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The Moment

July 2026

 At BKL, we know that life is built on moments: decisions,
opportunities, changes that shape what comes next

Home /  News & insights /  The Moment – July 2026

The Moment brings you our latest insights and updates to help you make the most of them

This edition has insights on an important VAT update on employer pension costs, what to consider when structuring your income via self-employment or a limited company, and how to respond to an HMRC letter about overseas assets, income or gains. 

You can also find out how we support entrepreneurs through our partnership with NOON, the changes to IFRS financial statements from January 2027, and how planning delays caused by council leadership changes present a financial risk to property businesses. 

Featured Focus

Sole trader or limited company? Weighing up the options

Deciding whether to structure income via self-employment or set up a limited company is one of the most common questions which ambitious professionals ask accountants.

Recent changes to tax thresholds and dividend rates have made it more relevant than ever.

Caroline Francis and Fabio Riccio explore the broader implications, risks and commercial factors you should consider, including the value of continual accounting and tax advice.

July Insights

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London Skyline

IFRS financial statements: prepare for a major change from 2027 

If your business prepares financial statements under IFRS, IFRS 18 will apply for accounting periods starting on or after 1 January 2027.

Sole trader or limited company? Weighing up the options

Explore the key tax, legal and commercial considerations when deciding whether to operate as a sole trader or through a limited company.
Overseas-property

HMRC letters about overseas assets, income or gains: what to do next

Received an HMRC letter about overseas assets, foreign income or gains? Find out what it means, what to do next and why specialist tax advice matters.

VAT and employer pension costs: important update 

Updated guidance from HMRC affects how employers may recover input VAT on the admin costs for employer-funded pension schemes. 

Charitable gifts in wills: impact of pension inheritance tax changes 

If your will includes a charitable gift, and you have an unspent pension fund, review your will before those pension funds are brought under IHT from April 2027.   
London rental property

Local elections and UK property developers – adapting to risk

For developers and property-backed businesses, planning delays caused by council leadership changes present a financial risk.

Supporting Women Entrepreneurs

Eleanor Mills, founder of NOON, talks to BKL Partner Jessica McLellan about the inspiration behind the NOON Entrepreneurs Club and why it’s dedicated to supporting women in midlife who are starting, growing or scaling a business.

They explore the realities of entrepreneurship, from choosing the right business structure and managing finances to building a trusted network of advisers who can help navigate every stage of the journey.

They also look at the life experiences that often inspire women to start a business, whether following a career change, redundancy, caring responsibilities or other significant transitions, and the value of being part of a supportive community.

Through the NOON Entrepreneurs Club, BKL and NOON are bringing together expert advice, practical insights and valuable connections to help ambitious women build successful, sustainable businesses with confidence.

Join the NOON Entrepreneurs club

Upcoming BKL events

Webinar: Inheritance tax in transition

Thursday 13 August 2026 | 1pm-2pm (UK time)

The inheritance tax landscape is evolving, with significant reforms already underway and further changes expected.

Whether you own a business, have substantial property assets, pension wealth or are planning how to pass assets to the next generation, understanding what these changes mean is becoming increasingly important.

Join Louisa Ham, Tommy Roy and Jake Lew for a practical 45-minute webinar exploring how the latest inheritance tax developments could affect you, your family and your long-term financial plans.

Designed for families, business owners, property investors and individuals looking to protect their wealth, this session will explain the changes and highlight the actions worth considering now.

Register for webinar
London Residential Street

Webinar: Academy trust updates 2026

Thursday 17 September | 1pm-2pm

What do the latest editions of the Academies Accounts Direction (AAD) and Academy Trust Handbook (ATH) mean for you?

Join us in September when our academies and schools experts will guide you through the updates, explain your reporting requirements and answer your questions.

Register for webinar

BKL News

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Paul-Barham

Welcoming our new Head of Personal Taxes

Paul Barham joins BKL with over 25 years’ experience advising ultra high net worth individuals, families and businesses.

William Aylward has joined as a specialist in Mergers & Acquisitions

William is highly experienced in negotiating and executing deals, fostering long-term relationships with forward-looking businesses in all sectors.

Contact Lee

Lee Brook - CEO

Lee Brook

CEO

View Lee Brook's profile