Self-Assessment
HMRC advise – Unique Tax Reference (UTR) numbers are no longer available via the telephone!
HMRC advise – Unique Tax Reference (UTR) numbers are no longer available via the telephone! With effect from 6 May 2025, HMRC will no longer confirm a taxpayer’s UTR number over the phone, either to taxpayers themselves, or to their authorised agents who are calling on behalf of their clients. This move, which is designed…
Read MoreOver 1 million savers have been hit by tax on savings
Over 1 million savers have been hit by tax on savings HMRC is writing to taxpayers to tell them their savings will incur tax, which is an annual activity and is part of their mission to ‘help people’ to pay the right amount of tax. Now the 2023-24 tax year is closed with self assessment…
Read MoreMaking Tax Digital and Self Assessments – Kennedys Accounting are ready to help
Making Tax Digital and Self Assessments – Kennedys Accounting are ready to help Have you had a letter from HMRC? Over the coming years many personal tax payers with income from self-employment and property (landlords) will need to change the way they report income and expenses to HMRC. If you find yourselves in the following…
Read MoreTax investigations lasting an average of 45 months
Tax investigations lasting an average of 45 months HMRC tax investigations are running on for as long as three years and nine months on average which is putting a significant burden on businesses with reports showing that at any given time it is predicted that half of the UK’s biggest businesses are under investigation by…
Read MoreTax receipts go over £850bn for the first time
Tax receipts go over £850bn for the first time Gross tax receipts have surpassed last years by £28.1bn, reaching a high of £857bn as stamp taxes, inheritance tax, and income tax increase drastically. HMRC’s tax receipts have risen to £857bn in 2024/25, compared with £828.1bn in 2023/24. The total tax take was only £633bn pre…
Read MoreSpring Statement 2025 – High Income Child Benefit via PAYE from August 2025
Spring Statement 2025 – High Income Child Benefit via PAYE from August 2025 From August 2025, employed individuals earning over £60,000 and falling under high-income child benefit charge (HICBC) will be able to report their family’s child benefit payments through a new HMRC online service. Individuals will need to register with HMRC, and then they…
Read MoreSide hustle sales threshold rising to £3000 per year from 2027
Side hustle sales threshold rising to £3000 per year from 2027 The increase in the current annual trading threshold from £1,000 to £3,000 a year is designed to help eliminate some of the confusion about what tax is payable on side hustle sales. The Treasury has advised that the change to threshold reporting ‘will be…
Read MoreOver 400,000 ‘buy to let’ owners now use limited companies!
Over 400,000 ‘buy to let’ owners now use limited companies! The number of limited companies set up to hold ‘buy to let’ property topped the 400,000 mark in February 2025, up by over 330% over the past nine years from only 92,000 incorporated landlords in 2016, according to analysis from a source at Companies House.…
Read MoreOnline Side Hustlers sent letters from HMRC about unpaid tax
Online Side Hustlers sent letters from HMRC about unpaid tax HMRC has now started sending letters to online sellers and side hustlers it suspects of not paying tax or disclosing sales on online platforms in 2022-23, giving them just 30 days to respond. The letters will need immediate action and if HMRC do not receive…
Read MoreRent a room tax relief
Rent a room tax relief It is now thought that over 1.8 million UK adults rent out furnished rooms in their homes, which allows them to qualify for up to £7,500 in tax free income under the rent a room scheme. HMRC have advised that £170m was claimed in the tax relief in 2023-24, but…
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