This page is a single dated reference to the key UK business insurance and tax figures in force in 2026. Employers must hold at least £5 million of employers’ liability cover, with fines of up to £2,500 for each day they are uninsured. The Financial Ombudsman Service can award up to £455,000 for complaints referred on or after 1 April 2026. FSCS protects deposits up to £120,000 and pays 90% on most general insurance and 100% on compulsory cover. A serious data breach must be reported to the ICO within 72 hours, with maximum fines of £17.5 million or 4% of worldwide turnover. The VAT registration threshold is £90,000, the Construction Industry Scheme deducts 20% from registered subcontractors, and Making Tax Digital for Income Tax begins at £50,000 of income from April 2026. Every figure below is dated and linked to its official source.
Last reviewed: 10 September 2026
Use this page as a quick check against the numbers that govern cover levels, deadlines and penalties for UK businesses. Each figure carries the date it applies from and a link to the government, regulator or professional body that sets it. For the detail behind individual topics, see our guides to employers’ liability insurance requirements, the Financial Ombudsman Service, VAT penalty points, the Construction Industry Scheme and the 60 day capital gains tax property return.
Business liability
| Figure | Current value | What it means | Source |
|---|---|---|---|
| Employers’ liability minimum cover | £5 million | The least cover an employer must hold by law under the Employers’ Liability (Compulsory Insurance) Act 1969. Most insurers provide at least £10 million as standard. | HSE |
| Fine for being uninsured | Up to £2,500 per day | The maximum penalty for any day an employer is without the compulsory cover. | HSE |
| Certificate display or production failure | Up to £1,000 | The maximum fine for not making the certificate of insurance available to an HSE inspector on request. Since 1 October 2008 there is no legal duty to keep expired certificates, though keeping them is strongly advised. | HSE |
| RIDDOR: deaths and specified injuries | Report within 10 days | The enforcing authority must be notified without delay and a report received within 10 days of the incident. | HSE |
| RIDDOR: over seven day injuries | Report within 15 days | Where a worker is incapacitated for more than seven days, the report is due within 15 days of the incident. | HSE |
| LOLER thorough examination intervals | 6 or 12 months | Every 6 months for equipment used to lift people and for all lifting accessories, every 12 months for other lifting equipment, or in line with a written examination scheme. | HSE |
| ICAEW professional indemnity minimum limit | 2.5 times gross fee income, floor £250,000 | For accountancy firms with gross fee income below £800,000 the limit of indemnity must be at least two and a half times income, subject to a £250,000 floor. Firms with income of £800,000 or more must hold at least £2 million. Terms effective 1 September 2024. | ICAEW |
| ICAEW run off cover | At least 2 years | A firm that stops practising must keep run off cover for at least two years, and take all reasonable steps to maintain it for a further four, giving six years in total. | ICAEW |
Tax and HMRC
| Figure | Current value | What it means | Source |
|---|---|---|---|
| VAT registration threshold | £90,000 | A business must register for VAT once taxable turnover passes £90,000. The figure has applied since 1 April 2024. The deregistration threshold is £88,000. | GOV.UK |
| VAT late submission penalty points | 2 annual, 4 quarterly, 5 monthly | Each late VAT return earns one point. A penalty becomes due once the points reach the threshold for the filing frequency. | GOV.UK |
| VAT late submission penalty amount | £200 | A £200 penalty is charged on reaching the threshold, and a further £200 for each later late return while at the threshold. | GOV.UK |
| Construction Industry Scheme deduction rates | 20% / 30% / 0% | Contractors deduct 20% from registered subcontractors, 30% from those not registered, and nothing from subcontractors holding gross payment status. | GOV.UK |
| Self Assessment deadlines | 5 Oct, 31 Oct, 31 Jan, 31 Jul | Register to file by 5 October after the tax year, submit a paper return by 31 October, file online and pay any tax due by 31 January, and make the second payment on account by 31 July. | GOV.UK |
| Self Assessment online payment plan | £30,000, within 60 days, over 12 months | A taxpayer who owes £30,000 or less can set up a Time to Pay plan online, without calling HMRC, within 60 days of the payment deadline and spread over up to 12 months. | GOV.UK |
