Welcome to the June 2026 Tax Update. In this issue we take a look at tax-free mileage rates, temporary reduced rate of VAT, dividends, a Research & Development update, employment rules and upcoming dates on the Accounting Horizon. GREAT BRITISH SUMMER SAVINGS On 21 May 2026, the Chancellor, Rachel Reeves…
HM Revenue and Customs (HMRC) have reported that 298,905 people filed their Self-Assessment tax return in the first week of the tax year, with a record total of 737,891 returns being filed during the month of April 2026. HMRC are highlighting several benefits to filing early, including: Getting a refund…
Welcome to the April 2026 Tax Update and the start of the new tax year. In this issue we take a look at MTD for Income Tax going live, tax changes for 2026-27, VAT on public electric vehicle charging and dates on the Accounting Horizon. MAKING TAX DIGITAL FOR INCOME…
Extracting Dividends from your company ahead of the April 2026 Tax Rise. If you are a shareholder, from 6 April 2026, the tax you pay on dividends is increasing, as follows: Basic rate moves from 8.75% to 10.75% Higher rate moves from 33.75% to 35.75% Additional rate remains at 39.35%…
With just a few weeks to go until the beginning of a new tax year, a new round of tax changes take effect from April 2026. While many people won’t see a big difference in their day-to-day tax position, there are some areas worth having on the radar. Here is…
Tax Efficient Options for Employers and Employees With costs rising, many employers and employees are looking for practical ways to reduce outgoings without cutting benefits. Salary sacrifice can be an excellent tool to do this, but many businesses overlook it. In short, salary sacrifice lets an employee give up part…
Happy New Year and welcome to the January 2026 Tax Update. In this issue we take a look at upcoming changes to Making Tax Digital for Income Tax, working from home expenses, benefits in kind, e-invoicing, advisory fuel rates and dates on the Accounting Horizon. MAKING TAX DIGITAL FOR INCOME…
Self-Assessment: A Reminder That You Can Spread Your Tax Payments With the festive season underway and household budgets feeling the pressure, it may be useful to know that if you are worried about paying your tax bill in one lump sum, you may be able to spread the cost. Although…
Dividend Tax Rates Rising in April 2026:What Does It Mean for Profit Extraction? The recent Budget confirmed that dividend tax rates will increase from April 2026. The ordinary and upper rates of dividend tax will both rise by 2%. For many small and medium-sized companies, dividends are central to how…
HMRC Reminds Seasonal Sellers to Check Tax Obligations As the festive season approaches, HM Revenue & Customs (HMRC) is urging anyone who earns money from Christmas crafts, seasonal market stalls, or selling festive items to check whether they need to report their earnings for last year. HMRC’s ‘Help for Hustles’…