Getting tax affairs back on track if self assessment deadline was missed
The number of people using the HMRC app to pay their self assessment tax bill has increased by 65% this tax year, according to the tax authority. Almost 340,000 people…
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Making Tax Digital for Income Tax biggest tax change since self assessment
The introduction of Making Tax Digital (MTD) for Income Tax this April will be the biggest change to the UK’s tax system since self assessment, says the Low Incomes Tax…
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Major UK banks agree lending package aimed at SMEs
The lending commitment is one of the largest collective moves by the banking sector in over a decade. The government says this represents an ‘historic show of confidence in the UK economy’. Senior executives from NatWest,…
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Government urged to scrap ‘unfair holiday tax’
Over 200 hospitality and leisure CEOs have urged the government to scrap plans for a Visitor Levy in England. In a letter to the Chancellor, they warn that the proposed…
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 March 2026. The guidance states: ‘you can use the previous rates for up to one month…
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Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including: Reporting expenses and benefits for the tax year ending 5 April…
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Over 110,000 taxpayers yet to register for MTD
More than 110,000 unrepresented taxpayers who must register for Making Tax Digital (MTD) from April 2026 have still not done so, according to the Low Incomes Tax Reform Group (LITRG).…
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Expansion of ‘uncertain tax treatment’ rules cause for concern
Government plans to extend the rules requiring some taxpayers to declare ‘uncertain’ tax positions risk creating more uncertainty, compliance burdens and tax disputes according to the CIOT. The uncertain tax…
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Phased rollout of payrolling for employee benefits a ‘welcome step’
The decision to phase in the mandatory payrolling of benefits in kind is a ‘welcome step’ to allow employers and payroll software providers more time to prepare for significant changes,…
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HMRC boosts funding for taxpayers needing extra support
More than £11 million in funding has been made available to taxpayers struggling with their tax affairs. The doubling of funding comes as part of HMRC’s Voluntary and Community Sector…
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Hospitality sector calls for 10% VAT rate
Hospitality businesses, teams and organisations are being urged to sign a new petition calling for the government to cut the VAT rate for the sector to 10% by UKHospitality. The…
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Small businesses to benefit from strengthened debt advice services
Small businesses and the self-employed struggling with their finances to receive a helping hand as debt advice services are strengthened, the Treasury has announced. The Treasury is making a £4…
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MTD for Income Tax: Is Your Record-Keeping Ready for Quarterly Reporting?
The introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) marks a significant change for self-employed individuals and landlords with certain levels of qualifying income. Businesses…
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P11Ds Filed? Don’t Forget Your Class 1A NIC Payment
P11Ds were due for submission on 6 July. However, once benefits and expenses have been reported to HMRC, employers must also ensure that any Class 1A National Insurance Contributions (NICs)…
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Could Your Retirement and Estate Plans Benefit From a Fresh Review?
Retirement planning in the UK is becoming increasingly complex with major changes to pensions, inheritance tax and the wider fiscal framework. Planning for the future, and for the next generation,…
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Autumn Budget 2025
The Chancellor, Rachel Reeves, presented her 2025 Budget to Parliament on 26 November 2025. She made it clear that this would be an Autumn Budget that focused on fairness, with…
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FW Smith Riches & Co Recognised for Client Service Excellence
FW Smith Riches & Co, a London-based firm of ICAEW Chartered Accountants with roots dating back to the 1880s, has been shortlisted for the Client Service Award (Medium and Large…
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Spring Statement 2025
Chancellor Rachel Reeves delivered the Spring Statement on Wednesday 26th March 2025, outlining the economic priorities of the Labour Government and reaffirming a commitment to fiscal discipline and long-term investment.…
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