The Autumn Budget will be delivered on 26 November by the Chancellor of the Exchequer, HM Treasury has announced. The Office for Budget Responsibility’s latest outlook for the economy and public finances will be released on the same day. The…
HMRC is calling on self assessment taxpayers to remain vigilant to scams that claim to be from the department after receiving 170,000 reports of incidents. The tax authority says that scammers often impersonate HMRC, offering fake refunds or demanding urgent…
HMRC has confirmed that 864,000 self-employed workers and landlords will be pulled into the quarterly reporting rules for Making Tax Digital (MTD) for Income Tax when it comes into force. The first phase of MTD for Income Tax will begin…
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…
UK-based holders of cryptoassets will have to provide personal details to crypto service providers or face penalties of up to £300 from HMRC. The regulations will be introduced in the UK on 1 January 2026 and are part of the…
HMRC is warning those earning extra income through a side hustle to check if they need to register for self assessment and file a tax return. Side hustles can be any additional income stream, from online selling to content creation,…
Almost 300,000 people filed their tax return in the first week of the new tax year, setting a new record, HMRC has revealed. Self assessment taxpayers can submit their tax return for the 2024/25 tax year between 6 April 2025,…
Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital (MTD) for Income Tax changes, according to research conducted by IRIS Software. The new MTD rules mandate digital record-keeping and quarterly Income Tax updates starting April 2026…
Sole traders and landlords with an income over £50,000 have been warned that there is less than a year before they will be required to use Making Tax Digital for Income Tax (MTD for IT). HMRC says the launch of…
The reporting threshold for trading income for self assessment is being lifted from £1,000 to £3,000 gross within this parliament, according to the Treasury. This includes people trading clothes online, dog-walking or gardening on the side, driving a taxi, or…
