Digital transformation has altered almost every aspect of modern business, and tax is no exception. Across the UK, businesses must now adopt digital record-keeping and reporting practices.

While this was previously optional, it is now mandatory. For founders, this represents a structural change that’s likely to influence financial processes, digital infrastructure, decision-making, and long-term planning, among other areas.

Why Digital Tax Rules Should Be on Every Founder’s Radar

From 6th April 2026, digital tax systems will become a mandatory part of the standard business infrastructure. The ultimate aim of this modernisation is to boost accuracy and transparency across the UK tax system, but for businesses, it means implementing stringent digital financial compliance systems and processes (if you haven’t already).

As such, founders can no longer treat compliance as something that they simply hand over to an accountant. The shift toward digital record-keeping involves quarterly rather than annual reporting, which in turn means that underlying data must be closely and consistently tracked through business systems in real time (or near real time). You can no longer rely on end-of-year reconciliation to clear all financial loose ends; they need to be tracked and addressed immediately.

Founders should be aware that non-compliance with these new digital record requirements and submission obligations will, at best, lead to administrative disruption and, at worst, result in financial penalties or even a fraud investigation. For example, organisations that fail to maintain appropriate digital records or meet reporting deadlines are likely to face daily fines until the deadlines are met.

A Founder-Friendly Overview of Digital Tax in the UK

Let’s start with a founder-focused overview of the new MTD system:

What HMRC means by digital record-keeping and reporting

When they refer to ‘digital record-keeping and reporting’, HMRC means creating and storing financial records using approved digital software and submitting information to it electronically. Typically, a digital financial record uses electronic systems to capture income and expense details, such as amounts, dates sent/received, transaction categories, and more.

For VAT-registered entities, digital records should also include core information like identification data and VAT account records. Just as you would with analogue financial records, you will need to preserve these records digitally for several years in order to maintain an audit trail.

One very important aspect of MTD is digital linking. It is no longer sufficient to manually copy data from platform to platform. Instead, platforms should communicate with one another and link seamlessly for data sharing. This automated connection and data transfer ultimately benefits everyone involved by improving consistency and reducing the risk of human error.

Which businesses are affected

From April 2026, all businesses (including unincorporated businesses) and landlords with income exceeding £50,000 PA will be required to comply with digital record-keeping requirements. The income thresholds are set to get progressively lower over subsequent years. As such, even founders whose businesses don’t currently meet the threshold should start preparing and aligning their processes for Making Tax Digital.

How Digital Tax Rules Impact Day-to-Day Business Operations

Digital tax rules are likely to impact day-to-day business operations in a variety of ways:

Changes to internal finance processes

Businesses will feel immediate effects on internal finance processes once the digital rules come into force. For a start, finance teams will need to ensure that all records are captured in a structured digital format from the outset. This includes transaction categorisation, system integration, installation and maintenance of compatible software environments, and more.

Similarly, reporting cycles and processes will have to shift from retrospective compilation and analysis to continuous monitoring. Teams must start treating financial data as a live operational asset rather than as a once-yearly obligation.

The knock-on effects for cash flow and forecasting

Digital reporting also brings indirect advantages and pressures. For example, real-time financial visibility should enable more accurate forecasting and tax estimation, helping founders anticipate liabilities earlier. Similarly, software environments often display projected tax positions based on current records, which can significantly improve planning capacity.

At the same time, increased reporting frequency can expose gaps in data quality and process discipline that might otherwise go unnoticed. This can create friction in the short term as teams work to plug gaps and fix issues, but it will ultimately lead to smoother, more accurate financial workflows.

Common Mistakes Founders Make When Preparing for Digital Tax

Here are some common mistakes to be aware of and to avoid when preparing for digital tax:

Treating digital tax as a last-minute project

If you possibly can, treat tax as an ongoing process. Leaving things until deadlines are looming has always been a bad idea – but with the new quarterly reporting schedule, it could plunge you into a continuous cycle of chasing your tax backlog.

