Blog - Holeys

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

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