Blog - Holeys

24-04-2025

HMRC is closing its free Company Tax Return filing service – what your business needs to do now

From 31 March 2026, HM Revenue & Customs (HMRC) will permanently close its free online service for filing Company Tax Returns and annual accounts. If you currently

23-04-2025

Fewer HICBC penalties – a sign of success, or a reminder to stay compliant?

Recent data from HM Revenue & Customs (HMRC) shows a dramatic fall in penalties issued under the High Income Child Benefit Charge (HICBC) – from over 13,500

17-04-2025

Can nearshoring solve the economic confusion?

It is no secret that the ongoing trade wars, tariffs, and tense negotiations have left the world in a perilous place from an economic standpoint. The situation

16-04-2025

Making Tax Digital is expanding – here’s what sole traders need to know

A significant change is on its way for sole traders, with new rules set to reshape how income is reported and managed. From April 2026, individuals with

10-04-2025

Rising BADR rates bring MBO timing into sharper view

The idea of selling a business to its management team has long been part of succession planning in the UK. However, changes to the tax treatment of

09-04-2025

Late tax payments now charged at 8.5 per cent as HMRC hikes interest rate

Following changes to legislation, HM Revenue & Customs (HMRC) has revised the way it calculates interest on late and early payments, linking it more closely with the

03-04-2025

Will a discretionary trust prevent your home from qualifying for the residence nil rate band?

No one wants to pay more Inheritance Tax (IHT) than they have to. Knowing that there is the residence nil rate band to mitigate some of the

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