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From April 2026 the first phase of MTD for ITSA begins.   What will this mean for you: If your income from sole trader profits and rental income is over £50k then you will need to start completing quarterly returns to HMRC through software, as well as the year end declaration. HMRC will base the…

Whilst there are no changes to the rules surrounding statutory pay the annual rate of pay for statutory maternity pay, adoption, paternity pay etc. will increase from £184.03 to £187.18. At the same time statutory sick play will increase from £116.75 to £118.75 per week.   In order to qualify for statutory pay employees must…

Plan 1 Current interest rates will remain as Bank Base Rate + 1%. Threshold to increase to £26,065.   Plan 2 Interest charge is RPI increasing on a sliding scale to RPI + 3% depending on income and whether the student has finished their course. Through to August 2025 RPI calculated as 4.3%. Threshold will…

From April 2026 it will be compulsory to payroll all benefits barring employment related loans and accommodation (loans and accommodation will be voluntary). With that in mind, just what would be the advantages of getting in early and payrolling your benefits from April 2025?   Apart from scrapping the need to produce P11D’s a year…

Celebrating (sic) its 20th anniversary, HMRC have just set out the Government’s vision for the future of the UK tax authority: https://www.gov.uk/government/speeches/exchequer-secretary-to-the-treasury-20-years-of-hmrc-reflections-and-looking-ahead   This keynote speech by James Murray, the Exchequer Secretary to the Treasury, has given us advance warning of what specific modernisation and reform changes to the tax system that we might now…

HM Revenue and Customs (HMRC) have issued a warning to UK resident tax payers with over £3,500 in savings interest that they could face unexpected tax bills to 5th April.   HMRC are aware of interest received on savings accounts excluding ISA’s which are tax free and as such know who have exceeded their personal…

Are you aware of how the April NIC increases will effect Directors’ salaries?   From 6th April 2025, increases in Class 1 Employer’s National Insurance will come into effect, with the following changes: Employer’s NIC rate increasing from 13.8% to 15%. The secondary threshold, above which employer’s NIC are due, reducing from £9,100 to £5,000.…

Those within the Creative Industries will likely be aware of the various corporation tax reliefs available. A frequent question amongst those in the industry is “do we qualify for the relief available?”.   HMRC have now released a new tool to check whether your Company qualifies for specific reliefs. This includes Theatre Tax Relief which…

The results are in. HMRC have released their 2025 Self Assessment facts and figures.   The 2025 Self Assessment facts and figures are as follows: 12,026,540 Self Assessment Tax Returns were issued to tax payers 10,887,810 expected tax returns were received by 31 January (90.5% of returns expected – down from 94.5% in 2024) an estimated…

Here’s what you need to know about the upcoming ID checks at Companies House. From Autumn 2025, Companies House will implement mandatory ID checks for directors and persons with significant control (PSCs) of UK companies. This initiative aims to enhance corporate transparency and combat fraud, addressing concerns over the misuse of corporate structures for criminal…