Freedom Accountancy Ltd

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Freedom Accountancy Ltd Accountants & Tax Advisers In addition to traditional auditing, accounting and tax services we also provide advice on how to improve and develop your business.

At Freedom Accountancy Ltd we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike. We have many clients in the local community and service businesses, small and large, across many sectors including:

• contractors;
• agriculture;
• the professions;
• the service sector;
• the construction industry;
• manufacturers; and
• retailers. As well as general accountancy, audit and tax skills, our staff also have individual specialist skills which enables us to provide clients with a first class service as and when required. With our wealth of experience we pride ourselves on delivering an unparalleled service to all clients, what ever their size or sector. Whether you need an integrated business strategy, access to corporate finance or specialist tax advice we are here to help you achieve your goals.

14/10/2026

Business groups respond to Chancellor's first Labour Party Conference speech.

On 28 September 2026, John Healey delivered his first speech as Chancellor of the Exchequer at the Labour Party Conference identifying 'Backing Britain' as one of his main priorities. Business was identified as being of key importance and the speech recognised the impact that cost pressures could have on growth.

Jobs for young people was a central message. The National Wealth Fund will be used to create and support a further 130,000 jobs including expanding local apprenticeship services and restoring the Union Learning Fund to help people build new skills and adapt to changes such as the increasing role of AI.

The speech also focused on industrial growth. As well as the previously announced funding for British shipyards, the wider package or economic plans linked to the speech proposed that more flexible funding could be issued to buyers from certain countries to incentivise buying British.

The focus on the cost of doing business was welcomed by a number of business groups. Rain Newton-Smith, CBI Chief Executive, commented:

'By linking the cost pressures facing business to the wider challenge of raising living standards, the Chancellor showed an appreciation that a stronger economy depends on giving firms the confidence and capacity to create jobs, raise wages and invest.'

Groups remain keen to see how the aims will be put in place in the Budget. FSB National Chair Tina McKenzie said:

'The broad theme of hope needs to be followed up with concrete pro-business, pro-growth changes that help small businesses.'

14/10/2026

ONS statistics show government is borrowing more than expected.

Data released by the Office for National Statistics (ONS) on 22 September 2026 showed the UK borrowed £18.3 billion in August 2026, up £2.9 billion on the same month last year.

Increased debt levels were partly attributed to the impacts of inflation causing a greater increase in spending than receipts received from taxes and elsewhere. Overall borrowing in the financial year to August 2026 was £77.3 billion, £2.2 billion less than the same period last year but £8.1 billion above the OBR forecast in March.

Nick Redpath, Research Economist at the Institute of Fiscal Studies warned against reading too much into any one set of monthly figures due to revisions being commonly made but stated:
'Both higher borrowing costs and higher inflation make life harder for a Chancellor who is looking to bring down borrowing and to spend more on government priorities.'

14/10/2026

Three directors have been fined in first court action for identity verification offences.

In rules brought in under the Economic Crime and Corporate Transparency Act 2023, directors are required to verify their identity with Companies House or risk enforcement action and penalties.

Since 18 November 2025, newly appointed directors must verify their identity before acting as a director. Existing directors are required to verify during a 12-month transition period, when filing the company's next confirmation statement. The aim is to ensure that directors controlling businesses can be identified and held accountable in efforts to address the misuse of UK companies for criminal purposes.

Three directors were fined at City of London Magistrates' Court on Wednesday 16 September; two for continuing to act as directors despite not completing identity verification and one for 'failing to take reasonable steps' to prevent someone acting as director while unverified. The three directors were also prosecuted for failing to file confirmation statements within the statutory period.

Martin Swain, Director of Intelligence and Law Enforcement Engagement at Companies House, said:

'These cases send a clear message that identity verification is not optional. The vast majority of directors and people with significant control will comply with the new requirements, but where individuals fail to meet their legal obligations, Companies House will take appropriate enforcement action.'

14/10/2026

SMEs face issues in accessing suitable finance

A recent report by the Financial Conduct Authority (FCA) found that whilst small and medium enterprises (SMEs) account for 60% of employment and 51% of turnover in the UK private sector, only 21% of the total value of UK business loans are provided to SMEs and 54% of SMEs are not using external finance in any capacity.

The report found that SMEs face a number of challenges accessing finance with 26% stating that accessing SME credit was complex and 39% that the costs of finance were too high.

