Budget 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 MoreProof of ID verification for directors will be introduced on Companies House register
Proof of ID verification for directors will be introduced on Companies House register This new verification will mean that due diligence and evidence that directors and people with significant control (PSCs) have complied with the new ID verification rules which came into effect on 18 November 2025. Company directors and people with significant control (PSCs) will be…
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 MoreID verification for company directors
ID verification for company directors New legal requirements will take effect from 18 November 2025, requiring both directors and persons with significant control (PSCs) of companies to verify their identities with Companies House. This is part of the Economic Crime and Corporate Transparency Act 2023 (ECCTA), for which the objective is to improve the quality…
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