Category: Tax

With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing you concern. Did you know that HM Revenue & Customs (HMRC) provides an option to spread the cost of your tax bill with their Time to Pay system?

HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it. The new tool explains what records a self-employed person may need to keep, taxes that may apply to their business, and includes other useful information, such as how to pay a tax bill.

HM Revenue and Customs (HMRC) have issued a reminder to be careful about scam attempts that target people filing Self Assessment tax returns. In the last year, nearly 150,000 scam attempts were referred to HMRC, a 16.7% increase on last year. With the 31 January 2025 filing deadline approaching, fraudsters are likely to step up their activities.

The government has now published the legislation to deliver the business rates changes announced in the recent Budget. These reforms, set to take effect from the 2026/27 tax year, are designed to create a more balanced system, with notable benefits for smaller retail, hospitality, and leisure (RHL) businesses.

If you’re a new parent, congratulations! Apparently, around 2,000 babies are born on 26 September each year – more than any other day. Therefore, HM Revenue and Customs (HMRC) is reminding parents to claim their Child Benefit. A claim can be made online and the first payment could be made within a week of claiming.