Will you be affected by Making Tax Digital?
May 15, 2025
Making Tax Digital for Income Tax: One Year to Go
The UK tax landscape is on the cusp of a significant transformation. Starting 6 April 2026, sole traders and landlords with annual gross income exceeding £50,000...
Read More...What are CDC pensions?
May 14, 2025
The UK government is introducing a significant shift in pension schemes with the expansion of Collective Defined Contribution (CDC) pensions. This move aims to provide more predictable retirement incomes while reducing risks for future...
Read More...Regulatory Changes Impacting UK Small Businesses
May 8, 2025
Alongside tax reforms, HMRC's Spring 2025 update introduces a variety of regulatory changes that will affect how small businesses operate and interact with government systems. Here's what's new:
1. Cultural Gift Scheme...
Read More...R&D funding
May 6, 2025
The UK government has announced a record-breaking £13.9 billion in research and development (R&D) funding for the coming year. This major investment is designed to drive innovation, create quality jobs, and support long-term economic...
Read More...HMRC interest rate increases
May 6, 2025
HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base...
Read More...Tax Diary May/June 2025
May 6, 2025
1 May 2025 - Due date for corporation tax due for the year ended 30 July 2024.
19 May 2025 - PAYE and NIC deductions due for month ended 5 May 2025. (If you pay your tax electronically the due date is 22 May 2025).
19 May 2025...
Read More...Less than a year before MTD for Income Tax starts
May 6, 2025
MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it's time to get ready.
Designed to modernise the tax system and...
Read More...Higher rate tax relief on pension contributions
May 6, 2025
Want to make the most of your pension savings? You could claim up to 45% tax relief on contributions, plus carry forward unused allowances. Here's how to boost your retirement pot with generous HMRC incentives.
Tax relief on private...
Read More...Child Benefit increases April 2025
May 6, 2025
Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K - but PAYE option coming this summer!
The child benefit rates...
Read More...Spring 2025 Tax Reforms – What UK Small Businesses Need to Know
May 6, 2025
The Spring 2025 Tax Update brings a series of reforms aimed at simplifying tax administration and reducing burdens for UK businesses. Here's a breakdown of the key changes:
1. Capital Goods Scheme...
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