Category Archives: Income Tax

HMRC is in the process of writing to some individuals defined as a ‘Person of significant control’ (PSC) to raise awareness of potential tax liabilities and to help ensure their self-assessment tax

The Autumn Budget 2026 saw no changes to the Income Tax thresholds. From next April, the personal allowance will remain at £12,570, while the basic rate limit remains £37,700 and the higher rate

It was announced as part of the Autumn Budget measures that the Trading Allowance will increase from £1,000 to £3,000 from 6 April 2027. The increase will help people earning small amounts from

HMRC is beginning to issue tax calculation letters (P800) and Simple Assessment notices (PA302) to collect any tax owed on bank and building society interest earned during the 2025-26 tax year.

Some

Company directors who complete a self-assessment tax return should be aware of new mandatory reporting requirements that came into effect from the 2025-26 tax year. The changes mainly affect directors

Taxpayers who need to pay the High Income Child Benefit Charge (HICBC) for 2025-26 may be able to pay it through PAYE rather than completing a self-assessment tax return solely to report the

HMRC is writing to individuals it believes may have failed to declare consultancy income from private healthcare providers on their self-assessment tax returns. The letters follow information received

Some taxpayers have already started to receive Simple Assessment letters from HMRC for the 2025-26 tax year, with a further tranche due to be sent between October and December 2026.

Simple Assessment

HMRC has launched an improved online service to make it easier for individuals to register for self-assessment. Anyone who needs to submit a tax return for the first time for the 2025-26 tax year

Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private element, only the business proportion can