Blog – Sutton Coldfield Accountancy

Making Tax Digital (MTD) For Income Tax Update

Written by Tony Shackleford on March 26, 2025.

The chancellor has today announced updated timings for the implementation of MTD for income tax. MTD for income tax applies to self employed and those in receipt of rental income. The details below...

Making Tax digital, MTD, MTD for Income Tax

HMRC mileage rate

Written by Tony Shackleford on March 24, 2025.

The HMRC approved mileage rate, for claiming business miles when driving own car, is 45p per mile for the first 10,000 miles. This rate has remained unchanged since April 2011. If it had been...

Fixed profit car scheme, HMRC mileage

Filing of Company Accounts and Corporation Tax Returns

Written by Tony Shackleford on March 10, 2025.

The Government has announced that the free software provided by Companies House and HMRC to file annual accounts (at Companies House) and Corporation Tax returns (at HMRC) will be withdrawn from...

Companies House, CT600, Filing accounts, filing corporation tax rteturn, HMRC

NIC Thresholds and Definitions

Written by Tony Shackleford on March 7, 2025.

Lower earnings level This is the point at which employees are credited with their ‘Stamp’ – effectively paying employees NIC at 0%. The threshold for 2025/26 is £542 per month or...

lower earnings limit, NIC, NIC desription, NIC thresholds, primary threshold, Secondary threshold

IHT and CGT tax receipts

Written by Tony Shackleford on February 26, 2025.

IHT tax receipts for 2024/25 are forecast to be the highest on record, with tax revenue being in excess of £7.5 billion. The increase can be put down to the rapidly increasing house prices, which...

Capital gains tax, CGT, IHT, Inheritance Tax

Road Tax on Electric Cars

Written by Tony Shackleford on February 21, 2025.

From April 2025 road tax becomes payable by the owners of electric cars. Prior to this date no road tax was payable. The car tax rate will be £10 for the first 12 months for new cars. For cars...

Electric cars, electric cars road tax, Road tax, road tax on electric cars

Audit Threshold Chnages

Written by Tony Shackleford on February 17, 2025.

As a general rule, Small Companies are not required ot have their annual statutory accounts audited. From 6 April 2025 the definition of Small Companies is changing. In order for a company to be a...

Audit, Audit rules, audited accounts, Small companies

Tax Return Deadline

Written by Tony Shackleford on February 5, 2025.

HMRC have announced that in excess of 1 million tax payers failed to file their tax returns by the deadline of 31 January 2025. This represents about 8% of the total number of tax returns which had...

Late filing, Self Assessment Tax, tax return deadline

Increase In Tax Investigations

Written by Tony Shackleford on January 14, 2025.

HMRC appears to be focussing more efforts on tax complaince, which is resulting in more tax enquiries and an increase in tax recovered as a result. Tax enquiries in 2024 collected £45 billion in...

HMRC compliance, Tax avoidance, Tax Enquiries, Tax evasion

Impact of Freezing Tax Bands

Written by Tony Shackleford on January 14, 2025.

Largely as a result of the freezing of tax bands, the number of higher rate and top rate taxpayers has increased signficantly since tax year 2021/22. Higher rate taxpayers pay 40% tax and top rate...

Higher Rate Taxpayers, Tax Band Freezing, Top Rate Taxpayers. 40% tax

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