Tax Tips and News
Making Tax Digital (MTD) for Income Tax starts in six months
Newsletter issue – October 2025 Making Tax Digital (MTD) for Income Tax begins in April 2026. It will initially affect sole traders and landlords earning over £50,000 annually. The thresholds will gradually lower to £30,000 in 2027 and £20,000 in 2028. MTD will require the use of MTD-compatible accounting software for Income Tax Self-Assessment (ITSA).…Read More
100,000 HMRC accounts hit by scammers
Newsletter issue – October 2025 HM Revenue and Customs (HMRC) revealed that it suffered a phishing attack that led to the compromise of around 100,000 personal tax accounts. The incident was described by HMRC officials as 'organised crime', targeting identity data outside HMRC systems. Scammers managed to extract £47 million through fraudulent PAYE repayments. The…Read More
Government facing legal challenges over 'family farms tax'
Newsletter issue – October 2025 Chancellor Rachel Reeves announced changes in her October 2024 Budget that would reduce inheritance tax relief for farms and family-owned businesses. Starting April 2026, these entities will receive a £1 million exemption. Any assets above that threshold will face a 20% inheritance tax. A group of farmers and business owners…Read More
The Autumn Budget - potential tax changes
Newsletter issue – October 2025 Chancellor Rachel Reeves has set the date for the Government's Autumn Budget. It will take place on the 26th of November. Speculation over tax reforms has begun to ramp up as Ms Reeves is under increasing pressure to grow the economy and fill the huge hole in the public finances.…Read More
October Questions and Answers
Newsletter issue – October 2025 Q: My husband has been out of work for a year, so his income has dropped below the Personal Allowance. Is it correct that I can now qualify for the Marriage Allowance? A: To be eligible for the Marriage Allowance, one partner (in the marriage or civil partnership) must not…Read More
October Key Dates
Newsletter issue – October 2025 1st Corporation Tax payments are due for companies with a year-end of 31st December. 19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll owe HMRC. It is also the deadline for employers operating PAYE to pay…Read More
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