Remember that your staff will likely need training on the new system, and some processes will need to be redesigned. As such, start preparing as early as possible to avoid delays when the first reporting deadlines arise.

Over-relying on spreadsheets and manual workarounds

Spreadsheets are useful analytical tools, but on their own, they often fail to meet integration and compliance requirements. For example, if you are relying on manually transferring data from spreadsheet to platform to spreadsheet, etc., you’re at risk of submission errors or compatibility issues.

How Founders Can Prepare Their Business in Practical Terms

Let’s take a look at some practical ways business founders can prepare for MTD:

Reviewing existing finance systems and processes

Start by evaluating your existing systems and processes. Assess exactly how financial data enters your organisation, how it is processed, and whether or not your systems support digital linking and structured record retention.

Ideally, use this review as an opportunity to think about software compatibility, staff capability, and documentation practices. Identifying weaknesses early will save you from costly retrofitting later.

Choosing tools that support compliance and growth

The right tools can make a huge difference to your MTD preparation and ongoing financial processes. Look for Making Tax Digital software that aligns with HMRC requirements and allows businesses to maintain records, automate submissions, and integrate accounting workflows.

Working More Effectively With Accountants and Advisors

Accountants and advisors can play a more efficient, more proactive role in a post-MTD world. Here’s how:

Why digital records improve collaboration

Digital systems boost visibility between founders and advisors. For example, if they have the right access and permissions, accountants can access structured data directly. This makes things a lot more efficient and means that no time (or accuracy) is wasted with manual transfers.

This kind of speed and transparency ultimately promotes efficiency, shortens reporting cycles, and supports higher-quality decision support.

Shifting accountants from compliance to strategy

When routine compliance is streamlined with digital tools, professional advisors can focus more on planning and optimisation. This means more time spent working on things like strategic insight on tax positioning, cash flow management, and investment decisions.

Preparing Early as a Competitive Advantage

Early adoption of digital tax processes will reduce operational disruption and position your business to realise the benefits of MTD sooner. For example, the earlier you go digital, the earlier you can benefit from clearer financial oversight and more efficient reporting structures.

Digital readiness also signals organisational maturity. Investors, lenders, and partners frequently view structured data governance as evidence of reliable management capability. This reputational factor can influence your access to funding and boost your credibility in potential partnership situations.

Building a Business That’s Ready for the Future

Digital tax rules aren’t an isolated compliance exercise – they represent a broader shift toward data-centric governance in the UK. As such, founders who treat the transition as an opportunity to refine financial infrastructure will derive greater long-term value than those who focus solely on regulatory adherence.

Embedding digital record discipline, selecting integrated tools, and collaborating strategically with advisors will lay the foundation for scalability and resilience. By approaching preparation as part of organisational development, founders can position their businesses to operate confidently within evolving regulatory and technological environments.

Securing your business premises is a key step in protecting your investment and ensuring the safety of your staff, assets, and customers. In today’s world, security threats can take many forms, such as break-ins and data breaches.

Luckily, there are many effective ways to improve your security and give you peace of mind. Understanding the importance of a secure environment can help you take steps to protect what you’ve built.

Here are some effective security strategies for your business.

Physical Barriers

Investing in strong physical barriers is a simple but effective way to protect your business. This includes using quality doors and windows that are hard to break into. Steel doors, reinforced glass, and sturdy locks can make a big difference. Always choose materials that resist tampering and damage, as these act as strong deterrents to intruders.

Don’t forget about landscaping. Keep the plants around your building well-maintained. Overgrown shrubs and trees can hide potential intruders. A tidy landscape not only improves your property’s look but also makes it safer.

Commercial Security Services

Working with commercial security services can strengthen your overall security plan. These experts assess risks and create customized solutions for your business. By hiring professionals, you gain access to advanced security technology and training for your staff.

These services can help in emergencies and give you peace of mind, knowing that specialists are handling potential threats. Their expertise can help create a more organized security approach that effectively reduces vulnerabilities.

Cybersecurity Measures

In today’s digital world, protecting against cyber threats is just as important as physical security. Strong cybersecurity measures help safeguard sensitive data and protect your business from online attacks. Use firewalls, encryption, and antivirus software to prevent breaches.

