Stephen Hill Partnership Ltd

Stephen Hill Partnership Ltd Chartered Accountants in Medway

JUNE KEY DATES1st - Corporation Tax payments are due for companies with a year-end of 31st August.19th - For employers o...
27/05/2026

JUNE KEY DATES

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 HMRC by post, for May.

22nd - Deadline for employers operating PAYE to pay HMRC electronically, for May.

30th - Corporation Tax Returns (CT600 form) are due for companies with a year-end of 30th June.

25/05/2026

CHANCELLOR PLANNING TAX CHANGES TO ATTRACT WEALTHY BACK TO THE UK

The Chancellor, Rachel Reeves, is preparing a package of tax breaks aimed at high earners, particularly those who left the UK following recent tax rises. The focus is on wealthy residents in Gulf countries, many of whom are reconsidering their location due to instability linked to the Iran conflict.

The government wants to signal that Britain is 'open for business' and Ms Reeves has used the recent IMF meetings in Washington to promote the UK as a competitive destination for investment and residency. A senior Treasury official says geopolitical risk is reshaping where people choose to live and invest, and the UK wants to respond strategically.

The Treasury will launch a formal consultation on how Limited Liability Companies (LLCs) are taxed, as this has been a sticking point for potential wealthy arrivals. The review will look at targeted reliefs for new arrivals and possible reforms to offshore structures.

The Chancellor has faced criticism that her earlier tax increases drove millionaires out of the UK. The government hopes these new measures will reverse the exodus and bring high earners back.

18/05/2026

STAMP DUTY NETS £307M MORE IN THE YEAR SINCE ITS CHANGE

First-time buyers are paying significantly more in stamp duty since temporary tax relief ended in April 2025. Over the past year, they collectively paid £408m in stamp duty - up from £101m the previous year.

The tax-free threshold for first-time buyers dropped from £425,000 to £300,000, increasing upfront costs. On average, buyers now pay about £4,618 more in stamp duty than before.

The change comes at a time when mortgage rates remain high, adding further pressure on new buyers. Over half (53%) of the extra revenue comes from property sales in London, with just under a quarter (23%) contributed from sales in the South East. Many properties in the North East and East Midlands remain below the £300,000 tax-free limit, contributing only 1.3% between them.

11/05/2026

MASSIVE COUNCIL TAX HIKES FOR SECOND HOMES IN SCOTLAND

Midlothian Council has introduced a 500% council tax premium on second homes from 1 April. This means some owners now face annual bills up to about £28,000, especially for Band G properties. A typical Band D second home could now cost £14,811 per year.

The premium increases depending on how long the property has been owned:

Under 2 years: double the standard rate

2–3 years: 300% surcharge

Over 3 years: full 500% premium

Empty homes are treated the same way. There are 35 second homes in Midlothian and only two are in Band G. So, this move is only expected to raise circa £200,000 in the 2026–27 financial year. But the council says the goal is behavioural change, not revenue - specifically to discourage second home ownership and free up housing for locals.

Scottish councils now have unlimited powers to set second home premiums. In England they are capped at 100% (double the standard rate), and in Wales it is up to 300%.

Critics argue they worsen the cost-of-living pressures, noting second homes already face an 8% additional dwelling supplement at purchase. The Adam Smith Institute warns extreme premiums could drive away investment and harm local economies.

Turns out “working like a dog” means something very different around here.
08/05/2026

Turns out “working like a dog” means something very different around here.

04/05/2026

178,000 TAXPAYERS MISSED OUT ON REBATES SENT BY CHEQUE

178,000 people didn't receive tax rebates last year because they never cashed the cheques HMRC sent them. These uncashed cheques were worth £144m in total, averaging about £800 per taxpayer.

HMRC still issues cheques when people don't respond to rebate letters within 21 days - a legacy process that hasn't fully adapted to the digital era. 1.74 million cheques were issued last year; although this is fewer than in the past, a significant number still go unclaimed.

