Latest Self Assessment

The Self Assessment return second payment on account deadline is approaching (31 July 2025). Your Whitings contact will be sending out payment reminders with the details of how much income tax you need to pay and what payment reference is needed. These details are also shown on your tax return letter or email for your…

Late payment penalties for taxpayers within the Making Tax Digital (MTD) regime are set to increase from the start of the new tax year, the Chancellor announced in her first Spring Statement.   As part of a general push to close the tax gap, late payers will face an increase in penalty rates from 1st…

The Ely Office held an MTD for ITSA seminar on 30th April which invited clients to have an insight into the upcoming changes for self-employed business owners and landlords with total combined turnover above £50,000. What Did The Day Include? The seminar started with a brief summary of the upcoming changes along with 3 summaries…

Happy New Tax Year!   Now that the new tax year has begun it is time to look at taking advantage of the tax opportunities provided by the renewal of your tax allowances whilst also being the best time to gather and prepare your information for the previous tax year (2024/25).   We will be…

The UK government’s Making Tax Digital (MTD) initiative aims to modernise the tax system by requiring individuals and businesses to maintain digital records and submit regular updates to HM Revenue & Customs (HMRC). Initially, MTD for Income Tax Self-Assessment (ITSA) was set to apply to sole traders and landlords with income over £50,000 from April…

From April 2024 cash basis became the default reporting for all sole traders. So for those now looking to complete their 2024/25 tax returns this will now apply.   What does this mean? Previously there was a limit on the turnover of a business for them to qualify for the cash basis, from April 2025…

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…

If you can’t pay your Self Assessment tax bill that was due for payment on 31st January 2025 and need help, you should contact HMRC as soon as possible.   For Self Assessment, you may be able to set up a payment plan online. This will enable you to pay your Self Assessment tax bill in instalments without…

Do you have a 31st January 2025 payment on account liability still to pay? Do you know whether you can reduce your 31st January tax payment?   If you are still due to make your 31st January 2025 tax liability payment then there are several payment methods you can use, these are all available to…

Unfortunately it is the time of year that we must remind everyone to beware of Self Assessment scams.   HMRC have provided guidance with examples of phishing emails, suspicious phone calls and texts that you may receive. Click here to find out more.   Please don’t fall for these!   HMRC will not email, text…