Keep your software up to date, as older systems can be easy targets for hackers. Also, train your employees on safe internet practices, like identifying phishing attempts and avoiding suspicious links.

Adequate Lighting

Good lighting is vital for securing your business. Install bright lights around the outside, especially in dark or hidden areas. Motion-sensor lights can alert you and scare off trespassers since unexpected lights can raise suspicion.

Inside, proper lighting improves visibility and makes your business more inviting for customers and employees. Bright areas are safer because all spots are easy to see. Regularly check and maintain the lighting to ensure it works well; a burnt-out bulb can create dark areas that criminals may target.

CCTV Cameras

CCTV cameras are a common and effective security measure. These systems allow you to monitor your premises in real-time and provide evidence if something happens. Place cameras at key locations, such as entrances, loading areas, and blind spots, to ensure good coverage.

Modern cameras often include features such as remote access and high-definition recording, helping you monitor your business effectively. Just having visible cameras can deter crime, as many would-be intruders are less likely to act if they know they are being watched.

Access Control Systems

Using access control systems is a smart way to manage who enters your business and when. These include keycards, fingerprint readers, or mobile access that allow only authorized personnel into specific areas. By restricting access to key areas of your premises, you protect valuable information and assets from unauthorized individuals.

Electronic access control also makes it easier to track who comes and goes, providing important data for security checks or investigations. This technology lets you respond quickly to any suspicious activity, helping to keep your employees and resources safe.

Alarm Systems

A good alarm system is a smart way to protect your business. These systems can detect unauthorized entry and alert you or the police. Look for alarms that offer 24/7 monitoring to keep a close watch on your property at all times.

Today’s alarm systems can connect to your mobile device, sending you instant alerts wherever you are. Knowing that your property is monitored around the clock gives you peace of mind, even if you’re not on-site.

Insurance Coverage

Having good insurance is essential for your business. It protects you from various risks, such as theft, property damage, and liability claims. While insurance can’t prevent problems, it helps you recover faster after an incident.

Regularly review your insurance policy and update your coverage when needed. Knowing what your policy covers keeps you protected and allows you to focus on running your business.

Employee Training

Your employees play a key role in your business’s security. Training them to spot suspicious activities and respond correctly can boost your safety efforts. Hold regular security drills and share best practices to create a culture of awareness.

Encourage employees to communicate openly so they feel comfortable reporting concerns. A well-informed team adds another layer of protection, making it harder for threats to go unnoticed.

Regular Security Audits

Regular security audits help identify weaknesses in your security system. Bringing in a professional to evaluate your setup can highlight outdated protocols, ineffective access points, or gaps in surveillance.

By addressing these weaknesses, you can create a safer environment that adapts to new threats. Regular audits improve security and build confidence among your staff and customers.

A solid security plan for your business combines different strategies that work together. By layering these methods, you create multiple defences that enhance safety and protect your investment.

Mumbai: India’s steel sector is poised for a fresh burst of primary market activity, with at least 10 steel producers and steel-related companies preparing to raise ₹5,000-7,000 crore in total through initial public offerings over the next eight to 10 months.

Steel Infra Solutions Company Ltd, German Green Steel & Power Ltd, Rajputana Stainless Ltd, Bombay Coated Steel Ltd, A-One Steels India Ltd, Jindal Supreme (India) Ltd, Madhur Iron & Steel Ltd, and Synergy Advanced Metals Ltd are among those who have filed draft red herring prospectuses (DRHPs), while a few others are in advanced stages of preparation, according to investment bankers.

The steel industry’s rush to tap the capital markets comes amid improving demand visibility and supportive policy measures.

“India’s steel demand is expected to grow due to infrastructure push for roads, railways, ports, recovery in the steel sector, the PLI scheme for manufacturing, and the government’s continued focus on capex,” said Uday Patil, executive director at PL Capital Markets.

