The UK tax system rarely stands still, and for many individuals and businesses, it can feel as though it grows more complex with every passing year. Against that backdrop, Rachel Reeves’ pledge to limit herself to a single major fiscal event each year came as welcome news. In her first Budget in October 2024, she […]
A new HMRC service has been introduced to make it easier to pay the High Income Child Benefit Charge. Eligible employees can now pay the charge directly through their PAYE tax code, without needing to complete a Self Assessment tax return. Previously, taxpayers had to either opt out of receiving child benefit or register for […]
One of the fastest growing areas of tax evasion is VAT fraud. This involves individuals illegally avoiding or evading Value Added Tax (VAT), usually by not paying VAT owed, claiming VAT refunds or collecting VAT from customers but not submitting it. One area where tax evasion is growing is among small businesses, and a significant […]
HMRC has announced that it is abandoning its plans for Making Tax Digital for Corporation Tax (MTD for CT). The news came in the tax authority’s recent Transformation Roadmap. The focus is now on ensuring that any future administration of CT is well suited “to the varying needs of the diverse CT population”. Clearly the […]
HMRC has announced that it will be closing its free online service for filing corporation tax returns and company accounts. From next year businesses will now have to pay to file these statutory items. So why the change to these important tax compliance services? Earlier this month, HMRC announced that its online service for filing […]
In the Autumn Budget, Rachel Reeves promised that there would only be one fiscal event each year with no other significant tax changes coming more frequently. So would the Spring Statement offer any surprises? In her Spring Statement on 26th March 2025 the Chancellor Rachel Reeves repeatedly mentioned how the world changes rapidly: economic and […]
The 31 January is deadline day for self-assessment tax returns. And despite the efforts of accountants and individuals the month of January typically involves a last minute scramble for records and receipts. This year, according to data from HMRC, 1.1 million individuals missed the 2023/24 deadline; the same number as last year. The tax […]
Choosing whether to register for self-assessment can be a difficult decision. Certain myths have also thrived, making the decision more complex. To help, HMRC has clarified some of the most common misconceptions surrounding self-assessment and when you’ll need to pay tax when you’re self-employed. With more people now working for themselves, HMRC has highlighted five […]
If you’re selling goods and services online, new tax rules could affect you. HMRC has recently issued an alert for online sellers achieving profits from buying or making goods, or selling services, to check whether they are considered a trader. In this situation tax on any earnings over £1,000 would need to be paid. The […]
SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
The current VAT system has long been criticised as being too complicated. But with an election looming should this be a focus for Government in the coming years, especially in the light of other overly complex tax regimes such as Inheritance Tax which appear to have been sidelined? VAT, or Value Added Tax, is levied […]
The complexity of the tax system means that there are a number of business expenses which you might have overlooked or are unaware of. The following are particularly useful for sole traders or if you’re self-employed. So what will HMRC allow you to claim? Don’t forget that to be classed as allowable expenses, any of […]