Cryptoassets have moved into the financial mainstream, with many individuals now holding Bitcoin, Ethereum and other digital assets alongside traditional investments. However, a common misconception is that crypto transactions are anonymous or outside the scope of UK taxation. They are not. HMRC expects taxpayers to declare taxable crypto income and gains, and failure to do […]

A business can normally only reclaim VAT on the purchase of a car if the car is not available for any private use whatsoever. This is a very strict test. Typically, the business must be able to demonstrate that private use is prohibited and impossible in practice. Examples where VAT recovery may be allowed are […]

Certain landlords and self-employed individuals should start preparing now for the next phase of Making Tax Digital (MTD) for Income Tax. Taxpayers with qualifying income above £30,000 in the 2025/26 tax year will be required to join MTD from 6 April 2027. Qualifying income includes gross income from property lettings and self-employment before expenses are […]

Additional reporting requirements for directors of close companies came into force for Self Assessment returns from 2025/26 onwards. A close company is generally a company that is controlled by five or fewer shareholders or by its directors. The new requirements mean directors of close companies must report the following on their tax return: The name […]

Date What’s Due 1 October Corporation Tax for year to 31/12/2025, unless quarterly instalments apply 19 October PAYE & NIC deductions, and CIS return and tax, for month to 05/10/2026 (due 22 October if you pay electronically) These are also the due dates for Class 1B NICs due under PAYE Settlement Agreements. 28 October Chancellor […]

Charitable giving is something many of us will do throughout our life, but it can also plan play an important role in Inheritance Tax (IHT) planning. Unbeknownst to many, the two can work together, benefitting both the causes you care about and the people you leave behind. The basics Gifts to qualifying charities are entirely […]

Since becoming Prime Minister, Andy Burnham has made cost-of-living support a key focus. One headline measure announced this month is the planned removal of VAT on household electricity from October 2026, which the Government estimates could reduce average household bills by around £45 a year. Household electricity is currently subject to VAT at 5%. At […]

Prior to Andy Burnham’s appointment as Prime Minister and the appointment of John Healey as Chancellor, HMRC published a raft of consultations and policy announcements on 23 June 2026. The wide-ranging package of consultations and policy announcements was aimed at making the tax system simpler, more digital and, in HMRC’s words, fairer. While many of […]

HMRC has launched a fresh summer campaign reminding people with “side hustles” that extra income may need to be reported for tax purposes. The announcement specifically highlights people earning income from wedding services, online selling, content creation, freelancing and similar activities. The key figure remains the £1,000 trading allowance. If total income from side activities […]

Date What’s Due 1 August Corporation Tax for year to 31/10/2025, unless quarterly instalments apply 7 August Deadline for the 2026/27 first Quarterly Update, required for those already mandated into MTD for Income Tax 19 August PAYE & NIC deductions, and CIS return and tax, for month to 05/08/2026 (due 22 August if you pay […]