Landlords and the Self-Employed: Get Ready for Making Tax Digital for Income Tax – Coming April 2026

Big changes are on the horizon for landlords and self-employed individuals earning more than £50,000 a year. From April 2026, HMRC will require you to follow the Making Tax Digital (MTD) rules for Income Tax Self-Assessment (ITSA) – transforming…

Big Tax Changes for UK Businesses – What You Need to Know from HMRC’s Spring 2025 Update

HMRC has just announced some major changes to the UK tax system as part of its Spring 2025 update. These updates aim to simplify how tax is reported and make life easier for small businesses. If you're self-employed, run a partnership or manage…

Don’t Overpay Tax in July 2025: Could You Reduce Your Self-Assessment Payment on Account?

If you’re registered for Self-Assessment in the UK, this is an important alert about your payment on account that’s due by 31 July 2025. Understanding how payments on account work — and when you can reduce them — could help you manage…

What Is an Overdrawn Directors’ Loan Account – And Why Does It Matter?

If you're a company director or shareholder, there's something important you need to know: taking money out of your company without the right planning can lead to unexpected tax bills. One of the most common traps? An overdrawn directors’…

How to Cope with Rising Prices When Your Income Isn’t Budging

If your bank balance feels more unpredictable than the British weather, you’re not alone. Energy bills are still high, food costs keep creeping up and rent or mortgage payments can feel like a second full-time job. But this blog isn’t about…

NMW and NLW update

Employer actions required from 1 April 2025 ✅ What You Need To Do Now 1. Update Payroll SystemsCheck that all employees are being paid at least the new legal minimum. This includes part-time, zero-hours and casual workers. If you…

Setting the 2025/26 salary

Paying Yourself Tax-Efficiently as a Director (2025/26) If you run your own company, you’ll need to take money out of it to use personally. One of the most tax-friendly ways to do this is to take a small salary and top it up with dividends. This…

MARCH 2025 The end is nigh – 5 April 2025

📅 End of Tax Year Checklist: What You Should Do Before 5 April 2025 The 2024/25 tax year ends on 5 April 2025 which means there’s still time to make sure you're not paying more tax than you need to. Acting now could help you make the…

Late payment of taxes

Late Payment Penalties for UK Taxes If you or your business fail to pay tax on time, HMRC will impose penalties and interest. Below is a breakdown of the current penalties for Income Tax, VAT, PAYE and Corporation Tax. Please see: https://www.gov.uk/government/publications/penalties-for-late-payment-and-interest-harmonisation/penalties-for-late-payment-and-interest-harmonisation Income…

Payroll Reporting Deadlines: Key Dates for the 2024/25 Tax Year

As the 2024/25 tax year draws to a close, employers must ensure all payroll obligations are met in line with HMRC reporting requirements. Below are the key deadlines for finalising payroll processes and reporting benefits for the year ending…
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