Tax Briefings & News - Potts & Co Accountants Ltd

Nov 11 2026

Making Tax Digital For Income Tax

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Tax Returns

The new digital record-keeping requirements will come into effect from April 2027 for individuals with gross self-employment and/or property income ('qualifying income') above £30,000. If you are a sole trader and/or a landlord and your qualifying income on your 2025-26 tax return is above £30,000, before deducting expenses, you will…

Nov 10 2026

Business Asset Disposal Relief Slashed

By admin Business Asset Disposal Relief (BADR), Capital Gains Tax, Capital Losses, HMRC, Potts & Co Accountancy & Business Advice News

Business asset disposal relief (BADR) offers a reduced rate of Capital Gains Tax (CGT) when you sell a business; shares in your company; or qualifying business assets, subject to certain conditions. For the tax years 2026-27 and 2027-28 eligible disposals benefit from a CGT rate of 18%. For qualifying disposals…

Nov 09 2026

Property & Savings Tax Increased

By admin Budget Update, HMRC, Income Tax, Potts & Co Accountancy & Business Advice News

The income tax rates applying to property and savings income were due to increase by two percentage points from April 2027, as announced at Budget 2025. The Chancellor has now announced plans to add a further two percentage points taking the total increase to four percentage points at each level…

Sep 12 2026

Check Deadlines With New HMRC Tool

By admin Construction Industry Scheme (CIS), HMRC, PAYE, Potts & Co Accountancy & Business Advice News, VAT

Keeping track of deadlines can be challenging, particularly for businesses with several different tax obligations. HMRC has introduced a new online tool to help taxpayers check when important returns and payments are due. It can be used to check deadlines for a range of taxes including PAYE; VAT; construction industry…

Sep 11 2026

Changes To The VAT Capital Goods Scheme

By admin Capital Allowance, Capital Expenditure, Capital Gains Tax, Capital Losses, HMRC, Potts & Co Accountancy & Business Advice News, VAT Capital Goods Scheme (CGS)

If you acquire, create or construct capital items for use in a business and you incur VAT on those items, you may need to use the VAT Capital Goods Scheme (CGS) on your VAT returns. The CGS is a mechanism that adjusts the amount of VAT a business can recover…

Sep 11 2026

Fill In National Insurance Gaps

By admin HMRC, National Insurance, Potts & Co Accountancy & Business Advice News, Self-Employment

HMRC has identified an issue that may affect some taxpayers who became self-employed between 2015 and early 2024 and have missing qualifying national insurance years. The issue mainly affects individuals who registered as self-employed between 2015 and 2024 but were not correctly linked to HMRC's national insurance system. This may…

Sep 10 2026

Electric Vehicle Excise Duty

By admin Electric Cars, Electric Vehicle Excise Duty (eVED), HMRC, Potts & Co Accountancy & Business Advice News

A new mileage-based charge for electric vehicles (EVs) and plug-in hybrids known as electric vehicle excise duty (eVED) is due to come into effect from 1 April 2028. The charge is intended to ensure that drivers of electric and plug-in hybrid vehicles contribute towards motoring taxation as the use of…

Sep 09 2026

Third-Party Information Targets Landlords

By admin HMRC, Landlords, Potts & Co Accountancy & Business Advice News, Property

If you receive income from renting out property you may receive a letter from HMRC asking you to check the figures on your tax returns HMRC receives information about landlords from third parties and other sources, including tenancy deposit schemes. It is writing to landlords where this data does not…

Sep 08 2026

Tax Overcharged On P800 Calculations

By admin HMRC, P800, Potts & Co Accountancy & Business Advice News, Tax Refunds

Many taxpayers have overpaid income tax under the P800 system due to a flaw in HMRC's calculation method. As part of its annual PAYE reconciliation process at the end of each tax year, HMRC compares the amount of tax deducted from wages and pensions with the amount that was actually…

Sep 07 2026

First Quarterly Update Deadline For MTD

By admin HMRC, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Penalties, Potts & Co Accountancy & Business Advice News

The deadline for filing the first quarterly update (QU) under MTD for income tax has now passed, but QUs still need to be filed. Self-employed individuals and landlords with combined annual income, before deducting expenses, of £50,000 or more should have submitted their first QU using HMRC-approved software by 7…