HMRC
Budget 2025 – Late Corporation Tax filings – Penalties have doubled
Budget 2025 – Late Corporation Tax filings – Penalties have doubled As part of the November 2025 budget, the government announced that the penalty regime needed to be updated to ‘counteract the effect of inflation since the penalties were introduced’ nearly 30 years ago back in 1998. This measure was one of many in the…
Read MoreHow much!
How much! Fiscal drag and tax rate increases across the board have pushed up monthly ‘tax take’ to £74.9bn in October, up £5bn on the same month last year, with the total HMRC tax and national insurance contributions (NICs) receipts so far this tax year for April to October 2025 hitting £513.7bn, which is £37.8bn higher year on…
Read MoreHMRC announces they are sending letters to taxpayers who will need to report quarterly
HMRC announces they are sending letters to taxpayers who will need to report quarterly In another push to drive awareness about Making Tax Digital (MTD) for Income Tax, HMRC is writing to thousands of taxpayers with income over £50,000 who will fall under the reporting net! From April 2026, landlords and the self-employed /sole traders…
Read MoreHMRC sends 65,000 ‘nudge’ letters to crypto traders
HMRC sends 65,000 ‘nudge’ letters to crypto traders In a push to improve tax compliance, HMRC has sent out over 65,000 nudge letters to ‘hobby crypto traders’ it suspects are underpaying tax on gains. There is an estimated £12.9bn held by UK taxpayers in crypto, up from £7.8bn in 2022. HMRC has decided it is…
Read MoreHMRC will return to recovering debts directly from bank accounts
HMRC will return to recovering debts directly from bank accounts HMRC has announced that they will re-start the use of direct recovery of debts (DRD) for individuals and businesses who do not pay the tax they owe, after HMRC paused the use of DRD during the pandemic. ‘Direct Recovery of Debts (DRD) is used when…
Read MoreMaking Tax Digital – quarterly reporting from 2026
Making Tax Digital – quarterly reporting from 2026 With Making Tax Digital (MTD) for Income Tax racing towards its start date for landlords and the self-employed, HMRC has now confirmed the exact filing dates for quarterly reporting. From April 2026, if your turnover is above £50,000 from self-employment and property income combined, taxpayers will need…
Read MoreBeware! – 170,000 scams reported to HMRC against taxpayers
Beware! – 170,000 scams reported to HMRC against taxpayers Scammers are continuing to ramp up their activity as HMRC warns of risk of dodgy tax refund offers and even threats of arrest for failure to pay a tax bill! With over 170,000 scam incidents reported to HMRC in the 12 months to 31 July 2025, of…
Read MoreHMRC continues to send updates for Making Tax Digital
HMRC continues to send updates for Making Tax Digital With just seven months to go until more than 800,000 landlords and self-employed workers will have to start to file quarterly updates with HMRC for Making Tax Digital (MTD) for Income Tax, The Director of MTD at HMRC, has explained what will happen. Therefore, if you’re…
Read MoreHMRC is bringing in tougher checks for higher rate pension relief claims
HMRC is bringing in tougher checks for higher rate pension relief claims HMRC have stated that a third of claims for personal pension relief by higher rate taxpayers are incorrect with numerous ineligible claims, mistaken calculations and some not even knowing how much they paid into their pensions! Therefore, HMRC have announced that it is…
Read MoreHMRC have confirmed an increase in EV mileage rates for public charging
HMRC have confirmed an increase in EV mileage rates for public charging HMRC have recognised the price discrepancy between charging a car at home or on the street and has split fuel advisory rates for electric cars depending on where drivers charge their company cars. From 1 September 2025, the universal advisory electric rate for…
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