

Internet link: HMRC