Opus Insights
Insights
Tax, compliance and business commentary, updated as the rules change.
Showing 1–18 of 18 articles in Income Tax
Autumn Budget 2026 – Personal Tax changes
The Autumn Budget 2026 saw no changes to the Income Tax thresholds. From next April, the personal allowance will remain at £12,570, while the basic rate limit remains £37,700 and the higher rate thres…
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Autumn Budget 2026 - Increase in Trading Allowance
It was announced as part of the Autumn Budget measures that the Trading Allowance will increase from £1,000 to £3,000 from 6 April 2027. The increase will help people earning small amounts from tradin…
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HMRC targets company shareholders
HMRC is in the process of writing to some individuals defined as a ‘Person of significant control’ (PSC) to raise awareness of potential tax liabilities and to help ensure their self-assessment tax re…
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New HMRC tax assessments for savings interest
HMRC is beginning to issue tax calculation letters (P800) and Simple Assessment notices (PA302) to collect any tax owed on bank and building society interest earned during the 2025-26 tax year.…
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New tax return requirements for company directors
Company directors who complete a self-assessment tax return should be aware of new mandatory reporting requirements that came into effect from the 2025-26 tax year. The changes mainly affect directors…
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Paying the 2025-26 Child Benefit tax charge
Taxpayers who need to pay the High Income Child Benefit Charge (HICBC) for 2025-26 may be able to pay it through PAYE rather than completing a self-assessment tax return solely to report the charge.…
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HMRC targets undeclared medical consultancy income
HMRC is writing to individuals it believes may have failed to declare consultancy income from private healthcare providers on their self-assessment tax returns. The letters follow information received…
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HMRC sending 1.8m Simple Assessment letters
Some taxpayers have already started to receive Simple Assessment letters from HMRC for the 2025-26 tax year, with a further tranche due to be sent between October and December 2026.…
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New self-assessment registration service launched
HMRC has launched an improved online service to make it easier for individuals to register for self-assessment. Anyone who needs to submit a tax return for the first time for the 2025-26 tax year shou…
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Could simplified expenses save you time and money?
Self-employed people can choose to use simplified expenses to calculate certain business costs using flat rates rather than working out their actual expenses.…
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Business expenses when costs have a private element
Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private element, only the business proportion can norm…
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Received a P800 from HMRC?
HMRC is currently carrying out its annual reconciliation of PAYE for the 2025-26 tax year. Between June and November, HMRC calculates the Income Tax paid by individuals and checks whether the correct…
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Evidence required to support business expense claims
Self-employed individuals can deduct allowable business expenses from their income when calculating taxable profits. However, businesses must keep accurate records and evidence to support the costs be…
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Is your business eligible to use cash basis accounting?
Cash basis accounting is a simplified method used by sole traders and other unincorporated businesses to work out income and expenses for self-assessment in a straightforward manner.…
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Making the most of the £1,000 property allowance
The £1,000 property allowance is a helpful for individuals with small amounts of property income. The allowance provides a tax exemption of up to £1,000 a year against gross property income, meaning s…
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Claiming the correct tax relief for work mileage
Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be made tax-free up to HMRC’s approved amount, calculate…
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Averaging profits if income fluctuates
Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by levelli…
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Tax relief if replacing tools or equipment
If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief from HMRC. Eligible tools include items such as scissors, small hand tools and electric dri…
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