Self-Assessment
Payroll 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 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 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 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 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,…
Read MoreWhat to do if you can’t pay your Self-Assessment on time!
What to do if you can’t pay your Self-Assessment on time! For some small business owners and sole traders, the run-up to 31 January comes with a stressful reality: tax is due but there is no money available to pay the bill! When this happens, the goal is to take control of the situation early…
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…
Read MoreHow did you spend Christmas Day?
How did you spend Christmas Day? In total, 37,435 people filed their personal tax return between Christmas Eve and Boxing Day, HMRC have advised. This suggests that for some, festive filing is becoming as much a tradition as watching the King’s Speech. However, the numbers were down on the previous year when HMRC received 40,072…
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