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…
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…
HM Revenue and Customs (HMRC) has been reminding taxpayers that there are now fewer than 100 days left to file their tax return and pay any tax due for the 2024-25 tax year. The online filing deadline applicable to the majority of taxpayers is 31 January 2026. According to HMRC…
Welcome to the September Tax Update. In this issue we take a look at adjustments for private use, statutory sick pay, stamp duty land tax, winter fuel payments, VAT, Artificial Intelligence and upcoming dates on the Accounting Horizon. ADJUSTMENTS FOR PRIVATE USE HMRC will be running a digital campaign aimed…
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…
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…
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.…
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…
As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial…