Thorntons Accountants

16/07/2026

Figures released today by the Office for National Statistics have revealed that the UK economy returned to growth in May. The economy grew by 0.1%, with the ONS saying that "growth remains fragile". More information here:

The modest growth reverses a slight contraction that had been seen the previous month.

15/07/2026

England could be set to receive a special bank holiday, IF the men's football team win the world cup.

Before then, there's the small matter of a semi-final to navigate this evening!

Win or lose tonight, the real winner of England (and Scotland's) World Cup run has been the hospitality industry, with pubs expected to serve a staggering 14 million pints during tonight's semi final:

Millions are expected to go out to pubs to watch the crunch World Cup game

09/07/2026

Hospitality businesses are calling on the Government to permanently reduce VAT on the sector to 10%, bringing provisions in line with Europe:

07/07/2026

The Bank of England has warned that more than a million homeowners are likely to face higher mortgage bills due to the impact of the Iran war:

Homeowners face paying £45 a month more on average when they move onto a new deal over the next two years.

03/07/2026

Good news for the hospitality industry as the Government confirms licence extensions for pubs, to enable visitors to watch Monday's England game. Although the move is not without its critics, perhaps most notably concerns being raised from the police:

The government had initially said it would not relax licensing laws further for the World Cup.

02/07/2026

A supreme court ruling this week could have major implications for businesses that use a limited liability partnership structure. The case examined whether individuals employed in a limited liability partnership are classed as self-employed or as an employee of the business for tax purposes.

For many LLPs, this could mean:

• Higher income tax liabilities for affected members
• A 15% employer National Insurance cost on reclassified remuneration
• Increased HMRC scrutiny of partner structures, profit-sharing arrangements and capital contributions

The decision is expected to have a significant impact across professional and financial services, where LLPs are widely used.

More information here:

HMRC's Supreme Court win in the BlueCrest case means more LLP members could be taxed as employees, triggering higher income tax and a 15% employer National Insurance bill. What partnerships must do now.

25/06/2026

"Business crime is a 'structural constraint' and 'measurable brake' on UK economic performance" - according to the British Chambers of Commerce, a staggering 42% of businesses have experienced some form of crime during the past year.

24/06/2026

Yesterday, the treasury unveiled more details about how the tax charges on cash held in stocks and shares ISA accounts will be applied.

The plans were outlined in last year's budget statement and will mean that any cash held in stocks and shares ISAs will be taxed at a rate of 22%.

The new rules are set to come into effect in April 2027:

HMRC has revealed plans for the UK’s new ISA regime, which will see it tax interest on cash held in stocks and shares ISAs at 22 per cent

22/06/2026

New plans are being introduced to end the practice of gazumping, when it comes to buying a new home. More details here:

Sales agreements will be legally binding sooner and making sellers provide more home information up front are part of the planned changes.

17/06/2026

Today HMRC has confirmed that the planned changes to benefits in kind is set to be delayed. The new scheme will now be introduced in phases. More details here:

The government will phase in mandatory real-time reporting of tax and national insurance contributions for certain benefits in kind (BIK).