The 2025/26 UK tax year began on April 6, 2025. Many changes from the previous Autumn Budget are now in effect, with further significant shifts anticipated in the Autumn 2025 budget. Tax Changes Effective in the 2025/26 Tax Year (from April 6, 2025) Income Tax: The Personal Allowance remains frozen at £12,570 until April 2028.
Read more → UK Tax Changes: 2025/26 Tax Year and Autumn 2025 ProjectionsPreparing for the new tax year basis — Income Tax Self Assessment HMRC have provided the following notes regarding the change to the tax year basis: The rules HMRC uses to work out sole traders’ and partners’ profits for Income Tax in a Self Assessment return are changing for many businesses for 2023 to 2024 onwards. This…
Read more → Preparing for the new tax year basis – Income Tax Self AssessmentHMRC are recognising that Covid-19 is affecting the capacity for taxpayers and their agents to meet their obligations and are showing some flexibility to help. The 2020/21 balancing payment of tax and first payment on account would ordinarily have been payable by 31st January this year, however, HMRC have confirmed that no late payment penalty…
Read more → Support for individuals who cannot pay their tax on timeGUIDE TO INFORMATION REQUIRED IN RESPECT OF YOUR SELF ASSESSMENT TAX RETURN Details required if you are employed Form P60 (details of income and tax deducted during the year). Form P11d (details of benefits provided if P11d form is not available). Details of bonuses or other income whether taxed or not. Your PAYE coding notices…
Read more → Self Assessment Tax Returns 2021UPDATE ON VAT & INCOME TAX DEFERRAL Based on the briefing from ICAEW, we have updated the notes. VAT The deferral for VAT payments applies from 20 March 2020 until 30 June 2020. All VAT registered traders are eligible. This will generally mean the deferral of one quarter’s VAT, therefore quarterly payments that would have been…
Read more → UPDATE ON VAT & INCOME TAX DEFERRALIncome Tax The 2nd payment on account of tax that is due by 31 July 2020 will be deferred until 31 January 2021. Self-employed taxpayers are eligible for this deferment. There is no need to apply for this offer to apply. No penalties or interest for late payment will apply during this deferral period. Statutory…
Read more → Support Available to IndividualsGUIDE TO INFORMATION REQUIRED IN RESPECT OF YOUR SELF ASSESSMENT TAX RETURN Details required if you are employed Form P60 (details of income and tax deducted during the year). Form P11d (details of benefits provided if P11d form is not available). Details of bonuses or other income whether taxed or not. Your PAYE coding notices…
Read more → Self Assessment Tax Returns
