THE
ACCOUNT
The latest in finance and business
THE
ACCOUNT
The latest in finance and business
The X-Mas files
If you’re reading this before 31 January, you may by now be knee-deep in your clients’ tax returns. Last year, 732,498 taxpayers left it until deadline day to complete their return online.
Some people, however, used the start of the 2025 festive season as the cue to get their accounts in order. HMRC released the following figures, breaking down the ‘festive filing’ numbers.
- Christmas Eve: 22,350 tax returns filed, with peak filing time 11–12 noon, when 3,159 customers submitted their returns.
- Christmas Day: 4,606 tax returns filed, peaking at 1–2pm when 359 returns were received.
- Boxing Day: 10,479 tax returns filed, with 3–4pm being the busiest time, with 946 submissions.
Meanwhile, HMRC is asking customers eligible for Making Tax Digital (MTD) to sign up for a testing programme. MTD finally comes into effect on 6 April for sole traders and landlords with a turnover of more than £50,000.
The X-Mas files
If you’re reading this before 31 January, you may by now be knee-deep in your clients’ tax returns. Last year, 732,498 taxpayers left it until deadline day to complete their return online.
Some people, however, used the start of the 2025 festive season as the cue to get their accounts in order. HMRC released the following figures, breaking down the ‘festive filing’ numbers.
- Christmas Eve: 22,350 tax returns filed, with peak filing time 11–12 noon, when 3,159 customers submitted their returns.
- Christmas Day: 4,606 tax returns filed, peaking at 1–2pm when 359 returns were received.
- Boxing Day: 10,479 tax returns filed, with 3–4pm being the busiest time, with 946 submissions.
Meanwhile, HMRC is asking customers eligible for Making Tax Digital (MTD) to sign up for a testing programme. MTD finally comes into effect on 6 April for sole traders and landlords with a turnover of more than £50,000.
Growing pains
Scaling up can be the most difficult part of running your own business. You have a product that people like and you’re keen to capitalise on its success, but that can come at a cost, both financial and personal.
A survey from Shawbrook, a specialist bank that largely focuses on SMEs and property investors, has found that two-thirds (67%) of SME leaders report using personal finance, or even remortgaging their property, to help grow their business, and 28% said they endured periods of isolation or loneliness.
Shawbrook surveyed 1,000 funding decision-makers at medium-size businesses. For 65% of those respondents, revenue growth outpaced rising costs, but access to suitable finance remains a barrier.
Founders highlighted several forms of support that would make scaling more sustainable:
- ● 30% said they would like tailored finance or funding
● 30% wanted more peer networks or support groups
● 29% sought mentorship or external advisers
● 28% would like access to mental health or resilience resources
“Medium-sized businesses are vital to the UK’s economic strength, and entrepreneurs are clearly willing to back their ambitions with significant personal commitment,” said Neil Rudge, Chief Banking Officer for Commercial at Shawbrook. “Access to flexible, specialist finance, combined with stronger peer and mentorship networks, can make the scale-up journey more sustainable for leaders and more productive for the economy.”
Growing pains
Scaling up can be the most difficult part of running your own business. You have a product that people like and you’re keen to capitalise on its success, but that can come at a cost, both financial and personal.
A survey from Shawbrook, a specialist bank that largely focuses on SMEs and property investors, has found that two-thirds (67%) of SME leaders report using personal finance, or even remortgaging their property, to help grow their business, and 28% said they endured periods of isolation or loneliness.
Shawbrook surveyed 1,000 funding decision-makers at medium-size businesses. For 65% of those respondents, revenue growth outpaced rising costs, but access to suitable finance remains a barrier.
Founders highlighted several forms of support that would make scaling more sustainable:
- ● 30% said they would like tailored finance or funding
● 30% wanted more peer networks or support groups
● 29% sought mentorship or external advisers
● 28% would like access to mental health or resilience resources
“Medium-sized businesses are vital to the UK’s economic strength, and entrepreneurs are clearly willing to back their ambitions with significant personal commitment,” said Neil Rudge, Chief Banking Officer for Commercial at Shawbrook. “Access to flexible, specialist finance, combined with stronger peer and mentorship networks, can make the scale-up journey more sustainable for leaders and more productive for the economy.”