He added that about 25-30% of steel demand is linked to government projects and that safeguard and anti-dumping duties on select imports have helped domestic producers compete on a more level-playing field.

Local companies are targeting significant capacity expansions under the government’s long-term steel policy, aiming to capture the next leg of growth. Mid-sized processors and specialty steel makers, particularly those in coated steel, stainless products, and specialty alloys, are seeing improved order visibility from infrastructure, renewables, railways, metro projects, auto and engineering sectors.
“There is a clear capacity build-out cycle underway among mid-tier players who want to capture domestic demand growth and reduce import dependence in certain product categories,” said Deep Shah, senior manager at Unistone Capital, an investment banking firm. IPO proceeds are expected to be deployed towards greenfield lines, galvanising units, colour-coating facilities and stainless capacity additions. Besides expansion, companies are also looking to strengthen financial profiles, Shah said. After a prolonged deleveraging phase over the past decade, many steel companies are using favourable equity market conditions to further clean up their balance sheets. Lower leverage can improve return ratios, reduce interest burden, enhance credit ratings, and support future borrowing at better terms.

Given the working capital-intensive nature of the steel trade, a portion of the IPO proceeds is also likely to be earmarked for liquidity support to meet capacity expansions.

Bankers also flagged sectorspecific risks such as volatility in steel prices, swings in coking coal costs, import competition, global demand slowdown, and currency movements affecting exports. Margin sustainability will be closely monitored, particularly if raw material costs remain elevated. Yet market participants argue that the narrative around steel is gradually evolving. “India’s steel industry is not viewed purely as a commodity story but as a structural growth play backed by consumption from infrastructure, renewables, railways and urban development.” said Amogh Giridhar, associate partner at Prequate Advisory, adding that investors are becoming comfortable underwriting cyclical businesses where there is evidence of prudent leverage and disciplined capex plans.

However, bankers believe the real test in public markets would always be balance sheet quality and capital allocation discipline for a historically — volatile industry. “Those with clear integration strategies and export competitiveness, coupled with strong domestic consumption may be able to command premium valuations despite the cyclical backdrop,” said Giridhar.

ET Intelligence Group: The BSE Metal Index has jumped 13% in the past three months, outperforming nearly 2% drop in the Sensex amid a broad rally across ferrous and non-ferrous stocks. Shares of metal companies have surged up to 33% over the past three months amid rising prices of both ferrous and non-ferrous metals due to a combination of factors such as demand recovery, policy support, and supply constraints.

Domestic steel prices have rebounded sharply from their December lows after the government reinstated the safeguard duty- which had expired in November- for three years starting from the end of December. This lifted the sentiments for domestic steel manufacturers as imports declined and prices firmed up.

Domestic steel prices have rebounded since December, with average Q4 hot-rolled coil (HRC) prices rising by about ₹5,300 per tonne or 2% quarter-on-quarter and primary rebar prices increasing by roughly ₹8,200 per tonne or 3%. Steel firms have also announced ₹1,000-2,000 per tonne price increase in early January.

In addition, steel exports strengthened as European Union buyers engaged in pre-emptive restocking ahead of the Carbon Border Adjustment Mechanism (CBAM), which came into effect on January 1, 2026. Under CBAM’s transition phase, EU importers are required to start reporting emissions of imported steel, and once the full regime begins, they will have to pay for the embedded carbon. To avoid these future costs and uncertainties, many EU buyers front-loaded their purchases from India.
In non-ferrous metals, supply disruptions in key mining regions such as Chile, Peru and Indonesia have pushed up copper and nickel prices. Several global aluminium smelters faced outages, keeping supply tight. Demand remains strong, especially as China has capped its aluminium capacity at 45 million tonnes.

