HMRC
Are you a residential Landlord?
Are you a residential Landlord? From April 2027, the tax landscape for residential property becomes markedly tougher due to higher income tax rates on rental income, and a new annual surcharge on high-value homes from April 2028. For buy-to-let (BTL) landlords and high-net-worth individuals (HNWs), the cumulative effect is clear: higher holding costs, increased compliance…
Read More£137M paid in late payment interest by 1.3 million taxpayers
£137M paid in late payment interest by 1.3 million taxpayers HMRC’s decision to hike the late payment interest rate to 4% above the Bank of England base rate from 6 April 2025, has meant that rates were as high as 8.25% for many months. In total, HMRC charged 1.3 million taxpayers late payment interest in 2023-24 which raised 137m in a…
Read MorePayroll changes as state pension age rises
Payroll changes as state pension age rises Upcoming changes to the state pension age for men and women will see retirement age increase from 66 to 67 years, affecting payroll and national insurance contributions. From 6 April 2026, the increase will be phased in over the course of two years, meaning that people born between…
Read MoreSmall employers’ relief (SER) rate of compensation for statutory sick pay and other benefits increase from 06 April 2026
Small employers’ relief (SER) rate of compensation for statutory sick pay and other benefits increase from 06 April 2026 Employers who qualify for small employers’ relief (SER) will be able to reclaim a higher percentage from HMRC to offset their costs as the rate increases to 9%. Employers can currently reclaim 92% of employees’ statutory…
Read MoreResearch & Development (R&D) Tax Safeguards
Research & Development (R&D) Tax Safeguards After several years of reform, shifting rules and heightened scrutiny, the government’s decision at the last Budget to keep research and development (R&D) tax relief policy largely unchanged for a second consecutive year sent a clear message to industry: the system seems to have entered a more predictable phase.…
Read MoreWhat you need to know about Making Tax Digital (MTD)
What you need to know about Making Tax Digital (MTD) As the deadline for mandatory Making Tax Digital (MTD) for Income Tax for affected taxpayers with income over £50,000 begins on Monday 6 April, HMRC has confirmed their preference is for taxpayers to file using MTD compatible software. The requirement to report quarterly will be…
Read MoreNational living wage rate goes up 4.1%
National living wage rate goes up 4.1% The government has confirmed above inflation rises in the national living wage with a 4.1% rise, while national minimum wage will go up 8.5% from 1 April 2026. This year’s hike to national living wage is down on last year’s 6.7%, which caught employers off guard. This time…
Read MoreEmployer NI up 23% with a record amount paid of £93.7bn
Employer NI up 23% with a record amount paid of £93.7bn Businesses hit by soaring employer national insurance (NI) raise billions in extra tax for the Treasury in first eight months of the tax year. The latest HMRC figures for November 2025 showed the tax take from employer NI was up 23%, with a record…
Read MoreHMRC to end letters in the post from March 2026
HMRC to end letters in the post from March 2026 HMRC have announced that to save in print and postage costs by £50m, letters will no longer be sent out automatically to taxpayers from next spring, with email alerts notifying them of new documents in their personal tax accounts or the HMRC app instead. This…
Read MoreHMRC cuts late payment interest rate to 7.75%
HMRC cuts late payment interest rate to 7.75% Following the recent cut in base rate, HMRC is going to reduce interest rates on late payments in the second week of January. HMRC interest rates for late payment and repayment will reduce by 0.25%. Late payment rates reduce to 7.75% from 9 January, while repayment rates reduce…
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