Autumn Tax Update
Taxpayers who were required to join Making Tax Digital for income tax (MTD) from April 2026 but have not done so will be signed up automatically. Automatic Making Tax Digital Registration Starting from September 2026, HMRC will use information it holds to identify and register taxpayers it believes to be in scope for MTD for…
Read More
July Tax Payment
By now anyone who must make a payment on account towards their January 2026 tax liability should have paid this by 31 July 2025. This is meant for anyone who must complete a tax return and most of their income is not taxed at source e.g. self-employed, employed and self-employed. What Happens if I Don’t…
Read More
July Tax Payment on Account
July Tax Liability By now anyone who must make a payment on account towards their January 2026 tax liability should have paid this by 31 July 2025. This is meant for anyone who must complete a tax return and most of their income is not taxed at source e.g. self-employed, employed and self-employed. What Happens…
Read More
Tax Update
Side-hustle reporting threshold increased The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called ‘side hustle’ such as babysitting or dog walking, you need to report this income to HMRC by filing a self…
Read More
Claiming Rollover relief
Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…
Read More
Payments on Account
Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…
Read More
Summer Tax Brief
Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…
Read More
A Unique Tax Reference Number
A Unique Tax Reference Number The Unique Taxpayer Reference (UTR) is a UK tax identification number, issued by the HMRC to identify a person or business entity, this identification number is needed when you need to complete a tax self-assessment. This will be your number, and this will be referenced on any letters they send…
Read More
Rollover Relief
Rollover Relief When capital gains tax was introduced in 1965, it was recognised that where a person sells an asset used in a business and buys a new asset, tax would be due on any gain arising on the sale, but there may not be any sales proceeds left over to pay that tax. To…
Read More
HMRC Vision 2024
Under new plans, HMRC will reduce access to its call centres and helpline advisers at its contact centres by 30% by December 2024 in a bid to force people to move to digital services by default and to try to achieve service level targets. Speaking to MPs at a Treasury Committee hearing on Wednesday, HMRC…
Read More