The report also details FCA's plans to reduce regulatory frictions and other challenges identified including exploring ways to avoid duplication in customer checks through the use of digital verification, ensure the regulatory regime is proportionate and prioritising high-impact use cases.

Graeme Reynolds, FCA director of competition, said:

'Small businesses need to be able to access the finance they need at the right time to start up, grow and invest. Our regulation is not a major obstacle - that does not mean the system works as well as it could.'

14/10/2026

Nearly half of UK businesses using AI tools

Research carried out by insurer Simply Business has revealed that 47% of UK small business owners are using artificial intelligence (AI) tools.

The latest figure represents a significant increase compared to 2025, when just 22% of firms stated they actively used AI.

An additional 13% plan to start using AI in the next six to 12 months, Simply Business found.

Creating content, problem solving and generating ideas were amongst the top uses for AI, the research showed. 46% said they utilise AI to save time on administrative tasks.

Julie Fisher, UK CEO of Simply Business, said: 'Adaptability and resilience are central to the DNA of small business owners and time and again they've proven they're drivers of innovation - finding new ways to grow even in the face of challenging trading conditions.

'One of the most significant shifts we've tracked this year with our annual SME Insights Report is around AI adoption. Almost half say they now use AI in their business, up from 22% in 2025.'

14/10/2026

240 crypto millionaires revealed by HMRC data

Declarations of over than £1 million in capital gains from cryptoassets in the 2024/25 tax year were made by 240 individuals, according to data published by HMRC.

The tax authority said the group accounted for a total of £717 million in cryptoasset gains during 2024/25.

This data is published as part of HMRC's annual Capital Gains Tax statistics. It is the first time HMRC has published this specific data, following the introduction of a dedicated part of the self assessment return for cryptoasset capital gains.

In the 2024/25 tax year, there were 17,600 individuals making Capital Gains Tax-liable disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin, HMRC reported.

Collectively, these taxpayers reported total cryptoasset disposal proceeds of £13.8 billion and gains of £1.38 billion. The data also shows that around 87% of individuals reporting cryptoasset gains were male and around 13% were female.

James Murray MP, Financial Secretary to the Treasury and Paymaster General, said: 'Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe.

'This important work is supporting the government's efforts to close the tax gap, so that everyone pays their fair share towards our vital public services.'

17/09/2026

Hot Topic - NI Records

HMRC recently confirmed that it will write to almost 800,000 taxpayers who could have gaps in their National Insurance (NI) record. According to HMRC, taxpayers who receive a letter or those who utilise its online pension forecast tool and identify gaps in their NI record ‘will be able to make contributions further than the usual six previous tax years and at the original rate’. Here we take a look at NI contributions (NICs).

Gaps in records:
HMRC and the Department for Work and Pensions (DWP) are sending letters to certain taxpayers who became self-employed between 2015 and early 2024 regarding failure to register for self-employed status for NICs purposes.

Individuals who didn’t complete a CWF1 to register self-employment may not have paid enough Class 2 NICs and therefore may have gaps in their NI record which might affect their entitlement to the State Pension.

HMRC estimates that around 800,000 taxpayers might have gaps in their NIC history as a result. Current HMRC data estimates around 160,000 taxpayers aged above or within two years of State Pension age could be affected. HMRC is urging taxpayers to check their Self Assessment tax returns for previous years to confirm if Class 2 NICs have been made.

HMRC stated it will send letters to affected taxpayers in stages to ensure it has enough resources to support people who contact it.

New guidance:
HMRC recently released new guidance outlining that the State Pension is taxable income but tax is not deducted at source. HMRC bases a full year’s State Pension on:

one week at the weekly rate before the amount changes in April
51 weeks at the weekly rate after the amount changes in April.
It uses the amounts a taxpayer was entitled to receive over the tax year as opposed to the payments they actually received.

Class 2 NICs:
Self-employed individuals previously had to make Class 2 NIC contributions at a flat weekly rate where profits exceeded a particular threshold.

From 6 April 2024, the government abolished the need to pay Class 2 NIC by treating those with profits over the Small Profits Threshold (SPT) as having made a notional contribution. The SPT for 2026/27 is £7,105. Voluntary contributions may still be made by self-employed individuals with profits not exceeding £7,105 at a rate of £3.65 per week.

