Are you a Sole Trader? Are you ready for Making Tax Digital (MTD)?
Are you a Sole Trader? Are you ready for Making Tax Digital (MTD)? With the new MTD for Sole Traders just around the corner – what do you need to know? From April 2026, sole traders earning over £50,000 will be required to file quarterly returns under MTD for Income Tax. However, three quarters (74%)…
Read MoreHMRC is keeping an eye on Crypto currency gains
HMRC is keeping an eye on Crypto currency gains HMRC is warning anyone who is holding crypto currency over long periods and making a gain that they will be liable for tax on their profits. Not only will taxpayers have to declare when they have sold tokens for a profit, but also when assets are…
Read MoreHMRC 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 MoreR & D – HMRC clarifies subcontracted activities
R & D – HMRC clarifies subcontracted activities There has always been some confusion between customers and subcontractors in the R&D schemes. In fact, clarifying this was a major aim of the new Merged and ERIS schemes, which were introduced for accounting periods starting on or after 1 April 2024. However, many claims are still…
Read MoreTax changes in April 2025
Tax changes in April 2025 From April 2025, a number of tax changes will come into force affecting businesses and individual taxpayers. Firstly, Road tax will be rising for different vehicles sizes. For the first time, all electric vehicles will have to pay road tax with large rises in vehicle excise duty (VED). New electric cars will be…
Read MoreChanges to company size thresholds
Changes to company size thresholds coming into place have been driven by an attempt to cut complexity and reduce the reporting burden on companies. The new Companies (Accounts and Reports) Regulations 2024 (SI 2024/1303) has also taken into account the impact of inflation since the last threshold change in 2013! Existing thresholds The current micro,…
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