MK Accountancy Services

06/02/2026

📢 Important Update: Do You Fall Under Making Tax Digital (MTD)?

HMRC is changing the way self‑employed individuals and landlords report their income. Some people will now fall under Making Tax Digital (MTD), and it’s important to understand whether this applies to you.

👉 Who falls under MTD?

You will be included in MTD if:

You are self‑employed (sole trader)

OR you receive property rental income

AND your total income from these sources is £50,000 or more per year (from April 2026)

This threshold is based only on your business and/or property income — your employment salary does not count towards the £50,000.

(From April 2027, the threshold will reduce to £30,000.)

👉 What does MTD mean for you?

If you fall under MTD, you must:

Submit your income and expenses every three months (quarterly)

Send a final submission at the end of the tax year

Use HMRC‑approved digital software to keep records and send updates

This replaces the old once‑a‑year tax return for those affected.

👉 Need help?

We know this is a big change, and many clients are unsure what they need to do. If you’re not sure whether you fall under MTD, or if you’d like us to handle the quarterly submissions for you, please get in touch.

📞 Contact us to discuss your situation and our fees.
We’re here to make the process simple and stress‑free.

MK Accountancy Services – Keeping you compliant, organised, and stress‑free.

Call now to connect with business.

26/11/2025

Rachel Reeves’ Autumn Budget on 26 November 2025 introduced £26bn in tax rises, a mansion tax on high-value homes, frozen income tax thresholds until 2030, and the scrapping of the two-child benefit cap.

Here’s a structured breakdown of the key measures:

💰 Taxation
Income tax thresholds frozen until 2030

780,000 more basic-rate, 920,000 more higher-rate, and 4,000 more additional-rate taxpayers by 2029.

Mansion tax / council tax surcharge

Properties worth over £2m face annual charges between £2,500–£7,500, raising £400m by 2031.

Savings, dividends, and property income tax

Rates increased by 2 percentage points.

Salary sacrifice cap

Pension contributions via salary sacrifice capped at £2,000 annually by 2029.

Electric vehicles

New pay-per-mile tax introduced, expected to raise £1.4bn.

Fuel duty

Frozen until September 2026, then gradually reversed.

Gambling industry

Remote gaming duty raised from 21% to 40% (2026), betting duty at 25% (2027), raising over £1bn.

🏠 Benefits & Welfare
Two-child benefit cap scrapped from April 2026

Expected to reduce child poverty by 450,000 children, costing £3bn by 2029–30.

Benefits uprated with inflation from April 2026.

📈 Economy & Growth
GDP forecasts: 1.5% growth in 2025, slowing to 1.4% in 2026.

Inflation: 3.5% in 2025, 2.5% in 2026.

Fiscal headroom: Reeves claims £21.7bn buffer against debt rules.

👩‍👩‍👧 Households & Living Costs
Energy bills: Average household reduction of £150 from April 2026.

Prescription charges: Frozen for 2026.

Rail fares: Frozen for 2026/27, saving £600m across journeys.

👵 Pensions & Wages
State pension: Rises by 4.8% from April 2026, around £550 per year.

National minimum wage: Increased to £12.71/hour for over-21s from April 2026.

NI on salary-sacrificed pensions: Applied from April 2029, raising £4.7bn annually.

🏫 Public Spending
Schools & NHS: New investment pledged to fix “crumbling classrooms” and boost healthcare.

Local authorities: £13bn of additional flexible funding for mayors; devolved governments receive £1.7bn combined.

Apprenticeships: Training for under-25s free for small businesses, backed by £820m

24/09/2025

How to Verify Your Identity with Companies House: A Step-by-Step Guide

22/09/2025

04/02/2025

https://www.bbc.com/news/articles/cdjdm9mrdzxo

Thousands of people left it to the last minute before the cut-off at the end of Friday.

14/01/2025

"Don't Delay, File Today – Beat the 31st January Self-Assessment Deadline!"

07/11/2023

https://www.mirror.co.uk/money/hmrc-launch-major-crackdown-millions-31177915

28/03/2022

Accountants & Tax Consultants