From the end of the 2025/26 tax year, 5 April 2026, you must report your dividend income accurately as part of wider personal tax reforms. Directors of close companies must disclose the company
For landlords and sole traders bringing in qualifying annual income over £50,000 (not including profit or dividends), Making Tax Digital (MTD) for Income Tax is now mandatory. For income to qualify, it must
Further administrative changes are on the cards for close companies, as the Government seeks to gain a better understanding of previously difficult-to-distinguish transactions. Close companies – those companies controlled by five or fewer participators
Just days ahead of the initial phase of Making Tax Digital for Income Tax, HMRC has confirmed the exit options for sole traders and landlords who fall below the annual qualifying income threshold.
Running your business can feel like a constant juggling act of trying to manage rising costs and staying on top of compliance.
As the steady expansion of reporting obligations continues, it seems that the time has come for close companies to face greater scrutiny.
I am sure many of us can’t wait for the long Easter weekend to get here. If it feels like it has come early this year, you are correct.
Not everyone has the freedom to decide how they are paid or to structure their income in the most tax-efficient way.
Given that it is the biggest overhaul to the way that taxes are filed in decades, it is no wonder that Making Tax Digital (MTD) for Income Tax has a whole host of additional considerations to manage.
More than £55 billion worth of side hustle sales data is to be handed to HMRC by platforms, as the tax authority ramps up compliance on small online traders and service providers.
