Amin & Co Accountants Manchester

The tax return for the 2024–25  tax year is now due. You still have time to submit it online by 31 January 2026 . Filing early is strongly recommended — it helps you: ✅ Avoid last-minute stress ✅ Identify any potential tax savings ✅ Plan and manage payments more efficiently ✅ Ensure accuracy and avoid HMRC enquiries 🔔  Important: If you fail to file  your return or do not pay  the tax due by the deadline, HMRC will automatically issue a £100 penalty , even if no tax is owed

Frozen tax thresholds & “stealth” rise The government will freeze the thresholds for income tax and National Insurance until April 2031. Because wages tend to rise over time, freezing thresholds effectively pushes more people into higher tax bands (“fiscal drag”). According to official forecasts, by 2029-30 this change alone will raise around £8 billion for the Treasury. Total new tax-raising measures announced amount to about £26 billion per year by 2029-30. New tax on expe

HMRC is giving employers advance notice that the Department for Education (DfE) has introduced a new student loan Plan type 5. Repayments are due to begin from 6 April 2026. Key details include that: Plan 5 will be operated and collected in the same way as current plan types 1, 2 and 4 the earliest repayments will start for PAYE is 6 April 2026  the annual repayment threshold will be £25,000 repayments will be made at 9% on earnings over the £25,000 threshold employers will s