Preparing for tax year end 2025/26
When it comes to preparing for the new tax year, acting early affords you the time to make thoughtful decisions around planning for your business or personal affairs.
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Making Tax Digital: Your step-by-step preparation plan
Making Tax Digital (MTD) is transforming how tax is managed, aiming to provide smoother records, saved time, and clearer insights for both the taxpayer and HMRC. This step-by-step guide shows you the key steps to get MTD ready and stay compliant. A simple guide to Making Tax Digital Step 1: Know whether MTD applies to you For the upcoming 2026/27 tax year, MTD for...
Mark your calendar: Key dates and deadlines to prepare for
Staying on top of tax rules and financial obligations is crucial, and missing key dates and deadlines can lead to avoidable stress, fees or extra admin. To make things easier, here are the key dates that you need to know about: What’s next: dates to prepare for As these key dates approach, taking a little time now to get organised can make all...
What is Making Tax Digital? How it works and what to do next
The UK is moving firmly into the digital era of tax reporting as HMRC continues to roll out its Making Tax Digital (MTD) scheme. VAT has already made the switch, and the next big step- MTD for Income Tax Self‑Assessment (ITSA)- is set to affect millions of self‑employed people and landlords. With changes starting as early...
UK Budget: Key Tax and Business Changes Announced
The Chancellor has delivered her second Budget under the Labour Government, unveiling a package of measures aimed at easing the cost of living, strengthening public services and stabilising public finances. While businesses will see some welcome support, many individuals and property owners face new taxes or tightened reliefs. Key changes announce include: Personal Tax,...
Protected: Budget 2025 Date – 26 November
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Making Tax Digital for Income Tax – Are You Ready?
The government is pressing ahead with Making Tax Digital (MTD) for Income Tax – and it will affect many sole traders and landlords over the next few years. Here’s what’s changing, when it’s changing, and how to get ready. What is MTD for Income Tax? Under MTD, sole traders and landlords whose “qualifying income”...
Interest Rate Cut to 4%: 4 Things to Think About
The Monetary Policy Committee (MPC) of the Bank of England have reduced the Bank Rate to 4% (previously 4.25%). The decision was made by a narrow 5-4 majority and required 2 votes. This perhaps highlights the uncertainty that continues in the economy. What Factors Led to the Reduction? The MPC’s report shows that they...
Class 2 NICs – 2024/2025 Errors
HMRC have identified an issue affecting some Self Assessment taxpayers in relation to Class 2 National Insurance contributions (NICs) for 2024/25. Some self-employed taxpayers with profits above £12,570 have seen a Class 2 NICs charge of £358.80 added to their accounts when they shouldn’t have been. In some circumstances it will be less. HMRC say that...
Making Tax Digital – What’s New?
HMRC are pushing ahead with the implementation of Making Tax Digital (MTD) for Income Tax, set to commence from 6 April 2026. Legislation Day saw the publication of draft MTD legislation, which makes the following recently-announced changes to the planned regime: • More individuals will be exempt from MTD – Ministers of religion, Lloyds...