The Low Incomes Tax Reform Group (LITRG) has commented on the decision to freeze the personal allowance for a further three tax years from April 2028 to April 2031.
From April 2024 sole traders and partners in partnerships are being taxed on a tax year basis even if they prepare their accounts over a different period. This change is known as basis period reform (BPR).If you were affected by BPR this article explains why you may want to revisit your 2023/24 tax ...
HM Revenue & Customs (HMRC) charge interest on late paid tax and late paid penalties. This is to compensate HMRC for the delay in payment and recognises that you have had the use of the money in the period following the due date. In very limited circumstances, HMRC might reduce or even remove ...
The Low Incomes Tax Reform Group (LITRG) is reminding gig workers and side hustlers to check if they need to complete a self assessment tax return for the 2024/25 tax year and register with HMRC by the 5 October deadline if necessary.
If you live in Scotland and you expect your income in the 2025/26 tax year to be more than £35,000, you have until 10 October 2025 to opt out of receiving this year’s pension age winter heating payment.
The government is taking steps to reform HMRC’s bulk data gathering powers and safeguards. The draft Finance Bill legislation focuses on improvements to the reporting of financial account information and card sales data. The aim of the reforms is to ensure HMRC receive the right data, of the right ...