mhaccounting

10/04/2026

SELF-EMPLOYED / FREELANCE?

Set aside 30% of your income for tax & beware new rules... It's vital to get tax right at the start of the year. Reminder if you don't have money set aside to pay tax, it can be a nightmare when the bill comes in.

09/04/2026

Sole trader or landlord with gross income of £50,000+/yr?

New 'Making Tax Digital' rules now in force. From 6 April 2026, new rules mean you'll need to keep digital records and submit quarterly updates, plus a final tax return each year – a big change from the current system.

If you need any support with the New Making Tax Digital requirements please do get in touch 👍

Here are the key deadlines you'll need to know:

6 April 2026 - Start keeping digital records using compatible software.

7 August 2026 - 1st deadline to send your Quarterly Update for the period 6 April to 5 July 2026.

7 November 2026 - 2nd deadline to send your Quarterly Update for the period from 6 April to 5 October 2026.

31 January 2027 - Deadline to submit a Self-Assessment Tax Return in the usual way for the previous 2025/26 tax year.

7 February 2027 - 3rd deadline to send your Quarterly Update for the period 6 April 2026 to 5 January 2027.

7 May 2027 - 4th deadline to send your Quarterly Update for the period 6 April 2026 to 5 April 2027.

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Then Eligible people with gross income £30,000+ begin using MTD

7 August 2027 - 1st deadline to send your Quarterly Update for the period 6 April to 5 July 2027.

7 November 2027 - 2nd deadline to send your Quarterly Update for the period 6 April to 5 October 2027.

31 January 2028 - Deadline to submit your MTD Tax Return and pay your income tax for 2026/27.

09/04/2026

New tax year 2026/27

EMPLOYED? Check your take-home pay and tax code NOW.
Free Tax Code Calculator on website link below

https://www.moneysavingexpert.com/family/check-tax-code/

- use it to check if your 2026/27 tax code is correct. Your tax code is a series of letters and numbers (eg, 1257L), which tells your employer or pension provider what tax to deduct. However, MILLIONS of codes are wrong each year, so it's crucial to check yours - reminder it's your responsible to check ✅ , not HMRC’s and not your employer’s.

Use this free UK Tax Code Calculator from Martin Lewis and MoneySavingExpert to see if you're owed £1,000s in overpaid tax. Plus full 1257L tax code help.

05/04/2026

Happy Easter
End of tax year 2025/26 today.
Enjoy your day 😊

31/01/2025

Thank you to all my clients and friends, the end of the busy 23/24 personal tax season is over, and we managed to complete before the HMRC deadline 🤩

24/12/2024

Merry Christmas to you all, have a lovely time and best wishes for the new year 2025

31/10/2024

Key points from the Autumn Budget 30th October 2024


- Employer’s National Insurance (NIC) will be increased from 13.8% to 15% from April 2025. The secondary threshold will be reduced to £5k.

- Employment allowance will be increased from £5k to £10.5k from April 2025.

- National Minimum Wage will increase from £11.44 by 6.7% to £12.21 for a full-time work over 21 years old from April 2025. People aged between 18 and 20 years old from £8.60 to £10.

- Capital gains tax (CGT) on selling shares lower rate will be increased from 10% to 18%, and the higher rate will increase from 20% to 24% on or after October 30th 2024. CGT rates on residential property will be maintained.

- Business Asset Disposal Relief (BADR) will rise to 14% in April 2025, and then to 18% in April 2026.

- Corporation tax for profits over £250,000 will be maintained at 25% and the capital expenditure scheme will be maintained.

- Stamp Duty Land Tax from 31st October 2024, will increase on second homes from 3% by 2% to 5%.

- VAT on Private School fees will apply from 1st January 2025, and business rates relief on private schools will be removed from April 2025.

- Income Tax and Employee NIC Thresholds will continue to freeze until 2027/28 – from 2028-29 personal tax thresholds will be uprated in line with inflation.

- Inheritance tax threshold freeze will be extended until 2030. Inherited pensions will be brought into IHT from April 2027, with reforms on Agricultural Property relief and Business Property Relief. From April 2024, any agricultural assets over £1m inheritance tax will apply with 50% relief, at an effective rate of 20%.

Further details can be found on website link below

Chancellor Rachel Reeves has delivered Labour’s first Budget since 2010 – here’s what you need to know.