PHM Solutions

PHM Solutions Self Employed Self Assessment returns, VAT & monthly CIS Returns, Rental Property Returns, invoicing

28/11/2025

A little update from the government today - pensioners whose only income is the state pension will not be taxed until at least 2030!

And another change that was slipped into the budget - tax relief for working from home will be removed from 6/4/26

26/11/2025

Despite no rise in income tax, today's budget will still see many of us paying higher taxes in several other ways.

Key points relating to tax increases:
2% increase in tax on rental income from April 27
2% increase in tax on applicable savings interest from April 27
2% increase on dividend income from April 26

Other key points to note:

the freeze on income tax thresholds has now been extended until 2031 meaning that more income will exceed the tax thresholds, including those in receipt of full state pension

While the ISA limit will not change from £20K per annum, from April 27 only £12k can be held in a cash ISA with the remaining £8K of the annual allowance having to be invested in innovative finance, or stocks and shares ISAs. NB this change will not be implemented for over 65s

As always, if you have any questions please feel free to ask

23/10/2025

Making Tax Digital update
HMRC have announced that they will start sending letters out in early November to anyone that will be required to comply with MTD from 6 April 26. This means that anyone with GROSS self employed and/or property income over £50,000 on their 24-25 return will be required to keep their business records digitally and use an approved software to submit quarterly updates to HMRC

As always if you have any questions at all feel free to get in touch

14/04/2025

Another change introduced in the recent spring statement was an increase in the interest rate applied by HMRC to late payment of your tax bill.

This is set at base rate plus 4% from 6 April 2025 (was plus 2.5% on or before 5 April 2025) - so currently 8.5%.

There has been no increase in the interest rate applied to repayments (credit on your account) - this is currently set at 3.5%

14/04/2025

Making Tax Digital (MTD) for self assessment is on it's way!

HMRC are introducing MTD in stages starting from April 2026 - this will be for everyone that declares self employed and/or rental income of over £50k in the 24-25 tax year.

From April 2027 everyone with self employed and/or rental income of over £30K will have to be MTD compliant and it was announced in the recent Spring Statement that the scheme will be extended to include everyone with over £20K income from April 2028.
There are plans for bringing everyone with income under the £20K threshold on board at some point but no date has been fixed so far.

What does MTD actually mean for you? Once you are eligible for MTD you will need to submit quarterly returns and a year end declaration to HMRC using compatible software and it will be mandatory to maintain digital records for your business - so no more paper or annual returns. Currently there are no plans to change the way your tax is paid to HMRC.

More details will be emerging over the coming months, but please feel free to get in touch if you have any questions at all.

31/10/2024

No changes for self employed taxes or National Insurance announced in yesterday's budget - but the government did confirm that they will be pushing forward with Making Tax Digital for the self employed and landlords. Those with self employed or rental income over £50,000 will have to join from April 26 and over £30,000 from April 27. Deadline yet to be announced for those with income over £20,000.

This basically means that you will need to maintain digital records and submit quarterly returns to HMRC using compatible software - rather than the annual returns we submit currently.

As always, if you have any questions at all please feel free to get in touch

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