Self-Assessment
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 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 MoreTax Free Mileage rate rises by 10p
Tax Free Mileage rate rises by 10p In a positive move, the chancellor increased the approved mileage rate for personal car use for business trips, which has been increased for the first time in more than 15 years. With soaring petrol and diesel prices, the chancellor announced a 10p per mile increase in tax-free mileage…
Read More2025/26 Tax Year changes for Directors
2025/26 Tax Year changes for Directors From the 2025/26 tax year onwards, directors will be required to provide additional information in their tax returns. At first glance, the additional information requirements may seem like a small administrative update, however in practice they raise a number of practical questions. From 2025/26, directors will be required to…
Read MorePersonal tax for 2026/27 Tax Year – some of the changes!
Personal tax for 2026/27 Tax Year – some of the changes! Dividend tax There will be a 2% increase in the rates of income tax paid on dividends at the basic and higher rate of taxation. The rates of tax on dividends for 2026-27 will increase to 10.75% at the basic rate and 35.75% for the higher rate.…
Read MoreApril 2026 – Company car tax rises for EV’s
April 2026 – Company car tax rises for EV’s There are increases in tax for people using electric vehicle (EV) company cars, as the electric vehicle rate goes up from 3% to 4%, adding to the tax costs for employees with these company cars. Standard petrol and diesel rates are also increasing by one percentage…
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 MoreApril 2026 – Personal Tax changes
April 2026 – Personal Tax changes Increase in tax on dividends, directors’ loan interest rate rise, business asset disposal relief hike, frozen thresholds, inheritance tax for farmers and family businesses, Making Tax Digital starts, CIS, and more Dividend tax There will be a 2% increase in the rates of income tax paid on dividends at the…
Read MoreHMRC have clarified how you may be able to exit Making Tax Digital (MTD) if your income has fallen
HMRC have clarified how you may be able to exit Making Tax Digital (MTD) if your income has fallen At the eleventh hour, HMRC has clarified exit options and cessation processes. The clarification is welcome news and will affect some taxpayers who have been notified by HMRC that they must sign up to wave one…
Read MoreMaking Tax Digital (MTD) reporting while on Maternity Leave
Making Tax Digital (MTD) reporting while on Maternity Leave Mothers on maternity leave will still have to file quarterly updates under Making Tax Digital for Income Tax, even if earnings are nil, if they are in the first £50,000 threshold. HMRC has confirmed the nuances of the MTD for Income Tax rules for women on…
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