Watson Knipe Blog

From 6 April 2026, the way landlords report their income to HMRC is set to undergo significant changes. The UK Government's Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) initiative will require many landlords to switch from filing annual tax returns to submitting quarterly digital returns.

Making Tax Digital (MTD) is transforming the way businesses report their finances to HMRC. Designed to make tax administration more effective, efficient, and easier for taxpayers, MTD requires businesses to maintain digital records and submit quarterly updates using compatible software.

Managing payroll is one of the most critical yet complex tasks for any business. Whether you're a sole trader, a Limited Company, or a Partnership with employees, payroll is not just about paying staff.

HMRC has announced a significant step forward in its drive to modernise the UK tax system with the launch of a new online PAYE service.

Having worked with landlords and property investors for many years, a frequently asked question is 'should I operate as an SPV or not'.  So, we wrote this article to help you understand whether this is a good option for you.

We have written this article summarising what company directors need to know about the new Economic Crime and Corporate Transparency Act.

For many, tax returns are something to be dealt with ‘later’, a task pushed to the edge of the January deadline. But more people are choosing to file theirs earlier in the tax year. In fact, HMRC recently reported that nearly 300,000 people submitted their 2024 to 2025 return in the first week after 6 April 2025 – HMRC article.

As of June 15, 2025, a major overhaul of the Energy Performance Certificate (EPC) system took effect. The new methodology, known as RdSAP 10, marks the most significant change in over a decade to how domestic energy efficiency is assessed. For landlords and property investors, this is not just an administrative update; it is a strategic shift with direct implications for compliance, costs, and property value.

Starting your own business is an exciting step. Often, it is driven by passion, a product, skill or service you believe in and want to share with the world. But passion alone is not enough. Building solid foundations is critical if you want your business to thrive in the long term. Here are five things every start-up needs to consider from the outset.

From 6 April 2025, changes to the Employment Allowance (EA) and employer National Insurance contributions (NICs) will impact many UK businesses. These updates are designed to support smaller employers, but they come alongside an increase in the cost of employing staff. Here is what you need to know.

The rise in homeworking has transformed how tenants use rental properties, leading to increased wear on furnishings, carpets, and appliances. As a landlord, understanding how fair wear and tear is defined and how it affects what you can claim is essential for effectively managing your rental business and tax liabilities.

From April 2026, all unincorporated businesses and landlords with income over £50,000 must comply with Making Tax Digital for Income Tax (MTD ITSA). This follows the MTD rules already in place for VAT. The move to digital reporting is not optional, and choosing the right software now will make the transition smoother and more efficient.

From 6 April 2025, HMRC implemented a significant change that will affect taxpayers across the UK, including many businesses and property owners. As part of a broader shift announced in the 2024 Autumn Budget, the interest charged on late tax payments will increase significantly, rising by 1.5%.

The government announced increased rates to the National Living Wage (NLW) and National Minimum Wage (NMW) in the Spring Budget 2025.  This increase reflects the government's commitment to aligning wages with the cost of living.

We wanted to let you know about the changes to Child Benefit effective from 7 April 2025. Families will receive a financial boost, thanks to increases in Child Benefit payments.

The increased payments for families are shown below. These payments, made every four weeks, are automatically transferred to bank accounts, helping to ease household budgeting.

Chancellor of the Exchequer Rachel Reeves held the spring statement on Wednesday, 26th March 2025. In the run up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and in turn, to support the government's growth mission’.

At Watson Knipe, we're committed to supporting small businesses through important changes in tax reporting. One of the biggest changes on the horizon is the rollout of Making Tax Digital for Income Tax (MTD for ITSA). The next phase becomes mandatory in April 2026, and it's important to start preparing now to avoid disruption later.

From April 2026, businesses and landlords with over £50,000 must comply with Making Tax Digital (MTD) for Income Tax. This means using HMRC-approved software to keep digital records and send quarterly updates to HMRC instead of filing a self-assessment tax return.

The Autumn Budget 2024 introduced significant changes to National Insurance Contributions (NICs) that will directly impact company directors, particularly those who take a minimal salary for tax efficiency.

From 6 April 2024, the main rate of Class 1 employee NICs will reduce to 8%, while the employer rate remains at 13.8%.

The Autumn Budget 2024 introduced significant changes to Stamp Duty Land Tax (SDLT), which is set to reshape the property market. SDLT is calculated on increasing portions of the property price, and the liability depends on several factors: