The latest news and updates from HMRC, Companies House, and the UK accounting world — curated for business owners.
Sole traders and landlords earning over £50,000 must submit their first quarterly digital update to HMRC by 7 August 2026 using MTD-compatible software.
A new Chancellor has been appointed this week. Tax professionals are watching for potential policy shifts in the upcoming Autumn Statement.
HMRC has raised the tax-free mileage reimbursement rate to 55p per mile for the first 10,000 business miles, with 5p per passenger. The rate drops to 25p after 10,000 miles.
HMRC confirms P11Ds are being phased out. Most Benefits in Kind must be reported through real-time payroll from April 2027, with medical benefits following in April 2028.
HMRC’s Measuring Tax Gaps 2026 report reveals the gap between tax owed and tax collected has risen to 6.4%, up from 5.3% in 2023/24.
HMRC has confirmed long-awaited simplification changes to the VAT Capital Goods Scheme. New rules take effect 29 July 2026 for businesses with significant capital expenditure.
HMRC’s new MTD for Income Tax system is now live for sole traders and landlords with income over £50,000. Digital records and quarterly updates are mandatory.
The deadline for filing your 2025/26 self-assessment online is 31 January 2027. Late filing incurs an automatic £100 penalty from HMRC.
HMRC has updated its penalty regime for late CT600 filings. Companies filing more than 6 months late now face significantly higher charges.
The UK VAT registration threshold stays at £90,000 for the 2026/27 tax year. Businesses exceeding this turnover must register within 30 days.
Companies House has updated its filing fee structure. Confirmation statement fees and incorporation costs have been revised for 2026/27.
The main rate of corporation tax remains at 25% for profits over £250,000. The small profits rate of 19% applies for companies with profits under £50,000.
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