Ward Bosence

07/07/2026

HMRC mileage rate increased to 55p as a government package of measures intended to address rising fuel prices.

07/07/2026

MTD for Income tax is here

From April 2026, taxpayers with gross income of more than £50,000 from self-employment or rental income in the 2024/25 tax year are mandated to use MTD unless they are exempt. There is still time for taxpayers to get ready ahead of the first reporting update due on 7 August 2026.

07/01/2026

HMRC offers time to help pay self assessment tax bills

HMRC is offering self assessment taxpayers a reminder that help is available to manage their tax bill.

The deadline to file and pay any tax owed is 31 January 2026, but people who are unable to pay in full by then may be able to set up a Time to Pay arrangement online and spread the cost over monthly instalments.

For those with bills of up to £30,000, such an arrangement can be set up without even needing to contact HMRC directly.

According to HMRC, since 6 April 2025 nearly 18,000 payment plans have been set up using the service, helping customers avoid late payment penalties by arranging regular payments that suit their own circumstances.

A Time to Pay arrangements cannot be set up until a self assessment return has been filed. If the tax owed is more than £30,000, or a longer repayment period is needed, people can still apply but will need to contact HMRC directly.

Myrtle Lloyd, HMRC's Chief Customer Officer, said:

'We're here to help customers get their tax right. If you are worried about paying your self assessment bill, assistance is available. Our online payment plans offer financial flexibility and can be tailored to individual circumstances. We want to support all our customers in meeting their tax obligations with confidence.'

22/09/2025

https://makingtaxdigital.campaign.gov.uk/?utm_source=Meta&utm_medium=Paid+Social&utm_campaign=MTD&utm_content=Pull_Static&dclid=CJ-jvP6z7Y8DFTtGHQkdtewP7Q&gad_source=7

Get ready for the new way to record and report income to HMRC for sole traders and landlords.

17/09/2025

Covid repayment window opens

A new voluntary repayment scheme gives individuals and businesses until December 2025 to return pandemic scheme money, no questions asked.

The use it or lose it opportunity comes ahead of tougher sanctions to follow for those who don’t come forward.

The move comes as the government continues to do everything in its power to recoup money lost to Covid fraud.

The voluntary scheme, launched 12 September, will provide Covid scheme recipients with a ‘no questions asked’ window to repay outstanding money they were not entitled to or did not need.

Individuals who don’t take this last chance to come forward and repay any outstanding money could face prosecution when the government receives additional investigatory powers next year.

For further information go to

Those who still owe Covid scheme money to the public purse have been given a time-limited opportunity to pay it back before tougher sanctions apply.

23/06/2025

Business Tax Events

Deadline for employers to report share incentives for 2024/25
Is this relevant to you?
This deadline is relevant for companies who have reportable events for the tax year 2024/25.

Deadline for forms P11D and P11D(b) for 2024/25 to be submitted to HMRC and copies to be issued to employees concerned
Is this relevant to you?
This deadline is relevant to employers. Details of benefits and expenses provided to employees must be reported to HMRC on the relevant forms P11D. The P11D(b) form is used to calculate the Class 1A NI liability.
Please be aware that if we deal with the forms P11D on your behalf that we will ensure this matter is dealt with on a timely basis.

10/06/2025

Aged 65 to 66? Check when you can claim your State Pension.

Find out more: https://ow.ly/5kt650VOHPv

10/06/2025

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 2025 can be found here

10/06/2025

Almost half of sole traders unprepared for MTD changes

Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital (MTD) for Income Tax changes, according to research conducted by IRIS Software.

The new MTD rules mandate digital record-keeping and quarterly Income Tax updates starting April 2026 and non-compliance can lead to significant penalties.

The study found that almost one in three sole traders have never heard of MTD.

MTD for Income Tax will require self-employed individuals, landlords and small businesses earning over £50,000 to keep digital financial records and submit quarterly updates using compatible software from April 2026. The threshold drops to £30,000 in 2027 and to £20,000 in 2028.

The changes could place a significant burden on business owners, who will be required to submit at least five updates to HMRC each year.

Mark Chambers, Managing Director at IRIS Accountancy, said:

'These findings highlight an important moment of opportunity for the UK's sole traders. With MTD just around the corner, there's a real chance for businesses to modernise their financial processes, unlock efficiencies, and gain better visibility of their income and expenses.

'It's encouraging to see that nearly a quarter feel ready to meet the requirements, but that leaves a significant portion not experiencing the benefits of digitalised tax reporting that compliance will bring.'

07/05/2025

Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we're here to help.

Sole traders and landlords get Making Tax Digital warning
Sole traders and landlords with an income over £50,000 have been warned that there is less than a year before they will be required to use Making Tax Digital for Income Tax (MTD for IT).
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/sole-traders-and-landlords-get-making-tax-digital-warning

Loan charge review calls for evidence
The independent review into the loan charge has issued a call for evidence with examples of promotional material and marketing leaflets a priority for the review team.
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/loan-charge-review-calls-for-evidence

Companies House begins to verify identities
A new service has been launched that allows individuals to verify their identity directly with Companies House through GOV.UK.
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/companies-house-begins-to-verify-identities

Chancellor unveils plans to maintain level playing field for British business
Chancellor Rachel Reeves has said British businesses will be supported to trade freely as she takes action on practices that undercut fair trade, such as the dumping of cheap goods into the UK.
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/chancellor-unveils-plans-to-maintain-level-playing-field-for-british-business

Tax red tape costs small businesses nearly £25 billion a year
Tax compliance costs the UK's small businesses nearly £25 billion a year, according to recent research conducted by the Federation of Small Businesses (FSB).
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/tax-red-tape-costs-small-businesses-nearly-25-billion-a-year

Government calls time on red tape for pubs, clubs, and restaurants
Pubs, clubs and restaurants will benefit from a reduction in the red tape that has stifled hospitality business, the government said.
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/government-calls-time-on-red-tape-for-pubs-clubs-and-restaurants

Government taking right approach to tariff negotiations
The UK government is taking the right approach to tariff negotiations with the US despite downgrades to the economic outlook, says the British Chambers of Commerce (BCC).
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/government-taking-right-approach-to-tariff-negotiations

Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin.
https://www.wardbosence.co.uk/news/latest-news-for-business/archive/news-article/2025/May/latest-guidance-for-employers
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