| Making Tax Digital for Income Tax | £50,000, then £30,000, then £20,000 | Digital record keeping and quarterly updates begin for qualifying income over £50,000 from 6 April 2026, over £30,000 from 6 April 2027 and over £20,000 from 6 April 2028. | GOV.UK |
| GAAR penalty | 60% | The general anti abuse rule penalty is 60% of the counteracted tax advantage, introduced by the Finance Act 2016. | GOV.UK |
| Follower Notice | 90 days, penalty up to 50% | A taxpayer has 90 days to take corrective action. Failing to do so can bring a penalty of up to 50% of the denied advantage, reduced to a minimum of 10% for cooperation. | GOV.UK |
| Accelerated Payment Notice | Payable within 90 days | The disputed tax must be paid within 90 days of the notice, or later if representations are made and rejected. | GOV.UK |
Property
| Figure | Current value | What it means | Source |
|---|---|---|---|
| Mandatory HMO licensing threshold | 5 or more occupants | A house in multiple occupation let to 5 or more people forming 2 or more separate households needs a mandatory licence. The previous three storey condition was removed on 1 October 2018. | GOV.UK |
| Capital Gains Tax property return | 60 days | A UK residential property sold at a taxable gain must be reported and the tax paid within 60 days of completion, for disposals completing on or after 27 October 2021. | GOV.UK |
| Typical subsidence excess | Around £1,000 | Most buildings policies carry a subsidence excess of about £1,000, and it can be higher where the property has claimed before. | ABI |
Motor and consumer
| Figure | Current value | What it means | Source |
|---|---|---|---|
| Product liability long stop | 10 years | A claim under the Consumer Protection Act 1987 cannot be brought more than 10 years after the product was first supplied, under section 11A of the Limitation Act 1980. The right of action is extinguished at that point. | legislation.gov.uk |
| Product liability property damage threshold | £275 | No damages are awarded for loss of or damage to property under the Consumer Protection Act 1987 where the amount would not exceed £275. | legislation.gov.uk |
Regulatory and compensation
| Figure | Current value | What it means | Source |
|---|---|---|---|
| Financial Ombudsman Service award limit | £455,000 | The most the ombudsman can require a business to pay for a complaint referred on or after 1 April 2026 about an act or omission on or after 1 April 2019. A lower limit of £205,000 applies to earlier conduct. | Financial Ombudsman Service |
| Financial Ombudsman: business response time | 8 weeks | A business has 8 weeks to give a final response to most complaints before the customer can go to the ombudsman. | Financial Ombudsman Service |
| Financial Ombudsman: referral window | 6 months | A customer has 6 months from the date of a final response to refer the complaint to the ombudsman. | Financial Ombudsman Service |
| FSCS deposit protection | £120,000 | Protects eligible deposits per person, per banking institution. The limit rose from £85,000 to £120,000 on 1 December 2025. | FSCS |
| FSCS insurance protection | 90% or 100% | Compulsory insurance, long term insurance and professional indemnity are protected at 100% of the claim, while most other general insurance is protected at 90%. | FSCS |
| FSCS investment protection | £85,000 | Protects eligible investment claims per person, per firm, for firms that failed on or after 1 April 2019. | FSCS |
| UK GDPR standard maximum fine | £8.7 million or 2% of turnover | The higher of £8.7 million or 2% of total worldwide annual turnover, for breaches of certain obligations. | ICO |
| UK GDPR higher maximum fine | £17.5 million or 4% of turnover | The higher of £17.5 million or 4% of total worldwide annual turnover, for the most serious breaches. | ICO |
| Data breach reporting | 72 hours | A notifiable personal data breach must be reported to the ICO without undue delay and within 72 hours of becoming aware of it. | ICO |
Where these figures come from
Every figure on this page is taken from the body that sets it: the Health and Safety Executive, HM Revenue and Customs and GOV.UK, the Information Commissioner’s Office, the Financial Ombudsman Service, the Financial Services Compensation Scheme, the Institute of Chartered Accountants in England and Wales, the Association of British Insurers and the statute book at legislation.gov.uk. The source link in each row goes to the official page. Figures change at fiscal events and regulatory reviews, so we date this page and review it regularly. Where a figure could not be tied to a clean primary source, it has been left off rather than estimated.
If you want to talk through how these rules affect your own cover, you can get a quote or contact us.
Related guides: UK tax deadlines calendar, HMRC penalties table.