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Tax payers who are mandated into MTD for IT are those who submitted a Self Assessment Tax Return for the year 2024/25 with total qualifying income from sole trade or property in excess of £50,000.   There are cases where these income levels may have dropped below the £50,000 threshold or ceased completely. Here are…

Small Employer Relief (SER), the rate at which small employers can reclaim any statutory payments, such as maternity pay, will rise from 8.5% to 9% from 6th April 2026. Qualified employers can reclaim 100% of statutory payments, plus a further 9% in compensation. The re-claim is made through the payroll via an Employer Payment Summary…

Although there are numerous tax changes coming in from 6 April 2026, Chancellor Rachel Reeves chose not to add to them when she made her Spring Statement to Parliament yesterday:   Read the full report and our commentary here   Get In Touch For information or advice, contact your local Whitings LLP office today.  

Private company share valuations are required in a number of circumstances and unless there is a third party sale of the entire company the value needs to be determined for the purposes of paying tax on the disposal or transfer of shares and establishing the liability.   As there is no ready market quoting the…

Now that 2025 has drawn to a close, various stats are finding their way out into the public domain. Business owners may or may not be surprised that there were more compulsory liquidations last year than at any point in since the double-dip recession of 2012.   Insolvent Liquidations 18,525 – Creditors voluntary liquidations 3,730…

Here we share frequently asked questions regarding Making Tax Digital for Income Tax.   Am I Affected by MTD for Income Tax? If you are self employed or have rental income which combined turnover (qualifying income) in excess of specific thresholds, you are affected by MTD for IT.   What are the thresholds and when…

From November 2025 HMRC have been sending taxpayers further letter to help raise awareness of the introduction of MTD from April 2026. Making Tax Digital for Income Tax (MTD for IT) registration is mandatory for self-employed individuals and landlords with a combined annual gross qualifying income over £50,000 from 6 April 2026.   HMRC will…

As we approach another 5 April tax year end, we turn our thoughts to tax planning and some of the opportunities to be considered before then.   The list below, and our Tax Planning Guide linked here and at the end, is not exhaustive; however, it is a good starting point.   Pension Contributions Higher…

What You Need to Know If you received a letter from HM Revenue & Customs (HMRC) recently that mentions Making Tax Digital (MTD) for Income Tax, don’t worry. It’s an important update, but it’s something you can prepare for. HMRC is steadily rolling out communications to taxpayers who will need to use the new digital…

With Making Tax Digital for Income Tax (MTD for IT) on the horizon, much of the focus has been on who will need to comply. But just as important is understanding who is exempt — whether permanently or temporarily.   Here’s a practical summary of the exemptions currently available.   When Does MTD for IT…