Latest Blogs

What is the Foreign Income and Gains (FIG) regime? The 2024 Spring Budget stated there would be changes to the domicile-based system of taxation from 6 April 2025 . From this date, the Remittance Basis was abolished, and a new approach adopted based on residence. We now know this to be the FIG regime.  …

The Government has announced £47 million of funding to be used to protect and improve peatlands in England. As peatlands sequester significant amounts of carbon this will help reduce the country’s carbon emissions, as well as protect rural communities from flooding and wildfires.   Currently, the majority of the peatlands in England are dry and…

The government has unveiled a package of proposed tax and customs reforms designed to reduce administrative burdens, improve fairness and certainty, and modernise HMRC’s systems. Whilst many of the measures are currently open to consultation, they provide a clear indication of the government’s direction and are worth keeping on the radar. What are the Proposed…

The first quarter for Making Tax Digital has ended and it is time to make that first submission. The first quarter ending 30th June/ 5th July 2026 has ended now and your first submission is due to be submitted to HMRC by 7th August 2026.   Do I need to make a submission? If you…

As we pass the half way point in 2026 we now have enough data to re-assess the financial health of our SME business clients:                                           (data source)   Following the April 2025 double inflation increases…

Key Points What is the issue? Making Tax Digital (MTD) for Income Tax will require self-employed individuals and landlords to maintain digital records and submit quarterly updates to HMRC, where relevant criteria are met, with effect from 6th April 2026.   What does it mean for me? Much of the discussion has focused on compliance…

Last reminder for 31st July 2026 2nd Payment on Account for Self Assessment   The forthcoming Self Assessment payment date of 31st July 2026 is just over a month away. HMRC last increased the late payment interest rate to 7.75% on 28th May 2026 and this applies to the tax becoming due at the end of…

On Monday 15th June, HMRC announced that, once again, there is a delay in the wholesale mandatory implementation of payrolling benefits. Instead, we will see a phased-in approach beginning April 2027. Some will see this as a sensible move giving more time for software providers to prepare the necessary digital fields within the payroll software…

The Head of Charity at the Institute of Chartered Accountants in England and Wales issued a warning to small charities in June 2026. She advised size is no excuse for non-compliance, reminding trustees that small charities are held to the same standards as large charities.   Small charities are irreplaceable in a modern society, particularly…

With Making Tax Digital for Income Tax (MTD for IT) first quarter ending on 30th June 2026 and your first filing deadline being 7th August 2026, many sole traders and landlords are wondering what this will mean for them and how they can prepare without adding more stress. The good news is that with a…