Self-Assessment
Making 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 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 sending tax demands to taxpayers!
HMRC sending tax demands to taxpayers! HMRC are writing to hundreds of people that they believe need a prompt to pay the correct tax, for example pensioners and side hustle earners. The letters will include a detailed assessment of unpaid tax on income above the personal allowance threshold and will also inform the taxpayer on…
Read MoreIncreasing number of scam emails and telephone calls reported
Increasing number of scam emails and telephone calls reported Companies House has reported an increase in scams as letters and telephone calls pretending to be from them have come to light. The following link that has been published, not only tells you what to do if you receive a letter or telephone call from Companies…
Read MoreHMRC will begin to fine Crypto investors £300 for non-disclosure
HMRC will begin to fine Crypto investors £300 for non-disclosure Regulations introduced in the UK as part of Crypto-asset Reporting Framework (CARF) which require crypto platforms to share detailed information with tax authorities of clients’ crypto transactions, will come into effect from 01 January 2026. UK crypto holders will now have to provide personal details…
Read MoreHMRC is continuing to urge ‘side hustlers’ to complete tax returns
HMRC is continuing to urge ‘side hustlers’ to complete tax returns Under existing tax rules, as soon as you earn over £1,000 in a tax year through a ‘side hustle’ you will need to register with HMRC and file a self-assessment tax return. A side hustle can come in various forms, from creating monetised content,…
Read MoreAnother 500,000 people are now in the 45% tax bracket
Another 500,000 people are now in the 45% tax bracket Recent data released has shown that the number of additional taxpayers facing the 45% tax rate has increased rapidly since 2022-23, with more than 1.2m people now in this bracket. Percentage wise additional rate taxpayers now make up 3.1% of the total income of the…
Read MoreLate payment penalties rise to 10%
Late payment penalties rise to 10% From this tax year, the slowest payers will face a ‘more than doubling’ in the penalty rate with no time to avoid this as the hike is already in place. As part of the push to close the tax gap, late payers will face a much tougher penalty regime…
Read More£20K threshold for Making Tax Digital Self Assessments expected from 2028
£20K threshold for Making Tax Digital Self Assessments expected from 2028 The government is looking at extending Making Tax Digital (MTD) to those with an income of less than £20,000, which it wants to pull into the MTD system, forcing them to report quarterly and buy software specifically for the purpose. As part of the…
Read MoreWhy is it important to file your Self-Assessment early this year?
Why is it important to file your Self-Assessment early this year? Over 300,000 people filed their tax return in the first week of the new tax year, almost 10 months ahead of the 2024-25 deadline. With Making Tax Digital (MTD) for Self-Assessment just around the corner, this will be the last year that a straightforward,…
Read More