Making Tax Digital for Income Tax: One Year to GoThe UK tax landscape is on the cusp of a significant transformation. Starting 6 April 2026, sole traders and landlords with annual gross income exceeding £50,000 will be required to comply with Making Tax Digital (MTD) for Income Tax . This initiative aims to modernise the…
Read more
What are CDC pensions?
The UK government is introducing a significant shift in pension schemes with the expansion of Collective Defined Contribution (CDC) pensions. This move aims to provide more predictable retirement incomes while reducing risks for future pensioners.What Are CDC Pensions?CDC pensions are a hybrid between traditional Defined Benefit (DB) and Defined Contribution (DC) schemes. In CDCs, both…
Read more
Regulatory Changes Impacting UK Small Businesses
Alongside tax reforms, HMRC's Spring 2025 update introduces a variety of regulatory changes that will affect how small businesses operate and interact with government systems. Here's what's new:1. Cultural Gift Scheme ReformUpdates to the Cultural Gift Scheme will remove restrictions on jointly owned objects and allow more flexibility in how tax credits are applied. These…
Read more
HMRC interest rate increases
HMRC has announced that interest rates for late payments will increase by 1.5% for all taxes starting 6 April 2025. This change, which was first announced at Autumn Budget 2024, will raise the late payment interest from the current base rate plus 2.5% to base rate plus 4.00%. This adjustment applies to most taxes. Late…
Read more