Before the speculation begins, let's look at what we already know. As attention turns to the forthcoming Budget, there will inevitably be rumours about further tax rises, spending decisions and possible changes to allowances. But much of what will affect households, investors and business owners over the next few years has already been announced, with several measures now in legislation. Here is what we know so far: 🔹 April 2026 – Dividend Tax: Rates increased by 2 percentag

John Healey's first Budget, the first of Andy Burnham's government, is best read as a fiscal-tightening event with a high chance of targeted changes rather than a simple rise in headline rates. Three points frame everything else. The room to manoeuvre has shrunk. Headroom against the fiscal rules was above £24bn in March. Since then gilt yields, higher borrowing and new commitments have eaten into it: ITEM Club puts it at just over £10bn, and the Resolution Foundation has sug

If you sell or otherwise dispose of UK property, you may have to report the disposal to HMRC and pay Capital Gains Tax (CGT) within 60 days of completion. The rules differ depending on whether you are UK resident or non-UK resident. Missing the deadline can result in penalties and interest, so it is important to establish whether a return is required as soon as a property sale completes. Key facts UK residents generally have to report a disposal of UK residential property wit

Capital losses that cannot be used in the tax year in which they arise can generally be carried forward indefinitely and set against capital gains in future tax years. However, the loss must first be reported to HMRC within the applicable time limit. Key Points Unused allowable capital losses can generally be carried forward indefinitely until they are used. A capital loss must normally be reported to HMRC within 4 years after the end of the tax year in which the disposal giv

From the 2025/26 Self Assessment tax year, many company directors will be required to provide additional information on their personal tax returns. If you're a director of an owner-managed or family-owned company, these changes are likely to affect you. Although the new reporting requirements won't increase the amount of tax you pay, failing to complete the new sections correctly could lead to HMRC penalties of £60. Here's what you need to know. Who do the new rules apply to?

The government is consulting on proposals that would require many Income Tax Self Assessment (ITSA) taxpayers to pay tax closer to real time from April 2029. Under the plans, taxpayers with PAYE income would pay estimated ITSA liabilities through monthly PAYE deductions, while other self-employed individuals and landlords could move to monthly or quarterly payments on account. The reforms aim to reduce late payments and tax debt by spreading tax liabilities throughout the y

This checklist is tailored to businesses operating in the United Kingdom, including sole traders, partnerships, and limited companies. Before You Start Trading Business Registration Register as a sole trader with HM Revenue & Customs (if applicable). Register your limited company with Companies House (if applicable). Obtain your Unique Taxpayer Reference (UTR). Set up a business bank account. Register for PAYE if you will employ staff. Assess whether you need VAT registration

If you're a director of a limited company, one of the most important financial decisions you'll make is how to pay yourself. Get it right and you can minimise your tax liability, maximise your take-home income and make the most of available allowances. Get it wrong and you could end up paying more tax than necessary or missing valuable planning opportunities. The challenge is that there is no single answer that works for every director. The most tax-efficient strategy depends

Rachel Reeves has confirmed that she will deliver the Spring Statement to the House of Commons on Tuesday, 3 March 2026 . The Spring Statement is primarily an opportunity for the government to set out an update on the state of the UK economy, informed by the latest economic and fiscal forecasts from the Office for Budget Responsibility (OBR). Alongside this, the statement often serves as a platform for publishing consultations, including early-stage calls for evidence and di

From April 2026 , Making Tax Digital for Income Tax (MTD for IT) will become mandatory for many self-employed individuals and landlords. This represents one of the biggest changes to the UK tax system in recent years, moving away from a single annual tax return towards more regular digital reporting to HM Revenue & Customs . The aim of MTD for IT is to modernise the tax system, improve accuracy, and give taxpayers greater visibility over their tax position throughout the yea

Overview Recent reports suggest that the Chancellor, Rachel Reeves , is considering a significant change to the National Insurance Contributions (NICs) regime — one that could have major implications for members of Limited Liability Partnerships (LLPs) . While these reports remain unconfirmed, the level of detail contained in the leaks suggests that the Treasury is seriously examining proposals to bring LLP members more closely in line with employees in terms of NIC t

HMRC has introduced new mandatory reporting obligations that will affect both company directors and self-employed taxpayers when...

With the next Budget approaching, speculation is growing that the Government may make further changes to the taxation of dividend income....

With the 2025 Budget scheduled for Wednesday, 26 November, there are plenty of rumours about potential tax increases. With UK borrowing costs at their highest in 27 years, the Chancellor faces the challenge of boosting the economy while striving to "balance the books." This series of articles explores how the Chancellor might tackle this issue without breaking the Labour Party Election Manifesto pledge to avoid raising taxes on working people. We begin by focusing on area

HMRC has revised interest rates for late payments following the Bank of England's interest rate rise to 5.25%. The Bank's Monetary Policy...

The Government is calling for evidence on income tax self-assessment (ITSA) registration to find out whether bringing forward the point...

A Budget policy paper confirms that the switch from currently a basis to the tax year basis will happen for all self-employed individuals...

Rishi Sunak delivered his third budget as chancellor to the Commons on Wednesday 27 October 2021 where he announced a series of measures...

The Chancellor, Rishi Sunak, will reveal his Budget and Autumn spending review to the Commons on 27 October 2021, The government spending...

The Government has delayed the introduction of Making Tax Digital for Income Tax self-assessment (MTD for ITSA) to 6 April 2024 to give...