Analysts expect steelmakers to report stronger earnings for the March quarter in the light of higher prices, strong volumes and improved operating performance, while non-ferrous producers are likely to benefit from firm global prices and robust demand.
“For Q4, realisations for steel companies are expected to improve by ₹2,500-4,500 per tonne. This will be partially offset by higher coking coal costs, which could increase by ₹1,300-1,600 per tonne of steel,” Parthiv Jhonsa, lead analyst (metals & mining), Anand Rathi Institutional Equities, told ET. He added that for non-ferrous companies, elevated global prices and rupee depreciation will support earnings in the March-quarter since their revenues are dollar denominated. The current quarter is also typically the strongest volume quarter for metals, and most steel companies have maintained their volume guidance. “Aluminium fundamentals remain stronger, supported by the limited scope for incremental production in China and firm copper prices,” said Elara Capital in a report.

India is on course to become “a very meaningful” part of the LGT Group‘s global business, said Prince Max von und zu Liechtenstein, chairman of the private banker and asset manager owned by the royal family of Liechtenstein. In an interview with Nishanth Vasudevan and Sruthijith KK, the Harvard Business School graduate, and former JP Morgan executive spoke about the wealth management industry, AI trade, and precious metals. Edited excerpts:

LGT Group’s assets under management have increased dramatically since you started in 2006. Where is the money coming from, and what kind of money is coming in?

Geographically, we have gotten Asia right. There are many of our competitors in Europe that have been much larger than us, but they haven’t tried Asia, or they haven’t really gotten Asia right. We have gotten the asset classes right, too. We were early to recognise the attractiveness of the private markets-private equity and private debt, where returns have been better than in public markets. Clients on the private banking side, but also on the institutional asset management side, don’t like too many changes in strategy, in relationship management, and in coverage. They want to tell their story on the private client side, that is typically an intimate story that you don’t want to share all the time with too many people, too many times.

Could you share LGT’s India expansion plans?
We think long and hard before we enter a market and, once we enter, we do so with a long-term perspective. Ideally, we want to become profitable as we enter a new market. Once we achieve profitability, it is critical that we keep it in a good range. Clearly, with India, we’re not worried that it cannot become a very meaningful part of our business.

What is the biggest challenge that you face in India that you don’t face in any other market?

I think the regulatory complexity of India continues to be higher than in other markets and is still a hurdle for investors. I am not the biggest expert on it, and I think it is improving. We are taking advantage of the improvements that are taking place, but it remains a more complicated and difficult regulatory and tax regime.
In terms of deploying capital, how attractive are different parts of the world, and especially India?
If I look at different economic blocs and jurisdictions, there are risks and challenges everywhere. It is very hard to predict how the US will look in 10 years, how China and Europe will look in 20 years. The world has always been unpredictable, but I think it has become more unpredictable. So, there is a clear case for disciplined diversification. 2026 has been a rough year for the AI trade. When you talk to clients, are they still overweight on AI?
The winning way of investing in AI is to identify which areas and companies can benefit from it, make a longer-term bet, and look at valuations.A lot of people have seen this, which leads to excitement, fantasies, and bubbles. Most technological transformations have been associated with significant bubbles that, at some point, burst. So, if valuations are coming down, it is probably healthy. I don’t worry about it too much.

Given geopolitical tensions and the flight to safety, is the surge in demand for gold and silver justified?
I am more of a cash-flow-driven investor. I prefer assets that generate good cash flows and feel safe. That aspect is missing with precious metals, so I have not fully understood the excitement around them. It is a pattern that has existed forever, but it doesn’t have much appeal to me personally.

There is now a narrative that Europe is falling behind. You see Trump saying Europe is in ruins, while someone like Macron in Davos said this case is overstated. As a representative of a storied royal dynasty, how do you look at the continent?
I think there is some truth to that. I think Europe’s strong recovery after the Second World War led to a little bit of laziness that we need to get rid of. The ambition level in Europe needs to come back in a stronger way. I think it is still there with some companies in some areas, but overall, I do think Europe needs to step up its game a little bit.

The world is breaking into different blocks of capital. Does this make your business more difficult in terms of deploying capital globally?
Ironically, it has helped us in the short term. In the past, some US companies were very strong competitors globally. The US and many US companies have lost sympathy over the last 12 months, given recent changes. That has helped us, because people make decisions in an emotional way and sympathies matter.We are an organisation from a small country that doesn’t inflict pain on anybody, and that is appreciated. Having said that, I hope the world does not continue in a more conflictive and nationalistic direction.

