Don’t Miss Out: Parents of Teenagers Need to Extend Child Benefit by 31 August If you’re a parent of a 16 to 19-year-old who’s staying in full-time education or training, HM Revenue and Customs (HMRC) is reminding families to extend their Child Benefit claim by 31 August to avoid the…
HM Revenue and Customs have reported that a record number of people- nearly 300,000 – have already filed their 2024–25 tax return, just weeks into the new tax year. While the deadline isn’t until 31 January 2026, it’s worth thinking about it sooner rather than later. Filing early can have…
Welcome to the May Tax Update. In this issue we take a look at the upcoming changes to Making Tax Digital for Income Tax, changes to the taxation of Non-UK Domiciled Individuals, Holiday Lettings and Property, VAT on Food or Confectionery; and events on the accounting horizon. MTD for Income…
I AM A ‘WORKING PERSON’ The Labour government has said it remains committed to providing security, higher levels of disposable income and higher living standards to working people. You will see below that the taxes you will pay on your income in 2025/26 remain, in the main, at 2024/25 levels.…
As part of the changes being gradually introduced by the Economic Crime and Corporate Transparency Act (ECCT), identity verification is set to become a Companies House requirement. This is one of a number of changes that the Act is making to better protect the data held at Companies House. Who…
Spring Statement 2025 On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring stability to the economy and security for working people.…
Making Tax Digital for Income Tax regime extended to smaller businesses The Spring Statement announced that Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Read on to see how and when your business might be affected. What is MTD for IT?…
The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As…
The landscape of electric vehicle (EV) taxation is shifting, but EV owners can delay paying road tax by up to a year using a simple trick. With Vehicle Excise Duty (VED) changes coming into effect on 1st April 2025, understanding the implications and potential strategies is crucial. Understanding the VED…
In this edition we look ahead to Making Tax Digital for Income Tax, Capital Gains Tax, Loan Charge Review, Digital Sales Platforms, ATED, and upcoming dates on the accounting horizon – which include the date for the next Bank of England interest rate decision and the Chancellor’s Spring Forecast. MAKING…