Posts by Nettie Buss
Warning – VAT registration and Government Gateway fraud
Warning – VAT registration and Government Gateway fraud What is happening? The new scam involves scammers fraudulently linking VAT services to a Government Gateway ID they control, before the genuine business owner has the chance to set these up themselves. The aim of the scam is to submit false VAT returns and divert repayments into…
Read More2026: The Year of change – the start of quarterly reporting
2026: The Year of change – the start of quarterly reporting For business owners, investors and high-earning individuals, 2026 will represent a shift in how the UK tax system operates. After years of slow reform, successive work has produced a framework that is more digital, more data-driven and more demanding. November’s Budget reinforced a consistent…
Read MoreMaking Tax Digital letters sent to Landlords and Sole Traders for the second time
Making Tax Digital letters sent to Landlords and Sole Traders for the second time HMRC has confirmed that taxpayers in the £50,000 first phase of Making Tax Digital (MTD) for Income Tax can expect to receive a letter in the post with further details. As the date for MTD for Income Tax starts from 6…
Read MoreA record £5.7billion tax paid by the top 100 taxpayers in the UK
A record £5.7 billion tax paid by the top 100 taxpayers in the UK The last year has seen a 15% increase in tax paid by the country’s leading taxpayers as total hits £5.7bn in the top 10 taxpayers. The top five alone paid £1.38bn, accounting for a quarter of the total tax paid, including…
Read MoreUK wine duty is becoming the highest in Europe
UK wine duty is becoming the highest in Europe The chancellor recently announced a 15% cut in business rates for pubs and grassroots music venues, however the price of alcohol in pubs and supermarkets is set to increase. The price of wine, spirits, lagers, and ciders is set to rise after the alcohol duty increase…
Read MoreGovernment delays small company filing of Profit and Loss reports beyond 2027
Government delays small company filing of Profit and Loss reports beyond 2027 An overhaul of accounts filing rules has been dropped by the government who have confirmed that an introduction of mandatory ‘software only’ accounts filing will not go ahead in 2027. The ‘software only’ accounts filing and the changes to ‘small company filing options’…
Read MoreDo you have an accountant helping you with Making Tax Digital for Self-Assessment?
Do you have an accountant helping you with Making Tax Digital for Self-Assessment? A Senior HMRC official has claimed that the Making Tax Digital (MTD) rollout is ‘on track’ but 40% of sole traders and landlords are without an accountant or bookkeeper as the April deadline looms! The main concern appears to be that many…
Read MoreHMRC charges £325m in late tax return penalties
HMRC charges £325m in late tax return penalties HMRC charged taxpayers £325m in fines and interest for late tax payments in 2025 as 600,000 taxpayers were hit with penalties after missing the 31 January deadline. As well as that, the amount of unpaid self-assessment tax in the 2023-24 return cycle was eye-watering. HMRC estimates that…
Read MoreOver 5m people had the wrong tax code in the last year!
Over 5m people had the wrong tax code in the last year! Reports suggest that HMRC overcharged employees £3.5bn in income tax last year, with 5.6m people paying too much due to mistakes on tax codes in the PAYE system. The massive £3.5bn tax overcharge was disclosed in a freedom of information request. While taxpayers…
Read MoreHave you had a letter about Making Tax Digital for your self-assessment, but you don’t have an accountant – Kennedys Accounting are here to help!
Have you had a letter about Making Tax Digital for your self-assessment, but you don’t have an accountant – Kennedys Accounting are here to help! Senior HMRC official claims Making Tax Digital (MTD) rollout is ‘on track’ but 40% of sole traders and landlords do not have an accountant or bookkeeper. From 6 April 2026,…
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