More than 200,000 sole traders and property owners required to move to the new digital tax reporting system from April 2026 will receive a letter from HMRC later this month. Making Tax Digital (MTD) will apply to self-employed individuals and landlords if their ‘qualifying income’ – combined income from trading and property, measured before expenses […]
The number of SMEs claiming research and development (R&D) tax credits fell by nearly a third in 2023-24, according to newly published figures. A report from HM Revenue & Customs (HMRC) reveals that the overall number of claims by businesses fell by 26 per cent to the lowest figure in nearly a decade – with […]
HM Revenue and Customs (HMRC) has got crypto owners that aren’t paying their fair share of tax in its sights. From January 2026, people who own crypto – like Bitcoin, Ethereum or Dogecoin – must give personal details to every crypto service provider they use to make sure they are paying the right tax. And […]
HRMC continues to move forward with its Making Tax Digital (MTD) policy which sits the heart of its transformation vision. Draft legislation for inclusion in the government’s new Finance Bill was published at the end of July. MTD for Income Tax is due to become mandatory for landlords and sole-traders with qualifying income more than […]
Small businesses failed to pay 40 per cent of the corporation tax they owed in 2023-24, new figures have revealed. An HMRC report into the nation’s ‘tax gap’ showed the amount unpaid by small companies rose from £12.3bn to £14.7bn. The gap, the difference between what tax is expected to be paid and what is […]
As tax collection costs continue to rise HM Revenue and Customs (HMRC) has been branded a “lumbering dinosaur.” A report from an influential group of MPs says HMRC’s attempts to transform its services through Making Tax Digital, while generating extra revenue, have imposed hundreds of millions in extra costs on the taxpayer, with more to […]
The government has increased the late payment penalties for taxpayers within its ‘Make Tax Digital’ (MTD) regime. The rises, which cover VAT and income tax, came into effect this month, or whenever an individual or business joins the MTD regime in question. And they come as figures reveal HMRC collected a quarter of a billion […]
Looming April cost increases could force 70 per cent of hospitality businesses to cut staff, new research has revealed. Trade bodies are now calling on the government to work with them and delay employer National Insurance Contributions (NICs) threshold changes so that hospitality can continue to contribute to economic growth. Chancellor Rachel Reeves announced in October’s […]
People selling unwanted items online can continue to do so “with confidence” and without any new tax obligations, HM Revenue and Customs (HMRC) has confirmed. Its reminder came as online platforms started sharing sales data with HMRC from January – a new process that, when announced last year, generated inaccurate claims that a new tax […]
The rise in employers’ National Insurance Contributions (NICs) unveiled in the Budget is undoubtedly a blow to some businesses and, indirectly, to employees. Combined with the increases in the National Minimum Wage and potential costs associated with recent reforms in employment law, this raft of new measures will stretch employer wage budgets. And that will […]
