The computer says – don’t get caught out as HMRC takes self-assessment digital
Amy Stubbins, who heads up the Personal Tax teams in our Colchester and Mersea offices, looks at the new MTD (Making Tax Digital) rules which are coming into force in April and asks whether all those who are affected are aware of their new commitments? Approximately 12.5million people are currently required to file self-assessment tax […]
Meaning of trade for tax purposes
The meaning of trade for tax purposes, often referred to as HMRC’s “badges of trade” test helps determine whether an activity is a genuine business or simply a personal hobby. While the test is not definitive, it provides important guidance on how HMRC views different activities. At some
Making Tax Digital: What Landlords Need to Know and Do to Prepare
By Ben Steele, Managing Director, Streets Steele Making Tax Digital (MTD) is one of the most significant changes to the UK tax system in a generation. Designed to modernise tax reporting and reduce errors, MTD for Income Tax Self Assessment (MTD ITSA) will directly affect landlords with qualifying rental income. While the principles apply broadly, […]
HMRC’s Digital Shift: Are You Ready?
This spring, HMRC is introducing a seemingly small but highly impactful change: the phased withdrawal of traditional postal letters in favour of a digital by default communication system, a transition that will directly affect anyone filing under Self-Assessment. Historically, postal reminders have played a vital role in helping taxpayers remain aware of filing deadlines, upcoming […]
Tax and property when you separate or divorce
When a couple separates or divorces, most attention focuses on the emotional and practical aspects. However, it is important to consider the tax implications of transferring assets, as these can have significant financial consequences if not managed carefully.
It is most important to consider if
HMRC to End Most Postal Letters from Spring 2026
By Jennie Brown, Tax Partner HMRC has confirmed that from spring 2026, it will begin phasing out traditional postal letters in favour of a digital by default communication model. Taxpayers who use the HMRC app or their Personal Tax Account will stop receiving paper letters automatically and will instead receive email notifications when new correspondence […]
VCT and EIS changes
The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities.
The Venture Capital Trusts (VCT) and Enterprise Investment Scheme (EIS) are designed to encourage private
Taxable & tax-free state benefits
While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free.
HMRC’s guidance outlines the following list of the most common state benefits which are taxable, subject to the usual limits:
Bereavement Allowance (previously Widow’s
Pay for imports declared via the CDS
If your business imports goods into the UK, it is important to be familiar with the Customs Declaration Service and to ensure that any duty payments are made correctly and on time to avoid delays, interest or penalties.
The Customs Declaration Service (CDS) is a specially designed IT platform used
Claiming 4-years Foreign Income and Gains relief
The remittance basis of taxation for non-UK domiciled individuals (non-doms) was replaced with the new Foreign Income and Gains (FIG) regime from April 2025. This new regime is based on tax residence rather than domicile. Under the new rules, nearly all UK-resident individuals must report their