Tax Tips and News
Making Tax Digital (MTD) for Income Tax - deadline reminders
Newsletter issue – June 2026 From April 2026, MTD for Income Tax came into force for sole traders and landlords who had gross income over £50,000 in the previous tax year. You must send quarterly updates summarising income and expenses - not full tax returns. The first quarterly update (covering April to June) is due…Read More
HMRC rejects almost half of Making Tax Digital exemptions
Newsletter issue – June 2026 At the time of its request, a Freedom of Information request has shown that HMRC rejected 47% of applications for exemption from the MTD for Income Tax scheme. Over 1,600 taxpayers had applied for exemption due to "digital exclusion" but only 855 were approved. Taxpayers can apply if they cannot…Read More
Pensions to be included in IHT calculations from April 2027
Newsletter issue – June 2026 From April 2027, unused defined contribution (DC) pensions will be counted as part of a person's estate for inheritance tax (IHT). This is a significant shift from current rules where most DC pensions fall outside the estate. Defined benefit (DB) pensions remain unaffected. Estates above the nil?rate band will face…Read More
Drop in tax relief on VCTs may affect economic growth
Newsletter issue – June 2026 The Chancellor reduced income tax relief on Venture Capital Trusts (VCTs) from 30% to 20%, effective 6 April 2026. Many have argued that despite political rhetoric about boosting growth, this tax change (amongst others) actively undermines early-stage businesses. They say that it cuts a lifeline for British start-ups and will…Read More
June Questions and Answers
Newsletter issue – June 2026 Q: I retired last year but have since taken on a part-time job. My defined benefit pension uses up my Personal Allowance, so how much tax will I have to pay? A: As you state the full £12,570 Personal Allowance has been consumed, all your earnings for your part-time job…Read More
June Key Dates
Newsletter issue – June 2026 1st Corporation Tax payments are due for companies with a year-end of 31st August. 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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