Get ready for more research and development changes

On top of the major changes to research and development (R&D) tax relief that took effect from 1 April 2023 there are yet more changes that take effect from 1 April 2024.

HMRC publish more details for MTD for income tax reports

Making Tax Digital for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with gross income of £50,000 or more, and the threshold then reduces to £30,000 from 2027/28.

Diary of main tax events April/May 2024

See below the diary of main tax events for March/April 2024. Please contact our team if you wish to discuss any of these deadlines further.

Changes to the basis of Assessment

The method of taxing the profits of unincorporated businesses changed significantly in 2023/24 and will also change from 2024/25 onwards. This was originally intended to align with the introduction of Making Tax Digital for Income Tax Self-Assessment (MTDITSA), which will now start to be phased in from 2026/27.

Changes to furnished holiday lettings from 6 April 2025

As announced in the Spring Budget, the beneficial tax treatment of furnished holiday lettings (FHLs) will be abolished from 6 April 2025, when the business will start being taxed in the same way as other residential property businesses.

Many couples may need to restart child benefit claims

The changes to the High Income Child Benefit Charge (HICBC) announced in the Spring Budget have now been incorporated into the latest Finance Bill and are scheduled to take effect from 6 April 2024.

Tell HMRC about unpaid tax on cryptoassets

Make a voluntary disclosure of any unpaid tax if you have income or gains from cryptoassets, including exchange tokens, NFT’s and utility tokens.

Corporate and business tax outlined in the Spring budget 2024

Corporation tax rates and thresholds remain at the levels used in the year to 31 March 2024 as follows:

Employment tax changes in the Spring Budget 2024

As announced in Autumn Statement 2023 and in effect since 6 January 2024, the main rate of Class 1 National Insurance Contributions (NICs) has already reduced from 12% to 10%.

Report and pay your Capital Gains Tax

If you sold a property in the UK on or after 6 April 2020: You must report and pay any Capital Gains Tax due on UK residential property within: