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
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
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
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
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
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
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
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,
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
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
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