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…
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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…
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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…
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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 reported and paid. With less…
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