Trading Income

30 June 2025

Side hustlers urged to get tax returns sorted now
The rules around people with a side hustle and whether they need to complete a self-assessment tax return for the 2024/25 tax year

27 June 2025

Problems with self-employed National Insurance contributions - HMRC update
Class 2 National Insurance contributions and issues with 2024/25 tax assessments

13 June 2025

The use of simplified mileage rates by the self-employed: HMRC research
HMRC research exploring business usage of vehicles and simplified mileage rates

11 June 2025

Capital allowances - HMRC updates
HMRC’s updates on areas of uncertainty re capital allowances

05 June 2025

Wealthy individuals and mid-sized business tax compliance
HMRC research exploring wealthy customers’ views on links between their personal and mid-sized business tax compliance behaviours

04 June 2025

Numbers of taxpayers and registered traders
HMRC statistics related to the number of taxpayers and registered traders

02 June 2025

HMRC research on capital allowances and on the Annual Investment Allowance
HMRC research with claimants and eligible non-claimants of capital allowances and analysis of the Annual Investment Allowance

29 April 2025

Countdown to April 2026 launch of Making Tax Digital for income tax for sole traders and landlords
Making Tax Digital (MTD) for income tax. From 6 April 2026, it will be compulsory for sole traders and landlords with qualifying income in excess of £50,000 to use the MTD service to declare their income to HMRC

27 March 2025

Making Tax Digital extended to sole traders and landlords with income over £20,000 from April 2028
The Government’s plans to expand Making Tax Digital, exempt or defer certain taxpayer groups, improve end-of-year processes, and finalise the policy framework for penalty reform

20 March 2025

Self-assessment statistics and Making Tax Digital challenges
Why HMRC statistics show that, despite six million self-assessment returns having been filed using third-party software, involvement from the accounting profession will still be required when Making Tax Digital comes into force

13 March 2025

Up to 300,000 taxpayers will no longer be required to file a tax return
The Treasury’s plans to increase the income tax self-assessment reporting threshold for trading income, from £1,000 to £3,000 gross

17 February 2025

Electronic invoicing - new consultation
Government consultation on electronic invoicing

06 February 2025

Basis period reform - taxpayers awaiting overlap figures avoid late-filing penalty
How basis period reform affects unincorporated taxpayers, i.e self-employed sole traders and those trading in a partnership. Taxpayers still waiting for HMRC to provide an overlap figure have been given a reprieve from any late-filing penalties until the end of February

29 January 2025

Improving the data HMRC collects - consultation outcome
New requirements for information about the start and end dates of relevant business activities to be included in personal returns, trustee returns, and partnership returns, and for information about directorships, close companies, and dividend income from close companies to be included in personal returns

24 January 2025

3.4 million yet to file their tax return
Statistics on taxpayers who have filed their self-assessment tax returns and a reminder of how to start for those that haven’t

07 January 2025

Tax relief for personal pension contributions (self-employed) - a case study
The criteria for tax relief to be given for a self-employed individual paying into a personal pension and how that tax relief works