Self-employed taxpayers and landlords should file their 2024/25 tax return early to find out if Making Tax Digital (MTD) will apply to them from next April, says the Low Incomes Tax Reform Group (LITRG). Taxpayers who report more than £50,000…
The government is set to tackle late payments to businesses with significant legislative reforms. Late payments cost the UK economy £11 billion a year and shut down 38 businesses every day, according to the government. The new laws are set…
HMRC has launched a new online PAYE service, which it says will give 35 million workers more control over their tax affairs. The tax authority says the new service will make it simpler and easier to check and update their…
Homebuyers are being warned to avoid Stamp Duty Land Tax (SDLT) scams, following a landmark Court of Appeal decision. HMRC is warning buyers to be vigilant of tax agents offering to secure (SDLT) repayments on their behalf where repairs are…
The proportion of small firms expecting to contract, sell or close outnumbered the percentage hoping to grow, the Federation of Small Businesses (FSB) has warned. The share of small businesses who said they expected their business to shrink or close,…
The government recently published draft legislation for Finance Bill 2025-26 for consultation. The legislation includes an Inheritance Tax overhaul; measures intended to refine and simplify the Making Tax Digital for Income Tax (MTD for IT) and penalty reform regimes; tax…
The Department for Work and Pensions (DWP) has warned that pensioners retiring in 2050 are set to be worse off than those retiring today. According to the DWP, nearly half of working-age adults in the UK are not saving into…
Recruitment at UK firms remained static in the second quarter of 2025 as businesses continued to assess the impact of the rise in employer National Insurance contributions (NICs), says the British Chambers of Commerce (BCC). The BCC’s latest Quarterly Recruitment…
Personal guarantees risk holding back the growth the economy needs, the Federation of Small Businesses (FSB) has warned. Research by the FSB shows that 60% of limited company directors would borrow to grow their business – if they did not…
HMRC has issued a warning to be on high alert for scams linked to Winter Fuel Payments after receiving 15,100 reports of bogus activity in June. Fraudsters have been targeting vulnerable individuals using SMS messages and phishing websites. During June,…
