HMRC
Thousands of Landlords and Sole Traders have still not signed up for Making Tax Digital
Thousands of Landlords and Sole Traders have still not signed up for Making Tax Digital With less than 60 days to go before the first quarterly filing date for wave one of Making Tax Digital (MTD) for Income Tax, over 400,000 taxpayers have not even registered! Only 336,000 of the first wave of MTD for…
Read MoreApril 2028 – Profit & Loss mandatory for Small Companies
April 2028 – Profit & Loss mandatory for Small Companies After months of delay, the government has decided to go ahead with balance sheet and profit and loss (P&L) filing for small companies and micro-entities from 1 April 2028, but with a major caveat after intense lobbying against the plans. While it has been confirmed…
Read MoreHMRC – Investigations into SME’s increase
HMRC – Investigations into SME’s increase HMRC recovered 23% more tax per investigation into small businesses and individuals, reaching £24,700 on average in 2024-25, up substantially from £20,100 the previous tax year. With more than 250,000 investigations into small businesses and individuals conducted by HMRC last tax year, has resulted in the discovery of unpaid…
Read MoreApril 2026 – Tax ‘take’ up £6bn in one month
April 2026 – Tax ‘take’ up £6bn in one month Analysis of the latest HMRC figures for April shows that the tax take for the first month of the new tax year continues to soar. HMRC collected £87.3bn in taxes in the month of April, up an incredible £6.3bn from April 2025. Income tax, capital…
Read More2026 – The last P11D’s – what happens next?
2026 – The last P11D’s – what happens next? As HMRC moves to payroll filing of expenses and ‘benefits in kind’ from the new tax year, this July will be the last P11D deadline for many employers. What is a P11D? A P11D is a UK tax form employers use to report certain employee benefits…
Read MoreA record £190bn paid in income tax by High Earners
A record £190bn paid in income tax by High Earners Additional and higher rate payers paid £190.6bn in income tax in the 2023-24 tax year has been revealed in the latest HMRC breakdown of income tax paid across the population depending on earnings. The 20% cohort paid £84bn in total, bringing income tax revenue to…
Read MoreVAT – Over 500,000 taxpayers fined for late VAT payments
VAT – Over 500,000 taxpayers fined for late VAT payments For context there are approximately 2.3m entities registered for VAT in the UK. Therefore, the high level of VAT fines means the equivalent of 25% of registered VAT companies and sole traders have been fined by HMRC for late payments. A total of 582,000 fines…
Read MoreVAT Domestic reverse charge – HMRC advises of further tax enquiries
VAT Domestic reverse charge – HMRC advises of further tax enquiries The construction sector has been working with the VAT domestic reverse charge (DRC) since March 2021, but lately it seems HMRC’s attitude towards compliance has changed dramatically. The scheme, which was introduced to combat VAT fraud, with a promise of ‘light touch’ enforcement, is…
Read MoreDirectors Loan Accounts (DLA’S) – HMRC clamp down
Directors Loan Accounts (DLA’S) – HMRC clamp down HMRC is planning draconian reporting requirements on director’s loan accounts and participator loans to connected companies. This move is designed to target the £14.7bn small business tax gap, which is said to have hit a record high in 2024, which now represents 40% of small business corporation…
Read MoreFree HMRC company tax return filings ended on 31 March 2026
Free HMRC company tax return filings ended on 31 March 2026 Companies House and HMRC are closing the joint online filing service on 31 March 2026 removing the free option completely. This will remove all records held in the online filing service. From 1 April 2026 companies will have to use software to file company…
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