Following changes to legislation, HM Revenue & Customs (HMRC) has revised the way it calculates interest on late and early payments, linking it more closely with the Bank of England base rate.
No one wants to pay more Inheritance Tax (IHT) than they have to.
VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes with HM Revenue & Customs (HMRC). Here are some of the most common…
The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension means that an additional 900,000 sole traders must adopt digital record-keeping and quarterly…
The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an extension to sole traders and landlords earning more than £20,000 from April 2028,…
Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a return, the sooner you will find out how much tax you owe. This…
The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business owners planning their tax strategy for the 2025/26 tax year, and a key…
From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect an estimated 900,000 directors across the UK. HM Revenue & Customs (HMRC) will now require…
1 April 2025 signalled the first wave of payroll changes for businesses to contend with this year, including the increase to the National Living Wage (NLW) and National Minimum Wage (NMW).
This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.
The end of the tax year is fast approaching, and if you are considering making personal pension contributions, it is important to plan ahead to avoid missing the deadline.
HM Revenue & Customs (HMRC) has intensified its efforts to track down unpaid Capital Gains Tax (CGT), with recent figures showing an increase in compliance activity.
Inheritance Tax (IHT) remains a concern for many individuals seeking to preserve family wealth across generations.
In a move to simplify tax compliance and boost the economy, the Government has announced that the Income Tax Self-Assessment (ITSA) reporting threshold will rise from £1,000 to £3,000.