Private wealth management is a crowded space. Are you trying to tap a particular niche, or are you open for business with everyone?
We want to have good clients who pursue business with a long-term perspective, with good ethics, and who are generally doing well. We must set certain lines and borders when clients are either too marginal or too difficult or fall outside our regulatory and ethical guardrails.

Has the dilution of secrecy laws and increasing geopolitical pressures made things more challenging for you?
These changes around banking secrecy took place more than 10 years ago, and we have done very well over that period. The political and economic stability of Switzerland and Liechtenstein continues to be appreciated, especially as such stability becomes more exceptional.

White House economic advisor Kevin Hassett on Wednesday called for the New York Federal Reserve to punish economists who published a research paper that found that the bulk of the burden of the Trump administration’s tariffs are falling on U.S. businesses and consumers.

“The paper is an embarrassment. It’s, I think, the worst paper I’ve ever seen in the history of the Federal Reserve system,” Hassett said in an interview on CNBC’s “Squawk Box.”

“The people associated with this paper should presumably be disciplined, because what they’ve done is they’ve put out a conclusion which has created a lot of news that’s highly partisan based on analysis that wouldn’t be accepted in a first-semester econ class,” Hassett continued.

The New York Fed’s research found that U.S. businesses and consumers bore 86% of the tariff burden, while foreign exports bore 14% of the burden as of November 2025. The researchers found that the share borne by U.S. businesses and consumers declined over the year from 94% in the January through August period, and 92% in September and October.

FED DISSENT GROWS AS SOME OFFICIALS WEIGH RETURN TO INTEREST RATE HIKES AMID STUBBORN INFLATION

They also found that the average tariff rate jumped last year as the Trump administration raised the import levies, rising from 2.6% at the beginning of 2025 to 13% at the end of the year. The report found that the average tariff rate peaked at around 16% in April and May, following the president’s announcement of his “Liberation Day” tariffs.

“Our results show that the bulk of the tariff incidence continues to fall on U.S. firms and consumers,” the New York Fed wrote, noting that its findings were consistent with a pair of recent studies on U.S. tariff pass-through showing American importers absorbing nearly all the cost.

TARIFFS MAY HAVE COST US ECONOMY THOUSANDS OF JOBS MONTHLY, FED ANALYSIS REVEALS

Those findings are also similar to those contained in another analysis by the nonpartisan Congressional Budget Office (CBO), which noted in its recently released 10-year budget and economic outlook that foreign exporters are absorbing about 5% of the tariff costs with the remaining 95% falling on U.S. firms and consumers. 

The CBO found that U.S. businesses would pass on about 70% of their tariff costs to consumers, with the remaining 30% coming out of their profit margins. After accounting for domestic producers raising prices because of reduced foreign competition, the “net effect of tariffs is to raise U.S. consumer prices by the full portion of the cost of the tariffs borne domestically (95 percent),” the CBO found.

CBO’s analysis also projected that the new tariffs imposed over the last year will have increased the personal consumption expenditures (PCE) index by about 0.8 percentage points on aggregate by the end of 2026. PCE inflation is the Fed’s preferred inflation gauge and was most recently at 2.8% in November, well above the Fed’s 2% target.

TRUMP CREDITS TARIFFS FOR HUNDREDS OF BILLIONS GAINED WITH ‘VIRTUALLY NO INFLATION,’ TOUTS SECURITY

Hassett went on to defend the Trump administration’s tariffs during the CNBC interview, saying that American consumers are better off for them, while saying the New York Fed’s analysis was an “embarrassment.”

“Prices have gone down. Inflation is down over time. Import prices dropped a lot in the first half of the year, that leveled off, and real wages were up $1,400 on average last year, which means that consumers were made better off by the tariffs,” Hassett said on CNBC. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“So consumers couldn’t have been made better off by the tariffs, if this New York Fed analysis was correct. It’s really just an embarrassment,” Hassett said.