Tax and Accounting Blog
Explore expert insights on tax consultancy, self-assessments, and more from IB Tax & Accounting. Stay informed with our professional advice.
Making Tax Digital for Income Tax: Time Is Running Out — Are You Prepared?
Starting April 2026, the UK tax system is taking a major leap forward. Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will become mandatory for sole traders and landlords earning over £50,000, and many are still unaware of what this means for them — or how to get ready.
Worryingly, recent research shows that nearly a third of sole traders who will be affected have never heard of MTD, and nearly half of those who have say they’re not yet prepared.
Essential Reporting Updates for Business Owners from 2025-26
HMRC has been gradually narrowing the scope of who needs to file a Self Assessment tax return. But for those who remain within the system — especially company directors and business owners — new rules from the 2025–26 tax year will introduce additional reporting requirements that should not be overlooked.
Selling a UK Property: Tax Reporting Requirements and Implications You Need to Know
Whether you’re an individual homeowner, a landlord, or a non-resident investor, selling a property in the UK comes with important tax obligations. At IB Tax & Accounting, we help clients navigate the complexities of property taxation, ensuring they stay compliant and make informed decisions. In this post, we’ll break down the key tax requirements and implications you should be aware of when selling a UK property.
2025 Guide to Property Incorporation for UK Landlords: Tax Avoidance and HMRC Alerts
In recent years, incorporating buy-to-let properties into a limited company has become an increasingly popular strategy among UK landlords seeking to mitigate rising tax burdens. However, HMRC has started to push back, warning that some incorporation strategies may cross the line into tax avoidance. Here’s what you need to know if you’re considering—or have already undertaken—property incorporation in 2025.
Understanding Reverse VAT and the CIS Scheme in the UK Construction Industry
The construction industry has long been a focal point for tax authorities due to the complexities involved in transactions and the potential for tax evasion. To tackle this issue and improve tax compliance, the UK government has introduced two significant measures: Reverse VAT and the Construction Industry Scheme (CIS). These two systems are crucial for businesses within the construction sector, ensuring proper VAT collection and tax deduction at the source. Understanding these mechanisms is essential for contractors, subcontractors, and anyone involved in the UK construction industry.
In this article, we’ll explain Reverse VAT (also known as the reverse charge mechanism) as it applies to the construction industry and outline the key components of the CIS.
The 2024/25 Tax Year Has Ended – Let’s Get Your Tax Return Sorted!
As of April 5th, the 2024/25 tax year has officially wrapped up – which means it’s time to start thinking about your tax return. Whether you’re a sole trader, a company director, a landlord, or someone with multiple income sources, getting on top of your tax return early can save you time, stress, and possibly even money.
At IB Tax & Accounting Ltd, we’re here to make the process as smooth and straightforward as possible.
Making Tax Digital for Sole Traders and Landlords
Starting from April 2026, a significant change is coming to the way self-employed individuals and landlords manage their tax affairs in the UK. The government is rolling out Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), which will require sole traders and landlords to keep digital records and submit tax returns quarterly instead of annually. This shift aims to simplify tax reporting, reduce errors, and increase efficiency for both businesses and HMRC. In this blog post, we’ll dive into what this change means, who will be affected, and how to prepare for the transition.
New Companies House ID Verification Changes Coming in 2025: What You Need to Know
In 2025, Companies House is set to implement a major overhaul of its company registration process, introducing mandatory identity verification for directors, company secretaries, and individuals with significant control over a company (also known as Persons of Significant Control or PSCs). This change is designed to combat financial crime, increase corporate transparency, and align with international standards for anti-money laundering (AML) practices.
A key part of this new process will involve the use of Accredited Companies Service Providers (ACSPs) to assist with the identity verification of key individuals involved in the creation of a company. If you’re a business owner, accountant, or advisor, it’s crucial to understand what these changes entail and how the verification process will work.
The Exchange of Information Between Crypto Platforms and HMRC: What You Need to Know
The landscape of cryptocurrency regulation has been evolving rapidly, especially in the UK, where tax authorities are increasingly focused on ensuring that crypto-related transactions are properly reported and taxed. One key development in this regulatory space is the exchange of information between cryptocurrency platforms and Her Majesty’s Revenue and Customs (HMRC).
But what does this mean for crypto users—whether investors, traders, or businesses—and how does it impact the broader crypto ecosystem? Let’s break down the key elements of this process, its implications, and what you need to be aware of.
Optimizing Adjusted Net Income: A Guide to Preserving Benefits and Tax Allowances Before April 2025
As the UK tax year ends on 5 April 2025, individuals who are close to certain income thresholds must take stock of their financial situation and consider strategies to optimize their Adjusted Net Income (ANI). By making strategic financial decisions, such as increasing pension contributions or making charitable donations, it is possible to preserve important benefits and allowances, such as the Personal Allowance or Free Childcare Hours. In this post, we’ll explore how these elements work, and how you can make adjustments before the deadline to optimize your financial position.
Preparing for the Tax Year End 5 April 2025: Time to Get Ready for Your Self-Assessment Tax Return
The tax year is drawing to a close, and the deadline to submit your Self-Assessment tax return is fast approaching. For those who are self-employed, have additional income streams, or need to report complex financial affairs, now is the time to start preparing for the tax year end on 5 April 2025. Whether you’re new to the Self-Assessment process or you’ve been filing for years, proper planning and early preparation are key to ensuring you meet the deadline and avoid any penalties or interest charges.
In this article, we’ll discuss the key deadlines, important tax considerations, and how our practice can assist you in filing your tax return efficiently, minimizing your tax liabilities, and maximizing available reliefs.
The New FIG Regime: What Non-Doms Need to Know from April 2025
The UK government is introducing a significant overhaul of the taxation system for non-UK domiciled (non-dom) individuals, with a key change being the new Foreign Income and Gains (FIG) regime, effective from April 2025. This reform is designed to simplify tax structures and ensure fairness, especially for those with foreign income and gains. If you are a non-dom, understanding these changes is critical to optimizing your tax position. Here’s what you need to know about the FIG regime and how our tax practice can support you.