PHM Solutions

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

24/06/2026

Had a little feeling that this would be the next step after the introduction of MTD..
The government published a consultation yesterday on changing the way self assessment tax is paid - proposals include monthly payments instead of annual/ 6 monthly and collecting self assessment tax through PAYE where possible.
The scheduled date for introducing changes to the current system is April 2029

08/06/2026

Not long now until the first MTD quarterly submission becomes due for anyone that has become eligible for Making Tax Digital from 6th April this year.
The first quarterly return will become due from 6 July and has to be submitted by 7 August. HMRC won't be issuing any fines for lates submissions for the first year but you might as well start as you mean to go on by submitting before the deadline!
All income and expenditure will need to be recorded digitally to comply with MTD regulations and this means digital records must be made and kept for every payment received and every expense incurred.

Feel free to get in touch if you have any questions at all on getting MTD right

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

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