HLAS

If you are newly self-employed or have recently become a landlord, Self Assessment can often feel like one of those tasks you know you should fully understand, but never quite find the time to get to grips with. When is the tax actually due? Why does January always seem so costly? And what exactly is meant by a “payment on account”? In this article, we explain how Self Assessment tax payments work in practice, highlight the key deadlines to be aware of, and show how forward planning can help you avoid unwelcome surprises. Understanding Self Assessment payments Once your tax [...]

With around 10 weeks to go until the start of the new tax year, many businesses are starting to prepare for the changes being introduced under Making Tax Digital (MTD). From April, sole traders and landlords with income exceeding £50,000 will be required to submit quarterly updates to HM Revenue & Customs (HMRC). It is estimated that approximately 900,000 individuals will come within the scope of MTD in April. For those affected, this represents a significant change, and the sooner you begin preparing, the smoother the transition is likely to be. Using approved software MTD requires the use of compatible [...]

The Information Commissioner’s Office (ICO) has published a new report exploring how agentic artificial intelligence (AI) could soon function as digital personal assistants or shopping agents. According to the report, developments in AI mean that, potentially within the next five years, it could be used to make purchases, track sales, arrange financing agreements and negotiate prices with sellers. As users interact with and train their AI-powered personal agents, these systems could start making decisions and taking independent actions, anticipating needs and even completing proactive purchases. These so-called ‘AI-gents’ would be capable of checking personal bank accounts, evaluating how a purchase [...]

Fashion retailer Next has raised its annual profit forecast after Christmas trading proved stronger than expected. The company now anticipates annual profits of £1.15 billion, marking the fifth profit upgrade it has announced over the past year. Next reported that full-price sales in the nine weeks to 27 December 2025 increased by 10.6% compared with the same period last year. Within this, UK full-price sales over the Christmas period rose by 5.9%, while international revenues saw a much sharper increase of 38.3%. Despite the positive results, Next has warned that UK sales growth is expected to slow in 2026/27. The [...]

The Chancellor, Rachel Reeves, has asked the Office for Budget Responsibility (OBR) to publish an economic and fiscal forecast on 3 March 2026, which will be released alongside a statement to Parliament. As outlined in the Budget, the Spring forecast is intended to provide an interim update on the state of the economy and public finances, rather than a formal assessment of the government’s performance against its fiscal mandate. As a result, the forecast is not expected to lead to immediate changes in tax policy. However, the full implications will only become clear once the forecast has been published and [...]

The Department of Work and Pensions (DWP) has confirmed that all key auto-enrolment pension thresholds will remain unchanged for 2026/27. This means: The auto-enrolment earnings trigger stays at £10,000 - the annual pay above which employees must be automatically enrolled. The lower earnings limit remains at £6,240. The upper earnings limit remains at £50,270. These thresholds determine which employees are eligible for automatic enrolment and the portion of earnings in respect of which contributions need to be made. Employees who earn less than the earnings trigger can still opt in to their employer’s workplace pension. It’s important to remember that [...]

In an unexpected announcement, the government confirmed a significant change to the planned reforms of agricultural property relief (APR) and business property relief (BPR), which are due to take effect from 6 April 2026. Under the revised proposals, the full 100% inheritance tax relief will now apply to the first £2.5 million of qualifying assets, an increase from the previously announced £1 million threshold. As a result, a couple will be able to pass on up to £5 million of agricultural or business assets between them free from inheritance tax, in addition to the standard inheritance tax allowances that already [...]

HM Revenue & Customs (HMRC) has confirmed that more than 6.36 million people have already submitted their Self Assessment tax return for the 2024/25 tax year. However, HMRC estimates that around 5.65 million taxpayers still need to file, with the statutory deadline of 31 January 2026 fast approaching. Although it is still possible to submit your return right up to the deadline, leaving it until the last minute can restrict your options if key information is missing or if the tax bill turns out to be higher than anticipated. Filing and paying are two separate steps It is important to [...]

The beginning of a new year provides an ideal opportunity to pause and review how your business is performing. You are likely to have clear ambitions for your company, but you may also want it to support your wider personal goals. Many business owners make time periodically to reassess priorities so their business continues to align with their broader life objectives. This type of strategic planning requires stepping away from day-to-day operations to focus on the bigger picture. It involves clarifying where you want your business to be and mapping out the steps needed to reach that position. How to [...]

The table below sets out the HMRC advisory fuel rates from 1 December 2025. These are the suggested reimbursement rates for employees' private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that can be reimbursed in respect of business journeys without the amount being taxable on the employee. Previous rates are shown in brackets. You can also continue to use the previous rates for up to 1 month from the date the new rates apply. Note that for hybrid cars, you must use the petrol or [...]