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 will be required to comply with Making Tax Digital (MTD) for Income Tax . This initiative aims to modernise […]
What are CDC pensions?
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 pensioners. What Are CDC Pensions? CDC pensions are a hybrid between traditional Defined Benefit (DB) and Defined Contribution (DC) schemes. In […]
R&D funding
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 growth across the country. A large share of the funding, amounting to £8.8 billion, has been allocated to UK Research and […]
Regulatory Changes Impacting UK Small Businesses
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 Reform Updates to the Cultural Gift Scheme will remove restrictions on jointly owned objects and allow more flexibility in how tax credits are […]
Less than a year before MTD for Income Tax starts
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 improve accuracy, MTD will significantly change how Income Tax is reported and paid. With […]
Higher rate tax relief on pension contributions
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 pension contributions is generally available up to 100% of your annual earnings, subject to specific limitations. […]
Child Benefit increases April 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 for the only or eldest child in a family increased to £26.05 (from £25.60) for the 2025-26 […]
HMRC interest rate increases
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 rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late […]
Tax Diary May/June 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 – Filing deadline for the CIS300 monthly […]