In less than six months, Making Tax Digital (MTD) will become mandatory for sole traders and landlords with an annual income of more than £50,000. However, some may be able to avoid the requirements. HMRC has opened applications for an exemption from MTD for income tax for those who consider themselves to be digitally excluded. […]
HMRC figures for 2023/24 show cash ISA subscriptions have increased by almost 224% more than stocks and shares ISAs by the end of the decade. Source: HMRC. The Chancellor’s plan to reform individual savings accounts (ISAs) to “improve returns for savers” has been considered for some time. Rachel Reeves’s scheme is widely believed to mean […]
BUDGET HIGHLIGHTS The income tax personal allowance and thresholds, as well as employee and self-employed national insurance contribution thresholds, will be frozen for another three years, until 6 April 2031. Tax rates on dividends will rise for basic and higher rate taxpayers by two percentage points from 2026/27. On savings income and property income, rates […]
Used wisely, a company loan can be an attractive option for directors who need to access company funds, especially if the need is urgent. However, there can also be serious tax implications for the unwary. Personal tax As most directors are aware, taking a company loan could impact their personal tax due to possible taxable […]
Government plans on company reporting appear somewhat contradictory. Some regulations are set to tighten from April 2027, but latest announcements suggest a move in the opposite direction. The current intention is that from 1 April 2027: Both micro-entities and small companies will have to file a profit and loss account. Small companies will have to […]
HMRC’s newly launched online service means that taxpayers can pay a high income child benefit charge (HICBC) in real time. It should reduce the number of individuals who have to register for self assessment only for HICBC. The charge The HICBC only applies when an individual – or their partner – receives child benefit and […]
The UK tax system is undergoing a major transformation, and it is closer than you might think. From April 2026, Making Tax Digital (MTD) will become mandatory for many individuals with self-employment or property income. If you are not yet prepared, now it is the perfect time to start. Here’s everything you need to know […]