CAs in the news
Fiona Templeton CA
Fiona Templeton CA was recently made Director of Finance and Operations at St Aloysius’ College, right in the heart of Glasgow. She was previously Head of Planning at the Foreign, Commonwealth and Development Office in Whitewall. One of last year’s Top 35 CA Rising Stars, she also mentors junior finance professionals.
Charles Barnett CA
Charles Barnett CA is the new chair of the Scottish Premier Football League Trust. He brings a wealth of experience to the role, having served as its treasurer for nine years. He started his career in 1979, training with Touche Ross (now part of Deloitte). He became a partner at BDO, where he specialised in advising football clubs, and enjoyed a spell as the interim CFO at Celtic.
CAs in the news
Fiona Templeton CA
Fiona Templeton CA was recently made Director of Finance and Operations at St Aloysius’ College, right in the heart of Glasgow. She was previously Head of Planning at the Foreign, Commonwealth and Development Office in Whitewall. One of last year’s Top 35 CA Rising Stars, she also mentors junior finance professionals.
Charles Barnett CA
Charles Barnett CA is the new chair of the Scottish Premier Football League Trust. He brings a wealth of experience to the role, having served as its treasurer for nine years. He started his career in 1979, training with Touche Ross (now part of Deloitte). He became a partner at BDO, where he specialised in advising football clubs, and enjoyed a spell as the interim CFO at Celtic.
Game off?
‘Abundance’ became one of the buzzwords of 2025, fuelled by quotes from billionaires claiming that technology can fix the problems we face and make humankind better off. But that was then. At the start of this year, the word on the lips of big tech is ‘memory’.
For gamers, 2026 is shaping up to be an expensive year, with the price of consoles and PC games expected to rise and rise. Reports emerged over the new year that the world’s most valuable company, Nvidia, could more than double the cost of its graphics processing units (GPUs).
A GPU is essential for producing high-quality visuals for video games and 3D graphics. The explosion in GPU production (along with Nvidia’s share price) has been fuelled by AI, as they increase the rate at which models can learn. This is leading to a shortage of VRAM (video random access memory), which is built into the GPUs as silicon chips.
According to the International Data Corporation, “These AI workloads require large amounts of memory, and the shortage, in part, is driven by a reallocation of manufacturing capacity away from consumer electronics toward high-margin memory solutions to support AI.”
Reports have suggested that the price of Nvidia’s top-of-the-range GPU could rise from $2,000 (£1,480) to $5,000 by the end of 2026, with a dramatic knock-on effect for games consumers.
Game off?
‘Abundance’ became one of the buzzwords of 2025, fuelled by quotes from billionaires claiming that technology can fix the problems we face and make humankind better off. But that was then. At the start of this year, the word on the lips of big tech is ‘memory’.
For gamers, 2026 is shaping up to be an expensive year, with the price of consoles and PC games expected to rise and rise. Reports emerged over the new year that the world’s most valuable company, Nvidia, could more than double the cost of its graphics processing units (GPUs).
A GPU is essential for producing high-quality visuals for video games and 3D graphics. The explosion in GPU production (along with Nvidia’s share price) has been fuelled by AI, as they increase the rate at which models can learn. This is leading to a shortage of VRAM (video random access memory), which is built into the GPUs as silicon chips.
According to the International Data Corporation, “These AI workloads require large amounts of memory, and the shortage, in part, is driven by a reallocation of manufacturing capacity away from consumer electronics toward high-margin memory solutions to support AI.”
Reports have suggested that the price of Nvidia’s top-of-the-range GPU could rise from $2,000 (£1,480) to $5,000 by the end of 2026, with a dramatic knock-on effect for games consumers.
When the fun stops
Payday loans originated in the US back in the 1980s before working their way to the UK. Within a couple of decades, companies such as Wonga were household names. “Wonga’s success in offering loans at APRs of up to 4,000 per cent has encouraged a wave of copycat firms,” wrote the Independent in 2012, adding, “Many operate outside the law, encouraging people to build up debt they can’t afford.”
