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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!
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 MoreGarden Office – What You Need to Know!
Garden Office – What You Need to Know! With people continuing to work from home, many UK business owners, freelancers, and remote workers are eyeing up their garden as the perfect spot for a dedicated home office. But the question is: Can you put your garden office through your business and claim it as a…
Read MoreBudget 2025 – mandatory e-invoicing by 2029
Budget 2025 – mandatory e-invoicing by 2029 In a move that is likely to catch companies off guard, all VAT invoices will have to be produced using an electronic format. The move to mandatory e-invoicing is designed to modernise the tax system the government has said and from April 2029 businesses will be required to…
Read MoreNational living wage rate goes up 4.1%
National living wage rate goes up 4.1% The government has confirmed above inflation rises in the national living wage with a 4.1% rise, while national minimum wage will go up 8.5% from 1 April 2026. This year’s hike to national living wage is down on last year’s 6.7%, which caught employers off guard. This time…
Read MoreEmployer NI up 23% with a record amount paid of £93.7bn
Employer NI up 23% with a record amount paid of £93.7bn Businesses hit by soaring employer national insurance (NI) raise billions in extra tax for the Treasury in first eight months of the tax year. The latest HMRC figures for November 2025 showed the tax take from employer NI was up 23%, with a record…
Read MoreHMRC to end letters in the post from March 2026
HMRC to end letters in the post from March 2026 HMRC have announced that to save in print and postage costs by £50m, letters will no longer be sent out automatically to taxpayers from next spring, with email alerts notifying them of new documents in their personal tax accounts or the HMRC app instead. This…
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…
Read MoreBudget 2025 – Tax on savings increased by 2%
Budget 2025 – Tax on savings increased by 2% As part of the chancellor’s Budget, it was announced that a hike in the tax rate on savings income by 2% across all bands will come into effect from April 2027. This means savers will pay tax at 22% if they are basic rate taxpayers, and…
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