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…
The overwhelming majority of businesses say the rise in employers’ NICs will force them to change their plans, according to research by the British Chambers of Commerce (BCC). With under six weeks until the NICs rise comes in, 82% of…
More than 11.5 million taxpayers beat the self assessment deadline to file their tax return for the 2023/24 tax year by 31 January and avoid a £100 late filing penalty, according to HMRC’s data. Almost three quarters of a million…
More than 40,000 taxpayers completed their self assessment returns over the Christmas break, according to figures from HMRC. On Christmas Day 4,400 people filed their tax return online while almost 12,000 submitted their tax return on Boxing Day. Christmas Eve…
HMRC is reminding people who pay tax by self assessment of the opportunity to spread the cost of their bill with the Time to Pay facility. More than 15,000 self assessment customers have already set up a Time to Pay…
People selling unwanted items online can continue to do so without any new tax obligations, HMRC has confirmed. The reminder comes as online platforms start sharing sales data with HMRC from January 2025 – a new process that, when announced…
HMRC is warning of scam attempts targeting self assessment taxpayers in the run up to the 31 January deadline. Last year, concerned taxpayers reported nearly 150,000 scam referrals to HMRC. Around half of all scam reports in the last year…
