Latest Self Assessment

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…

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…