17/09/2026

From September 2026, HMRC intends to write to taxpayers who need to use the Making Tax Digital for Income Tax (MTD for IT) service but who have not registered to let them know HMRC has signed them up on their behalf.

HMRC will send letters confirming who needs to register for and use MTD for IT in the 2026/27 tax year.

Letters will arrive by post or can be viewed in HMRC online services depending on taxpayer preferences. The letters will be sent out in stages over the coming months and individuals will be contacted after HMRC has signed them up.

HMRC will also remind taxpayers that they need to use MTD compatible software to create and store digital records for their MTD sources of income; send quarterly updates to HMRC; and submit an end-of-year tax return.

Under the new late submission penalties, a penalty point is awarded where a quarterly update or tax return deadline is missed. Once a four-point threshold is reached, a financial penalty will be issued.

17/09/2026

Prime Minister Andy Burnham has been urged to reverse changes to Inheritance Tax (IHT) at the upcoming Autumn Budget.

Farmers from around the UK have called on Mr Burnham to honour his pre-election pledge to 'look again' at the changes to Agricultural Property Relief (APR) and Business Property Relief (BPR).

Prior to the Makerfield by-election, Mr Burnham acknowledged worries regarding IHT changes and pledged to revisit the matter if he became Prime Minister.

From 6 April 2026, the government implemented a £2.5 million cap per person on 100% relief for APR and BPR. Originally, the reforms were proposed with a £1 million threshold, but this was increased to £2.5 million following pressure from the farming community and business groups.

The Ulster Farmers' Union (UFU) stated that the government 'has more work to do' to rebuild trust with the farming community.

15/07/2026

Hot Topic - A Comfortable Retirement

A recent report published by Pensions UK revealed that three quarters of UK workers are not on course to save enough for a 'moderate' lifestyle when they retire. The report says a moderate lifestyle will cost £32,700 for one person and £45,400 for two - but estimated just 23% of the working population were on course to reach such a level. Here, we consider how individuals can ensure they save enough for a comfortable retirement.

Your retirement lifestyle:

According to the report, a basic retirement lifestyle costs around £13,900 annually for a one-person household and £22,500 for two people. A moderate lifestyle costs £32,700 for one person and £45,400 for two, while a comfortable lifestyle costs £45,400 and £62,700 respectively.

Pensions UK stated that the figures reflect increased everyday costs across such spending categories as food, household bills and transport. It expects 82% of the population to reach the minimum standard of living in retirement.

'Not enough':

Zoe Alexander, Executive Director of Policy and Advocacy at Pensions UK, said: 'Today's saving levels will not be enough for the retirement they expect. It is expected that around 82% of people reaching a minimum standard of living, but far fewer will go beyond that.

'That is out of step with what people expect for their future. Without action, too many risk facing a cliff-edge drop in income when they stop work. The government is right to be considering whether minimum contributions need to rise through the work of the Pensions Commission.’

Tax aspects of pension savings:

There are two broad types o pension schemes from which an individual may eventually be in receipt of a pension:

- Workplace pension schemes
- Personal Pension schemes.

A Workplace pension scheme may either be a defined benefit scheme or a money purchase scheme.

A defined benefit scheme pays a retirement income based on final salary and years of service, while a money purchase scheme instead reflects the amount invested and the underlying investment fund performance.

An individual is entitled to make contributions and receive tax relief on the higher of £3,600 or 100% of earnings in any given tax year. However, tax relief will be restricted for contributions in excess of the annual allowance.

A money purchase scheme allows the member to obtain tax relief on contributions into the scheme and tax-free growth of the fund. If an employer contributes to the scheme on behalf of an employee, there is generally no tax charge on the member and the employer will obtain a deduction from their taxable profits.

Under the current pensions regime, there are no limits on either the maximum amount which can be invested in a pension scheme or on the total value within pension funds. However, there are controls which limit the tax reliefs available. Firstly, there are limits on the amount of tax relief available to the member in making the contributions to or accruing the benefits in their pension schemes. Secondly, there are tax free limits in accessing those benefits.

Saving for a comfortable retirement:

A comfortable retirement comes from saving early, contributing consistently and using tax‑efficient accounts. The core idea is simple: build multiple income sources - State Pension, workplace or personal pensions and additional savings - so you can maintain your lifestyle when you stop working.

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