Company directors who complete a self-assessment tax return should be aware of new mandatory reporting requirements that came into effect from the 2025-26 tax year. The changes mainly affect directors of close companies, including many owner-managed and family businesses. Previously, directors could voluntarily identify themselves as...
More...Taxpayers who need to pay the High Income Child Benefit Charge (HICBC) for 2025-26 may be able to pay it through PAYE rather than completing a self-assessment tax return solely to report the charge. The HICBC applies where an individual or their partner receives Child Benefit and the individual’s adjusted net income exceeds £60,000. The...
More...You may have to pay Income Tax on your pension if your total annual taxable income exceeds your Personal Allowance. This applies whether you receive the State Pension, a workplace pension or a personal pension. Your total taxable income can include the basic or new State Pension, Additional State Pension, private pension payments,...
More...HMRC has revealed that it had £42.8 billion in outstanding tax debt at the end of March 2025, equivalent to 5% of total tax receipts. The figures appear in its corporate report, The HMRC tax debt strategy - update. The report also highlighted progress in recovering unpaid tax, with HMRC resolving £48.7 billion of tax debt in the first...
More...Cryptoassets can create unexpected tax liabilities. HMRC’s guidance highlights several areas where mistake can be made. Assuming crypto-to-crypto exchanges are tax-free. Exchanging one type of cryptoasset for another can count as a disposal for Capital Gains Tax (CGT) purposes. Forgetting that spending crypto can trigger CGT. Using...
More...Alternative providers of higher and further education may be able to claim refunds of VAT following a recent Court of Appeal ruling, although the position remains subject to further legal proceedings. HMRC recently published a brief explaining the implications of the Court of Appeal’s decision. The court ruled in favour of the college in...
More...Late payment of invoices remains one of the most persistent problems facing UK small businesses, and recent research suggests the situation is becoming increasingly difficult. 60% of UK small and medium-sized businesses report that customers are taking longer to settle invoices than they were a year ago. The average amount owed in...
More...Business confidence across the UK is showing signs of improvement, although many smaller businesses remain reluctant to commit money to new investment. The latest British Chambers of Commerce Quarterly Economic Survey, published in October 2026, found that 47% of businesses expect their turnover to increase over the next 12 months....
More...A new excise duty on vaping products came into force on 1 October 2026. Vaping Products Duty (VPD) applies to vaping liquids manufactured in, or imported into, the UK, whether or not they contain nicotine. The duty is charged at £2.20 per 10ml of vaping liquid. It is paid by manufacturers, importers and certain wholesalers, although...
More...HMRC is writing to individuals it believes may have failed to declare consultancy income from private healthcare providers on their self-assessment tax returns. The letters follow information received from private healthcare providers and form part of an HMRC campaign specifically targeting the medical sector. The letter asks recipients...
More...The tax treatment of predevelopment costs has been the subject of a recent Supreme Court decision. This is likely to mean that capital allowances will be restricted for some predevelopment costs. The government has consulted on the impact of the decision and whether the current rules could affect investment decisions. Predevelopment...
More...Anyone selling a UK residential property usually needs to report the disposal to HMRC within 60 days of completion. The requirement applies even where the individual is not normally required to report Capital Gains Tax (CGT) through a tax return. Any CGT due must normally be paid within the same 60-day period. Payment can be made online...
More...Businesses using the Trader Support Service (TSS) to move goods between Great Britain and Northern Ireland need to prepare for a new platform launching soon. From 20 October 2026, all goods movements must be submitted using the new TSS platform. Businesses are being asked to pre-enrol before the switchover. From 1 October, existing TSS...
More...HMRC’s latest Corporation Tax statistics show that receipts from corporate taxes passed £100 billion for the first time in 2025-26. The main statistics are as follows: Total receipts from all corporate taxes were £100.4 billion in 2025-26, an increase of £3.5 billion (4%) compared with the previous year. The total includes Corporation...
More...November 2026: 1 November 2026 - Due date for Corporation Tax payable by companies with an accounting period ended 31 January 2026, unless the company is required to pay Corporation Tax by instalments. 7 November 2026 - Deadline for the second quarterly update under Making Tax Digital for Income Tax for the 2026-27 tax year. This applies...
More...A part-time private hire driver challenged a flat weekly fee his company charged for access to its booking and dispatch system. Because the fee did not vary with hours worked, part-timers paid far more per hour than full-timers for the same service. He claimed less favourable treatment because of his part-time status. The Employment...
More...A new system for recording waste movements came into operation on 1 October 2026. The first phase of mandatory digital waste tracking applies to permitted or licensed sites receiving controlled waste in England and Wales. Affected organisations must record details of every load they receive through the Government’s new digital service....
More...A business may have the finance, premises and customers for an expansion project, yet still face another obstacle: obtaining enough electricity. The Government has announced Great British Grid, a new publicly owned organisation intended to help accelerate investment in Britain’s electricity network. The issue is becoming increasingly...
More...HMRC has been consulting on proposals to modernise the tax rules governing distributions and repayments of capital from companies. The consultation was published on 23 June 2026 and closed on 14 September 2026. The proposals look at the treatment of ‘new consideration’ and ‘repayments of capital’, distributions from non-UK companies and...
More...Employers operating employee share schemes may now be receiving penalties from HMRC for failing to submit their employment related securities (ERS) end of year returns on time. ERS schemes are used to provide employees with shares, options and other securities as rewards or incentives. Employers must submit an annual ERS return for every...
More...HMRC has updated its guidance on how individuals and organisations can apply for a certificate of residence or letter of confirmation to prove UK tax residence. A certificate of residence can be used to claim tax relief in another country where UK residents pay tax on foreign income. It confirms to the overseas tax authority that the...
More...The government is considering changes to the voluntary National Insurance contributions (NICs) system following a call for evidence published earlier this year. Voluntary NICs allow individuals to fill gaps in their National Insurance record where they have not built up a qualifying year through compulsory contributions or National...
More...A limited company usually pays Corporation Tax on the profit, known as a chargeable gain, when it sells or otherwise disposes of a business asset. Business assets can include land and property, equipment & machinery and shares. The rules also apply to most unincorporated associations and foreign companies with a UK branch or office....
More...HMRC has published an updated list of deliberate tax defaulters. The list includes individuals, businesses and companies, detailing the amounts on which penalties are due and the exact penalties charged. The details of a tax defaulter will be held on HMRC’s website for a maximum of 12 months from the date they are first published and are...
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