Self-Assessment
Budget 2025 – 2% rise in income tax on property
Budget 2025 – 2% rise in income tax on property The chancellor announced in the November 2025 budget that for the first time; there will be separate tax rates for property income affecting earnings from renting lands and buildings. From April 2027, income tax on property rental and income will fall under a new property…
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 MoreSelling gifts at Christmas markets – beware!
Selling gifts at Christmas markets – beware! People selling homemade crafts and Christmas cards at markets this December need to keep within the £1,000 side hustle threshold, or face a demand from HMRC. With Christmas markets springing up across the country, HMRC has warned anyone selling handmade gifts and other items at venues around the…
Read MoreWhat are the tax implications of buying crypto?
What are the tax implications of buying crypto? HMRC is becoming increasingly active with regards to crypto with over 65,000 nudge letters having been sent out to suspected crypto investors in 2025. In 2024, 27,700 letters were sent out. The letters are being sent in advance of the new reporting obligations for cryptoasset service providers…
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 MoreAre you taking accounting advice from TikTok posts – check out the advice and some of the misleading findings below.
Are you taking accounting advice from TikTok posts – check out the advice and some of the misleading findings below. Here are seven top tips on common TikTok myths, why they are wrong and what to look out for to avoid a HMRC penalty down the road. Myth 1. You can claim anything as a…
Read MoreSelf Assessment tax up £3.3bn in July 2025
Self Assessment tax up £3.3bn in July 2025 PAYE income tax and employee national insurance contribution (NICs) receipts for April 2025 to July 2025 were £160.6bn, which is £13.5bn higher than the same period last year. In July 2025 the total self-assessment income tax hit £15.48bn, up from £12.76bn in July 2024. A similar hike in employees…
Read MoreTax returns for Company Directors will have more tax complexity!
Tax returns for Company Directors will have more tax complexity! In recent years HMRC’s focus has been on reducing the number of taxpayers who are required to file self-assessment tax returns. However, for those who still need to file a tax return, new requirements from 2025-26 onwards will require more comprehensive reporting, particularly for business…
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 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…
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