Blog - Holeys

HMRC issues important tax warning to employers

02-04-2025

Are your payroll practices compliant with the new minimum wage rates?

1 April 2025 signalled the first wave of payroll changes for businesses to contend with this year, including the increase to the National Living Wage (NLW) and

01-04-2025

Too many businesses falling into VAT traps

VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes

01-04-2025

900,000 sole traders pulled into MTD for ITSA

The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension

01-04-2025

Labour introduces harsher penalties for late taxpayers

The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an

01-04-2025

Should you submit your tax return at the start of this tax year?

Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a

01-04-2025

Why capital allowances should be top of your to-do list this April

The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business

01-04-2025

Change to dividend reporting to affect thousands of owner-managed businesses

From 6 April 2025, many directors will need to report dividend income in much more detail in their Self-Assessment tax return. This change will affect an estimated

27-03-2025

Important updates to Making Tax Digital and late payment rates you might have missed in the Spring Statement

This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property. Firstly, there will be tougher penalties

26-03-2025

Time is running out to make personal pension contributions for the 2024/25 tax year

The end of the tax year is fast approaching, and if you are considering making personal pension contributions, it is important to plan ahead to avoid missing

20-03-2025

Capital Gains Tax clampdown – What HMRC’s surge in investigations means for you

HM Revenue & Customs (HMRC) has intensified its efforts to track down unpaid Capital Gains Tax (CGT), with recent figures showing an increase in compliance activity. The

19-03-2025

What are the Inheritance Tax benefits of writing a life insurance policy in trust?

Inheritance Tax (IHT) remains a concern for many individuals seeking to preserve family wealth across generations. These concerns have been amplified by the announcements in the Autumn

13-03-2025

Welcome news for thousands as Income Tax reporting threshold set to increase

In a move to simplify tax compliance and boost the economy, the Government has announced that the Income Tax Self-Assessment (ITSA) reporting threshold will rise from £1,000