On ‘Legislation Day’ (21 July 2025), HM Treasury released a range of draft legislation and tax documents. The key measures to be implemented by the new legislation can be categorised into the following areas: Closing the tax gap Several measures are proposed that will target tax avoidance. In addition, tax agents will be required to […]
On 21 July 2025, HMRC launched their Transformation Roadmap, which sets out ambitious plans for HMRC to become a digital-first organisation by 2030, with 90% of customer interactions taking place digitally. This compares to 76% as at today. HMRC will automate tax wherever possible and offer new digital self-serve options across a number of tax regimes. […]
HMRC are pushing ahead with the implementation of Making Tax Digital (MTD) for Income Tax, set to commence from 6 April 2026. Legislation Day saw the publication of draft MTD legislation, which makes the following recently-announced changes to the planned regime: More individuals will be exempt from MTD – Ministers of religion, Lloyds underwriters, recipients […]
As announced at Autumn Budget 2024, the government has published draft legislation to reform Agricultural Property Relief (APR) and Business Property Relief (BPR) from 6 April 2026 to make them “fairer and more sustainable” In addition to existing nil-rate bands and exemptions, APR and BPR will continue, but a cap will be introduced that will […]
HMRC have identified an issue affecting some Self Assessment taxpayers in relation to Class 2 National Insurance contributions (NICs) for 2024/25. Some self-employed taxpayers with profits above £12,570 have seen a Class 2 NICs charge of £358.80 added to their accounts when they shouldn’t have been. In some circumstances it will be less. HMRC say that they […]
Date What’s Due 1 August Corporation Tax for year to 31/10/2024, unless quarterly instalments apply 19 August PAYE & NIC deductions, and CIS return and tax, for month to 05/08/2025 (due 22/08 if you pay electronically) 1 September Corporation Tax for year to 30/11/2024, unless quarterly instalments apply 19 September PAYE & NIC deductions, and […]
Since 6 April 2025, the UK Government has increased audit thresholds, reducing compliance burdens for many businesses.
The Government has confirmed its intention to ban the sale of new petrol and diesel cars by 2035. For businesses, this means electric vehicles (EVs) will soon become standard. However, waiting until change is mandatory may not be the most sensible option. Switching to EVs now can bring financial benefits, lower running costs and present […]
Weybridge accountancy firm TWP is urging businesses to consider electric company vehicles before tax incentives begin to change. The move follows renewed Government backing for the 2035 ban on the sale of new petrol and diesel vehicles, which is expected to accelerate the shift towards electric transport across the UK. While electric vehicles still come […]
If you are aged 55 or over, pension freedoms give you more control over your retirement savings. Since 2015, anyone with a Defined Contribution pension can take money out in several ways, as a lump sum, regular income or even the whole pot at once. Despite this, research by financial analytics company AKG shows that […]
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