Self Assessment
Struggling to pay your Self Assessment tax bill? Tax due under Self Assessment for the 2024/25 tax year must be paid in full by 31 January 2026. If you need to make a payment on account of your 2025/26 tax bill, the first payment on account must also be made by 31 January 2026. If […]
Making Tax Digital (MTD) for Income Tax
Making Tax Digital (MTD) for Income Tax is set to begin on 6 April 2026. It will replace the traditional Self-Assessment Tax Return system for self-employed individuals and landlords. The aim is to improve record-keeping and reduce errors by requiring regular updates to HMRC instead of just an annual self-assessment tax return. Who is Affected? HMRC will advise individuals […]
Year-end Tax Planning
Food for thought before 5th April 2025 Have you considered the following: If you would like more information on any of the above, please do not hesitate to contact the office
Cash basis for traders
Starting from the 2024/25 tax year, significant changes have been implemented to the cash basis accounting method for sole traders and partnerships in the UK.
