Tax Tips and News
HMRC issues Making Tax Digital reminder to workers
Newsletter issue – March 2026 From 6 April 2026, self-employed workers and landlords earning over £50,000 in gross income will need to keep digital tax records throughout the year, submit quarterly tax updates to HMRC, and file an annual Making Tax Digital (MTD) tax return. 864,000 sole traders and landlords will be in the first…Read More
HMRC issuing pensioners with new tax codes for winter fuel repayments
Newsletter issue – March 2026 Some state pensioners will receive updated PAYE tax codes. This is to recover winter fuel payments from those whose total income exceeded £35,000 in the 2025-26 tax year. The UK Government has introduced a new income-threshold system, replacing the old Pension Credit-linked eligibility rules. Around two million pensioners are expected…Read More
High earners actively avoiding crossing the £100k income threshold
Newsletter issue – March 2026 According to the Chartered Management Institute, 43% of managers say they or their employees have taken steps to keep income below £100k. This behaviour is driven by the steep tax consequences that kick in once earnings exceed that level. This is known as the '£100,000 tax trap'. Once income exceeds…Read More
HMRC is increasing tax investigations
Newsletter issue – March 2026 HMRC is intensifying checks on individuals and small businesses. Many investigations begin because of avoidable mistakes that trigger automated red flags. Here are six common mistakes that can trigger an HMRC investigation: Living beyond your declared means-if your lifestyle (cars, holidays, property) doesn't match your reported income, HMRC's data-matching systems…Read More
March Questions and Answers
Newsletter issue – March 2026 Q: Are Premium Bonds a tax efficient way of saving? A:Premium Bond prizes are always tax-free, including large wins such as £100,000 or £1 million. This makes them appealing for people who have already used tax-free allowances like ISAs or the personal savings allowance. However, you would need to invest…Read More
March Key Dates
Newsletter issue – March 2026 1st Corporation Tax payments are due for companies with a year-end of 30th May 19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you’ll owe HMRC. It is also the deadline for employers operating PAYE to pay…Read More
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