Thorntons Accountants

29/05/2026

This week Ofgem has confirmed the Energy Price Cap will increase by 13% in July. The increase has been attributed to the continued uncertainties in the Middle East.

A household using a typical amount of energy will pay £221 a year more, under the regulator's new price cap.

27/05/2026

Late payments can have a huge impact on small businesses. To tackle the problem, the Small Business Commissioner is set to receive new powers to tackle the problem.

Amongst the measure set to be introduced include a 60 day payment cap, as well as giving small businesses the option to charge 8% above the Bank of England base rate on unpaid debts. The commissioner will also receive powers to investigate poor payment practices as well as the powers to fine persistent offenders:

22/05/2026

Yesterday the Chancellor confirmed that the mileage allowance for business travel has been increased to 55p per mile for the first 10,000 miles travelled each year. The change has been backdated to 6th April 2026.

Chancellor Rachel Reeves has announced a 10p per mile increase in tax-free mileage allowance rates

21/05/2026

The rate of inflation in April fell to 2.8%, according to figures released by the Office for National Statistics, however, rates are expected to continue to rise as uncertainties in the Middle East continue to impact on oil prices:

Energy prices were lower due to the government's energy bill support package and lower wholesale prices before the Iran war.

18/05/2026

A number of media outlets today are reporting that the Chancellor is set to announce a scrapping of the planned fuel duty increase. The current fuel duty rates were frozen until August:

https://www.cityam.com/reeves-to-scrap-fuel-duty-hike/

It is also worth noting that in March, the Government also said that it planned to review business mileage allowance rates, which have remained unchanged since 2011.

Rachel Reeves is set to scrap plans to hike fuel duty, following pressure over fuel prices and the cost of living.

13/05/2026

Today has marked the state opening of Parliament, with King Charles outlining the Government's legislative plans for the next session. Key measures include:

- Small Business Protection (late payments) Bill
- European Partnership Bill
- Competition Reform Bill.

Other key pieces of legislation set to come into effect include the capping of leasehold rents, reintroduction of digital ID, and new measures to improve cyber security.

The monarch has outlined the government's plans for new laws in the next session of Parliament.

12/05/2026

According to a recent press release issued by HMRC, nearly 300,000 people filed their tax return during the first week of the new tax year.

Filing early can help to:

- Reclaim any overpayments made more quickly
- Provide time to manage any tax payments owed.

Hundreds of thousands of filers submitted their Self Assessment tax return for the 2025 to 2026 tax year between 6 and 12 April.

07/05/2026

The Government has said that it is planning to review mileage rates for business use at the next budget. The current allowance rates were last reviewed in 2011.

06/05/2026

Do you provide your employees with benefits in kind? From next year, it will become a legal requirement to report and pay Income Tax and NICs on most benefits-in-kind and taxable expenses payments via payroll rather than waiting until the end of the tax year.

Under the current system benefits in kind are declared on a P11D at the end of the tax year. More information here:

01/05/2026

The new Renter's Rights Act comes into effect today. Whether you're a or , here's what you need to know:

The biggest shake up of renting rules in England for 30 years affects millions of people.