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Making Tax Digital For Income Tax Update

Updates are continuing to come through on HMRC’s ‘Making Tax Digital for Income Tax’ (‘MTD for IT’) initiative. It will initially apply from 6 April 2026 for sole traders and property landlords who generated gross trade and rental income (‘qualifying income’) of more than £50,000 in the 2024/25 tax year.  The MTD for IT rules […]

Read more December 12th, 2025

Dealing With HMRC

Late filing penalties for corporation tax returns are set to be doubled for returns where the filing date is on or after 1 April 2026. Filing a corporation tax return late will now result in a £200 penalty, which will increase to £400 if the return is more than 3 months late. Where the deadline […]

Read more December 11th, 2025

Inheritance Tax Update 2025

Inheritance Tax (IHT) can apply to certain lifetime transfers/gifts and also on the value of an individual’s estate at the time of death. The IHT nil rate band is £325,000, with an additional £175,000 ‘residence nil rate band’ available in some cases for leaving the family home to direct descendants. For any value remaining after […]

Read more December 10th, 2025

Capital Gains Tax Update 2025

As we head into 2026/27, it should be remembered that, for most sales of capital assets, CGT will apply at 18% for basic rate taxpayers and 24% otherwise. The rate of CGT for business asset disposal relief (BADR) purposes will increase from 14% to 18% from 6 April 2026.  Particularly in relation to business disposals, timing […]

Read more December 9th, 2025

Tax On Income Update 2025

Your tax-free personal allowance will remain at £12,570 in 2026/27. The personal allowance is partially withdrawn if your income is over £100,000 and then fully withdrawn if your income is over £125,140.  Income tax rates and allowances For 2026/27, the income tax thresholds are unchanged from 2025/26 and are set to remain static until 2030/31. […]

Read more December 8th, 2025