Summer 2026 Tax & Business Update

What Business Owners and Individuals Need to Know This Summer

The tax and business landscape continues to evolve, bringing both opportunities and additional compliance responsibilities for business owners, company directors and individuals.

In this Summer 2026 update, we highlight several important developments that could affect you, including changes to VAT, increased tax-free mileage rates, new reporting requirements for company directors, cryptoasset tax obligations and developments in R&D tax relief. We also explore recent court decisions that may impact businesses investing in capital projects and infrastructure.

While political and economic uncertainty remains, staying informed and planning ahead can help you avoid unnecessary costs and ensure you remain compliant with changing legislation. Our team has summarised the key updates and practical considerations below to help you understand what these changes could mean for you and your business.

Topics Covered

• Great British Summer Savings Scheme – Temporary VAT reductions for family attractions and hospitality

• Increased Tax-Free Mileage Allowances from April 2026

• New HMRC Advance Assurance for R&D Tax Relief Claims

• Additional Self Assessment Reporting Requirements for Company Directors

• Cryptoasset Tax and Reporting Updates

• Capital Allowances and Pre-Development Expenditure Changes

If you would like advice on how any of these developments may affect your personal or business circumstances, please contact the Askews team.