Recent Government estimates suggest that as much as £1.8 billion is lost every year due to tax avoidance schemes. That money, designated to fund schools, hospitals and other essential services, is in part, leading the Government to borrow more than expected. As a result, HM Revenue & Customs (HMRC) is being given additional powers to […]
With the abolishment of the specific tax considerations for Furnished Holiday Lets (FHL) from the beginning of the current tax year, owners need to prepare for higher tax bills. Given that couples and joint owners of FHL benefited from specific considerations, they may find themselves uniquely impacted by the changes. To avoid being hit with […]
HM Revenue & Customs (HMRC) will permanently close its free service for submitting Company Tax Returns and annual accounts on 31 March 2026. Built over a decade ago for simpler businesses, the platform no longer meets modern digital standards. Companies must now move to commercial filing software to remain compliant. This software provides more modernised […]
Cryptoassets make up a growing portion of the market, and businesses are increasingly looking to take advantage of these digital currencies. If your business carries out activities involving the exchange of cryptoassets, then you are liable to pay tax on them. However, understanding how HM Revenue & Customs (HMRC) treats cryptoassets for tax purposes can […]
The recent rise in employers’ National Insurance Contributions (NICs) to 15 per cent will lead to a 60 per cent increase in NIC costs for a business employing minimum wage staff, according to the Centre for Policy Studies. With no new business reliefs announced in the Spring Statement and prices continuing to rise, many businesses […]
Making Tax Digital (MTD) is the Government’s initiative designed to streamline and digitise tax reporting in the UK. While the MTD scheme has been in force for the past few years, changes are approaching, particularly for sole traders, self-employed individuals, and landlords. Below, we outline clearly what MTD is, who it affects, the upcoming changes, […]
Making Tax Digital for Income Tax (MTD for IT) will be introduced from 6 April 2026. Below are some frequently asked questions and answers. Who will be affected by MTD for IT, and when? Individuals with self employment and/or income from property will need to comply with MTD for IT once they are mandated. The […]
From 6 April 2025, a new regime for the taxation of UK resident non-domiciled individuals came into effect. HMRC have published a brand-new manual on the regime which can be viewed here. Until 5 April 2025, special tax rules applied to individuals who were resident in the UK but whose domicile (i.e. their permanent home, […]
The Furnished Holiday Lettings (FHLs) regime was abolished on 6 April 2025. What does the abolition mean for your holiday letting property? The property will become part of either your main UK or overseas property business. This means that some of the beneficial tax rules that previously applied will no longer apply, such as: Tax […]
Date What’s Due 1 May Corporation Tax for year to 31/07/2024, unless quarterly instalments apply. 19 May PAYE & NIC deductions, and CIS return and tax, for month to 05/05/2025 (due 22/05 if you pay electronically). 31 May Give each employee a P60 for 2024/25. 1 June Corporation Tax for year to 31/08/2024, unless quarterly […]
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