Whatever your views on whether these companies’ customers could have avoided falling into this trap by managing their money better, it’s clear some resorted to the service out of sheer desperation. And the killer combination of an easy-to-obtain loan and extortionate rates of interest exploited that desperation to the max. So let’s hope the latest stateside trend in debt never finds its way to the UK.
In recent times we’ve seen the growing gamification of everyday life, from learning a new language (Duolingo) to fitness (Fitbit) and even mental health (Headspace). Now we have the gamification of debt.
Coverd is a new gambling app, with an awful twist. Users can gamble against their credit card debts by playing spin-to-win games such as online slot machines. Win and you can wipe out 100% of your debt.
Because each game is a sweepstake, which means at least one entrant is guaranteed to win, the app circumvents the laws that surround traditional betting. One of its taglines is “Paying bills made fun”; another is “Enjoy life’s moments without the shadow of regret”.
A press release states that: “Coverd taps into behavioural psychology – small wins, dopamine hits, and the feeling of control. The games are simple and fun, but the stakes are real.”
The stakes are indeed real. What Coverd doesn’t mention in any of its blurb is what happens when you don’t win, which of course is most of the time. This is online gaming, so everything is designed to ensure the majority of customers lose money. Bet on that horrific gas bill you’ve just paid and the likelihood is you’ll simply add a few more pounds to the total. And to use Coverd, customers must give the company access to their credit card details and spending history.
None of this passes the smell test. As with payday loans, Coverd will profit from the stress and anxiety that comes with debt, while dangling the hope that one spin will get you out of trouble.
One could argue that the app is little different from the national lottery in that respect. But at least you know a chunk of the money from your losing lottery ticket goes to good causes, rather than lining the pockets of a VC.
If Coverd is successful, UK imitators could follow, as happened with payday loans. In this case, we must hope history doesn’t repeat itself – and what happens in the US stays in the US.
Ryan Herman
When the fun stops
Payday loans originated in the US back in the 1980s before working their way to the UK. Within a couple of decades, companies such as Wonga were household names. “Wonga’s success in offering loans at APRs of up to 4,000 per cent has encouraged a wave of copycat firms,” wrote the Independent in 2012, adding, “Many operate outside the law, encouraging people to build up debt they can’t afford.”
Whatever your views on whether these companies’ customers could have avoided falling into this trap by managing their money better, it’s clear some resorted to the service out of sheer desperation. And the killer combination of an easy-to-obtain loan and extortionate rates of interest exploited that desperation to the max. So let’s hope the latest stateside trend in debt never finds its way to the UK.
In recent times we’ve seen the growing gamification of everyday life, from learning a new language (Duolingo) to fitness (Fitbit) and even mental health (Headspace). Now we have the gamification of debt.
Coverd is a new gambling app, with an awful twist. Users can gamble against their credit card debts by playing spin-to-win games such as online slot machines. Win and you can wipe out 100% of your debt.
Because each game is a sweepstake, which means at least one entrant is guaranteed to win, the app circumvents the laws that surround traditional betting. One of its taglines is “Paying bills made fun”; another is “Enjoy life’s moments without the shadow of regret”.
A press release states that: “Coverd taps into behavioural psychology – small wins, dopamine hits, and the feeling of control. The games are simple and fun, but the stakes are real.”
The stakes are indeed real. What Coverd doesn’t mention in any of its blurb is what happens when you don’t win, which of course is most of the time. This is online gaming, so everything is designed to ensure the majority of customers lose money. Bet on that horrific gas bill you’ve just paid and the likelihood is you’ll simply add a few more pounds to the total. And to use Coverd, customers must give the company access to their credit card details and spending history.
None of this passes the smell test. As with payday loans, Coverd will profit from the stress and anxiety that comes with debt, while dangling the hope that one spin will get you out of trouble.
One could argue that the app is little different from the national lottery in that respect. But at least you know a chunk of the money from your losing lottery ticket goes to good causes, rather than lining the pockets of a VC.
If Coverd is successful, UK imitators could follow, as happened with payday loans. In this case, we must hope history doesn’t repeat itself – and what happens in the US stays in the US.
Ryan Herman
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