The introduction of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)  from April 2026  marks one of the most significant overhauls to the UK tax system in recent years. Alongside digital record‑keeping and quarterly reporting, HMRC is introducing brand‑new penalty regimes  for both late filing and late payment. Penalty Dice And the new rules won’t only apply to digital filers. As confirmed in the 2025 Budget , these penalty regimes will extend to all self assessme

The festive season brings joy, celebration, and—if you’re a business owner—a flurry of spending decisions. Between planning staff parties, choosing gifts for clients, and considering bonuses, one question often arises: Which of these expenses can actually reduce my tax bill? Christmas Gifts The good news: HMRC provides clear guidance on what qualifies as deductible. If you’re self-employed or run a business, understanding these rules could save you thousands. Let’s break it d

After all the speculation, we now know what is in the budget. Who are the winners and the losers?