Self-Assessment
Are you under the Spotlight? – Spotlight 63
Are you under the Spotlight? – Spotlight 63 Property business arrangements involving hybrid partnerships (Spotlight 63) – GOV.UK We Can Help You Put It Right If you’re a landlord who has recently become aware of Spotlight 63, you’re not alone. Many property owners are now realising that their tax position may not be as robust…
Read MoreHMRC publishes the penalty guidance for Making Tax Digital (MTD) for Self-Assessment
HMRC publishes the penalty guidance for Making Tax Digital (MTD) for Self-Assessment HMRC has published guidance on how penalties will be applied under MTD for Income Tax as we approach the start of the new system in April 2026. The new penalties system replaces existing penalties with a ‘points-based’ regime for late submissions, alongside separate…
Read MoreAre 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 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…
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