HM Revenue and Customs (HMRC) is writing to some taxpayers to tell them what they need to do to get ready for the new Making Tax Digital rules that come into force next April. What is Making Tax Digital? Making Tax Digital for Income Tax is a new way for…
Welcome to the August Tax Update. In this issue we take a look at the government’s Legislation Day’, HMRC’s Transformation Roadmap, what’s new in Making Tax Digital, proposed changes to Inheritance Tax, Class 2 NIC, and dates on the Accounting Horizon. LEGISLATION DAY 2025 – WHAT WAS PUBLISHED? On ‘Legislation…
On 21 July 2025, HM Revenue & Customs (HMRC) announced its Transformation Roadmap – a plan to modernise the UK’s tax and customs systems by 2030. HMRC have said that the aim of the Transformation Roadmap is to make the tax administration system more automated, more focused on self-service and…
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.…
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?…
What could this mean for you? Last week, the tax minister responsible for HM Revenue and Customs (HMRC), James Murray, delivered a speech marking the 20th anniversary of HMRC. Previously, the UK’s tax authority was known as Inland Revenue. During the speech he highlighted some simplifications that are planned. Of…
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…
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy…
Are you an animal breeder? If so, it’s important to be aware of HMRC’s recent outreach to individuals who may have underpaid tax on income from breeding or selling animals, including dogs and cats. HMRC’s Letter Campaign HMRC is sending letters to individuals they believe may have failed to declare…