HMRC to target personal tax relief claims in digital campaign

Do you think it is too early to think about submitting your personal tax return? 16 weeks or 117 days, sounds like plenty of time, until you think you really think about it: You don't want to be thinking about that during Christmas time and doing this in January can lead to added stress and higher accountancy fees for a faster turnaround and then less time to prepare for the tax payment. ⏱️ The deadline for submitting your personal tax return is 31 January. 🌈 The other option? We always recommend getting this done well in advance of the deadline, giving you peace of mind and having plenty of time to plan for any tax payments. Between April and July is best, but no one really wants to be doing tax returns in December or January. 🎄 Be aware that HMRC will automatically issue penalties for late filing and payments.

HMRC is writing to taxpayers who may have failed to include all of their dividend income from shares in UK companies on their income tax self assessment tax return for 2023/24. In the letter, HMRC asks the taxpayer to check that their ITSA tax return for 2023/24 includes the correct amount of dividend income. If the taxpayer finds that they have made an error on their return, they should amend the return by 31 January 2026. HMRC says that it will charge interest on any tax paid late and that it may charge a penalty where an error has been made. Where a penalty is charged, HMRC may apply a reduction depending on how helpful the taxpayer is in working with HMRC to correct the error. *Brook & Co’s advise: Although the letter focuses on UK dividends for 2023/24, taxpayers should ensure that they correct any and all errors on ITSA tax returns filed previously. HMRC’s guidance explains how to do this, including where the deadline for amending a return has passed. Common areas where errors may be made include overseas income, rental income and disposals for capital gains tax. Follow Brook & Co for more tax news and tips. 📍 Offices in Brackley and Milton Keynes. Get in touch now. 📧 info@brookandco.com 💻 www.brookandco.com

🚨 Important HMRC Deadline Reminder 🚨 If you became self-employed or need to complete a Self Assessment tax return for the first time for the 2024/25 tax year, you must register with HMRC by 5 October 2025. 💡 Why it matters: Registering tells HMRC that you need to file a return. If you register late, HMRC will still expect you to pay any tax due by 31 January 2026 — even if your filing deadline moves. Paper returns must reach HMRC by 31 October 2025 to avoid late filing penalties. 👉 Key dates at a glance: 5 October 2025 – register for Self Assessment if you haven’t filed before. 31 October 2025 – deadline for paper tax returns. 31 January 2026 – deadline to pay any tax owed (and to file online returns). If you’re unsure whether you need to register or file, it’s better to check early — penalties for missing deadlines can be costly. 💼 If you’d like help with registering or preparing your Self Assessment, feel free to reach out — we help individuals and businesses stay compliant and avoid unnecessary fines.

R&D tax relief stats 💡 HMRC recently released statistics covering R&D tax relief claims made for the 2023/24 tax year ❗ The headlines - total tax relief claimed of £7.6bil, corresponding to R&D expenditure of £46.1bil, across an estimated 46,950 claims 💷 Interestingly, though the total number of claims made decreased by 26% from the prior year, the amount of relief claimed only fell by 2%. The reduction largely coming from smaller claims under the SME scheme. This was the first full year that all claims required an Additional Information Form to accompany them, introduced to improve compliance and combat fraud & error. The year also saw the SME scheme become less generous - a mix of these things may be impacting the number of smaller companies claiming this key relief. #RandD #taxrelief #innovation #SME #RDEC

R&D Tax Relief: HMRC’s latest report sends a clear signal 🚨 HMRC’s 2024-25 Annual Report came out at the end of July – all 388 pages of it – and there’s one message loud and clear: R&D tax relief is here to stay, but scrutiny is increasing. Highlights from the report included: 💰 £8.2 billion claimed in R&D tax relief (up from £7.7 billion) ⚡ 90% of claims processed within 40 days (smashing HMRC’s 85% target) 🤖 AI-powered fraud detection and faster digital services 📈 Record tax revenues of £875.8 billion For innovative businesses, this means more certainty, quicker claims and higher compliance, especially around documentation and eligibility. The game’s changing – and the Cooper Parry Innovation team is here to help you stay ahead. Read the full summary of HMRC’s Annual Report by @Donna Challinor here: https://lnkd.in/eEd9HjGP Whether you’re new to R&D tax relief or navigating the new merged scheme, our team of specialists can help you navigate these changes to ensure you remain fully compliant.   #Innovation #RDTaxRelief #HMRC #CooperParry #Tax #R&D #BusinessGrowth

HMRC has introduced a new service which allows landlords and the self-employed to apply for exemption from Making Tax Digital for income tax.  Find out more  - https://lnkd.in/esMZUQVK #HMRCnews #MTD #makingtaxdigital

R&D Tax Relief: HMRC’s latest report sends a clear signal 🚨 HMRC’s 2024-25 Annual Report came out at the end of July – all 388 pages of it – and there’s one message loud and clear: R&D tax relief is here to stay, but scrutiny is increasing. Highlights from the report included: 💰 £8.2 billion claimed in R&D tax relief (up from £7.7 billion) ⚡ 90% of claims processed within 40 days (smashing HMRC’s 85% target) 🤖 AI-powered fraud detection and faster digital services 📈 Record tax revenues of £875.8 billion For innovative businesses, this means more certainty, quicker claims and higher compliance, especially around documentation and eligibility. The game’s changing – and the Cooper Parry Innovation team is here to help you stay ahead. Read the full summary of HMRC’s Annual Report by @Donna Challinor here: https://lnkd.in/eGibgsWc Whether you’re new to R&D tax relief or navigating the new merged scheme, our team of specialists can help you navigate these changes to ensure you remain fully compliant.   #Innovation #RDTaxRelief #HMRC #CooperParry #Tax #R&D #BusinessGrowth

HMRC launches eligibility tool for R&D tax relief - In a bid to reduce errors and simplify applications for R&D tax credits, businesses can now check eligibility on an HMRC tool before submitting a claim https://lnkd.in/dwcpTt5y

TREASURY, IRS ISSUE REGULATIONS TO REDUCE THE AMOUNT OF THE USER FEE FOR TAX PROFESSIONALS WHO APPLY FOR OR RENEW A PTIN https://loom.ly/JOm3154

UK tax system faces major digital overhaul starting in 2026 • HMRC will begin its most significant tax system transformation in decades from April 2026, when Making Tax Digital for Income Tax becomes compulsory for nearly one million sole traders and landlords with income above £50,000.  • The new system replaces traditional Self Assessment tax returns with quarterly digital updates and year-end declarations submitted via third-party software, with income thresholds reducing to £30,000 in 2027 and £20,000 in 2028.  • Exchequer Secretary Daniel Tomlinson outlined HMRC’s three priorities at the September 2025 Stakeholder Conference: enhancing digital taxpayer services, reducing the tax gap through 5,500 new compliance caseworkers, and modernising the tax system.  • The reforms include plans to enable employees to pay the High Income Child Benefit Charge directly through PAYE tax codes, potentially removing the need for self-assessment for thousands of taxpayers.  • These changes come as the government faces increasing fiscal pressures ahead of the Autumn Budget, with improved third-party data collection from financial institutions and possible reforms to business rates under consideration. #MakingTaxDigital #TaxReform2026 #HMRCChanges #SoleTraders #SmallBusiness #TaxCompliance #BusinessOwners #TaxPlanning #UKBusiness #TaxAdvice Ashton Care Group