Can you reduce your 31 July tax payment on account
Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on account. Act early to manage cash flow. Use your online account or we can handle it for you.
Self-assessment taxpayers normally pay their income tax in three instalments each year. The
Could you extend Child Benefit claim?
Parents of 16-19-year-olds: confirm your child’s continued education or training by 31 August 2025 to keep Child Benefit payments going. Last year, over 870,000 families updated HMRC, most online. It only takes a few minutes and helps avoid missed payments. If your child is still in approved
Why filing early makes sense
Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering your tax details today.
The 2024-25 tax year officially ended on 5 April 2025, with the new 2025-26 tax year beginning on 6 April 2026. While many taxpayers
MTD for Income Tax deadline is approaching
MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k+ income. Plan early to stay compliant and avoid disruption.
MTD represents one of the most significant overhauls to the self-assessment regime since its introduction in 1997. This includes new requirements to keep
Income reporting threshold increased
The £3,000 reporting threshold for trading, property, and other income will simplify tax returns—300,000 people could be freed from filing. A digital alternative is also coming.
As part of the Spring 2025 Tax Update: Simplification, Administration and Reform, the government confirmed changes
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