Trading Income

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 Ł50,000 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 Ł20,000 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 Ł1,000 to Ł3,000 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

06 December 2024

Online platforms to start sharing some user sales and personal data with HMRC from January 2025
HMRC’s changes affecting online platforms. HMRC has issued a press release reminding people there are no changes to tax rules for people selling their unwanted possessions online

15 November 2024

Changes to the National Insurance contributions (NICs) and the Employment Allowance from 6 April 2025
The decrease in the the NICs Secondary Threshold, consequences for the incorporation decision of the increase in employer NICs