Latest Self Assessment

The Governments Making Tax Digital for Income Tax (MTD for IT) will finally begin from 6 April 2026, just 150 days away, when it becomes mandatory for landlords and the self-employed whose gross income is over £50,000 in the past tax year 2024/25, with the introduction of quarterly returns.   How Should You Be Getting…

The countdown has begun to file your Self Assessment Tax Return and pay your tax by 31st January 2026 as there are only 100 days remaining to file and pay before deadline.   The deadline for submitting a paper return is just a week away 31st October 2025.   The deadline for submitting an online…

HMRC are beginning the process of phasing in taxpayers who are self-employed or with income from property over a number of years, so you may be wondering ‘When Will It Affect Me?’.   The limits will be calculated from your latest Self Assessment Tax Return so the current tax year ending 5th April 2025! If…

There is now less than a calendar month before the Self Assessment (SA) deadline for registering with HMRC (5 October 2025). Do not delay – register today!!   If you are unsure whether you need to file a SA tax return, did you, between 6 April 2024 and 5 April 2025: Commence working for yourself…

There is a vast array of options available to business owners when choosing accounting software. Choosing the right software for you and the business is an important decision, how well you work with and understand your chosen software can make bookkeeping a chore or a simple task.   What should you be looking for when…

Last reminder for 31st July 2025 2nd Payment on Account for Self Assessment   The forthcoming Self Assessment payment date of 31st July 2025 is just a few days away.   HMRC last increased the late payment interest rate to 8.25% on 28th May 2025 and this applies to the tax becoming due at the end of this…

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…