Uncategorized
Budget 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…
Read MoreKennedys Accounting Ltd becomes the First Odoo Silver Accounting Partner in the UK
Kennedys Accounting Ltd becomes the First Odoo Silver Accounting Partner in the UK Kennedys Accounting is proud to announce that we are now the first Odoo Silver Accounting Partner in the United Kingdom, marking a major milestone for both Kennedys Accounting and the UK Odoo community. This recognition makes Kennedys Accounting the largest provider of…
Read MoreBudget 2025 – Dividend tax up 2% from 2026
Budget 2025 – Dividend tax up 2% from 2026 From the next tax year in April 2026, the base and higher rates of tax on dividend income will increase by 2% to 10.75% for basic-rate taxpayers and 35.75% for higher and additional rate taxpayers. The current £500 of exempted tax-free dividend income will not change,…
Read MoreBudget 2025 – 3p mileage charge for EV’s
Budget 2025 – 3p mileage charge for EV’s EV drivers face a pay-per-mile tax on their annual mileage, which is due to be added to road tax and monitored at MOTs. The new tax on EV drivers from April 2028 will have a special electric vehicle mileage rate set at 3p per mile. But this…
Read MoreBudget 2025 – Homeworking tax relief abolished
Budget 2025 – Homeworking tax relief abolished An estimated 300,000 employees who work from home will be out of pocket after the abolition of £62 homeworking tax relief from April. In a minor announcement which appears to have gone under the radar, the government scrapped non-reimbursed homeworking expenses. This measure only applies to those employees…
Read MoreBudget 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 MoreBudget 2025 – Late Corporation Tax filings – Penalties have doubled
Budget 2025 – Late Corporation Tax filings – Penalties have doubled As part of the November 2025 budget, the government announced that the penalty regime needed to be updated to ‘counteract the effect of inflation since the penalties were introduced’ nearly 30 years ago back in 1998. This measure was one of many in the…
Read MoreHow much!
How much! Fiscal drag and tax rate increases across the board have pushed up monthly ‘tax take’ to £74.9bn in October, up £5bn on the same month last year, with the total HMRC tax and national insurance contributions (NICs) receipts so far this tax year for April to October 2025 hitting £513.7bn, which is £37.8bn higher year on…
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 More