HMRC is transitioning to a new system where cheques are only sent if someone specifically requests one. Around 20% of taxpayers are still on the old system, but HMRC aims to complete the switch by April next year.

Overpayments happen for common reasons such as job changes, incorrect tax codes or having multiple sources of income.

If you have an uncashed cheque from HMRC that was issued over six months ago, you will no longer be able to cash it. HMRC says it can be replaced on request.

KEY MAY DATES1st - Corporation Tax payments are due for companies with a year-end of 31st July.19th - For employers oper...
30/04/2026

KEY MAY DATES

1st - Corporation Tax payments are due for companies with a year-end of 31st July.

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, as well as the Final Payment Summary (FPS) for the previous tax year.
- It is also the deadline for employers operating PAYE to pay HMRC by post, for April.

22nd - Deadline for employers operating PAYE to pay HMRC electronically, for April.

31st - Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st May.
- It is also the deadline for providing P60s to employees for the 2025-26 tax year.

28/04/2026

HMRC TAX RECEIPTS AND NATIONAL INSURANCE CONTRIBUTIONS REPORT

HMRC regularly releases a bulletin to update on the amount of tax and NI receipts it receives. The latest report revealed a couple of new records and reflects the impact caused by the Chancellor's changes to various tax regimes.

Total gross HMRC tax and NICs receipts for April 2025 to January 2026 equalled £784.9 billion. This was £65.6 billion higher than the same period last year.

Income Tax, Capital Gains Tax & NICs Total were £460.7bn (up £52.0bn year-on-year). PAYE was £388.2bn (up £39.1bn). Self-Assessment brought in £70.3bn (up £12.8bn). January 2026 SA receipts are the highest on record.

Total VAT receipts were £154.3bn (up £9.0bn) with January 2026 VAT receipts being the highest on record. The growth was influenced by inflation and shifts in consumer spending.

Business Taxes, which include Corporation Tax, the Bank Levy, Digital Services Tax, and the Energy Profits Levy totalled £81.8bn (up £1.8bn). There were record-high December 2025 receipts due to strong onshore Corporation Tax receipts.

Stamp Taxes and Annual Tax Enveloped Dwellings (ATED) were £17.0bn (up £1.9bn). Receipts were influenced by Stamp Duty Land Tax (SDLT) rate changes, increased transaction volumes around Budget periods and the threshold changes effective from April 2025.

Inheritance Tax (IHT) totalled £7.1bn (up £0.1bn). The slightly higher receipts were linked to increased asset values and frozen thresholds (to 2030/31).

21/04/2026

CHANCELLOR CONCEDES THERE WAS A VALID ARGUMENT FOR NOT INCREASING JOB TAXES

The Chancellor, Rachel Reeves, admitted there was a 'valid argument' against her decision to raise employers' National Insurance contributions. She defended the increase as necessary to fund public services, especially the NHS, which received a £29 billion annual uplift.

Critics argue her admission comes too late for businesses and workers already affected. The TaxPayers' Alliance said the tax rise inevitably reduced job opportunities, pointing to rising youth unemployment. Some argue that reversing the employer NI increase would help businesses and improve job prospects for young people.

ONS data shows 957,000 young people (16 - 24) were classed as NEET (not in education, employment, or training) in the last quarter - an increase of 11,000 from the previous period.

Ms Reeves said that the Government was expanding apprenticeships and pointed to her 'youth guarantee' which promises paid work for young people who've been out of education or employment for 18 months.

Meet our newest (and fluffiest) team member, Pippin 🐾Malcolm’s four-legged assistant stopped by the office today to keep...
15/04/2026

Meet our newest (and fluffiest) team member, Pippin 🐾

Malcolm’s four-legged assistant stopped by the office today to keep spirits high and tails wagging. While Pippin hasn’t quite mastered spreadsheets yet, we can confirm he’s excellent at boosting morale!

Address

139 Watling Street
Gillingham
ME72YY

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Website

Alerts

Be the first to know and let us send you an email when Stephen Hill Partnership Ltd posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Stephen Hill Partnership Ltd:

Shortcuts

Share

Category