Is income from hobbies taxable?
Not every money-making hobby counts as a business for tax purposes. Knowing when a hobby crosses into trading territory is vital to avoid unexpected tax bills. If your side project is growing, it might be time to check your tax position and stay compliant.
For instance, HMRC manuals provide the
Less than a year before MTD for Income Tax starts
MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it’s time to get ready.
Designed to modernise the tax system and improve accuracy, MTD will significantly change how Income Tax is
Tax relief for landlords replacing domestic items
Swapped an old fridge or carpet in your rental property? Landlords can claim tax relief on replacing domestic items – but not if it’s an upgrade! Know the rules and save money by claiming what you are entitled.
The replacement of domestic items relief allows landlords to claim tax relief when they
Child Benefit increases April 2025
Child Benefit has risen for 2025-26: £26.05 for eldest, £17.25 for others. Claim continues to age 20 in approved education. HICBC still applies for incomes over £60K – but PAYE option coming this summer!
The child benefit rates for the only or eldest child in a family increased to £26.05 (from
Checking your tax code for 2025-26
Do you know what your 2025-26 tax code means? It affects how much tax is taken from your pay or pension. Check now to make sure you’re on the right code and not overpaying! Here’s what the letters and numbers really mean.
You can find your tax code:
by checking your tax code for the current year
Beneficial interests in jointly held property
Couples who jointly own rental property are usually taxed 50:50, even if they own different shares. But if you’re married or in a civil partnership, Form 17 lets you split income based on actual ownership—provided you meet HMRC’s rules.
The standard tax treatment for couples living together,
Making Tax Digital for Income Tax
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you’re self-employed or a landlord earning over £50,000, get ready for quarterly updates, digital record keeping, and a new penalty system.
Initially, MTD for IT will apply to businesses,
Requesting evidence of earnings
If you’re self-employed, lenders may require an SA302 and tax year overview as proof of earnings for mortgages or loans. These documents verify income declared on your self-assessment tax return and are easily accessible via HMRC. Learn how to obtain them.
The use of these forms has become more
Rental business mortgage relief
Since April 2020, landlords can no longer deduct mortgage interest as an expense. Instead, tax relief is capped at 20%. This change affects UK and non-UK resident landlords, trustees, and partnerships but excludes companies. Learn how this impacts your tax bill.
In April 2017, new rules were
Claiming professional fees and subscriptions
Did you know you may be eligible for tax relief on professional fees and subscriptions? If your membership is required for your job and the organisation is HMRC-approved, you could claim back tax for up to four years. Find out if you qualify and how to apply.
You may be eligible to claim tax relief