Trouble viewing file? Download it here instead.

If you provide employees with a company van (or fuel for private use) the benefit-in-kind charges are going up again next tax year. These charges are increased annually in line with the Consumer Price Index, and the 2026/27 figures have now been confirmed. The benefit applies if an employee: Has a company van available for private use Receives fuel for private journeys in a company van Receives fuel for private use in a company car It’s worth noting that the van charges are fixed flat rates, while company car fuel uses a multiplier system. Here’s how the numbers compare:

Late January can hit hard—especially if you suddenly realise you need to file a tax return but haven’t even told HMRC yet. Don’t worry, you’re not alone. This happens more often than you think, particularly if you’re a first-time filer or returning to Self Assessment after the Christmas break! Usually, HMRC expects you to let them know you’re liable for Income Tax or Capital Gains Tax by 5 October following the end of the tax year. If you miss the 5 October deadline, you could face penalties, but if you act quickly you can significantly reduce them. So, if it’s late January and you realise you’ve missed the notification deadline, the most important thing is to act immediately: Register for Self Assessment online as soon as you can. Work out your tax liability and pay it by 31 January. If you haven’t received your Unique Taxpayer Reference (UTR) yet, you can still use your National Insurance number. Paying the tax you owe on time can reduce the risk of penalties, as HMRC will base fines on any ‘potential lost revenue.’ Any HMRC penalties will depend on: How late your notification was Whether your disclosure was prompted by HMRC or unprompted Whether the failure was deliberate The penalty will be 0% if the notification was unprompted and not deliberate, but it could be up to 100% of the tax due for “deliberate concealment”. You might avoid penalties entirely if you have a reasonable excuse, weren’t deliberately late, and notified HMRC without unnecessary delay! Once you’re registered, submit your tax return as soon as possible to avoid more late filing penalties. Remember, the deadline is the 31st January after the tax year or three months after HMRC issues the notice. If you’ve filed your tax return before, don’t create a new account. Doing so can delay processing and mess up your tax calculations. Instead, reactivate your existing Self Assessment record by calling the Agent Dedicated Line or completing form SA1. If you have received a late tax return notification, don’t panic! Give Rustrick Accountants a call on 01622 738165 and the friendly team will sort it out for you and reduce the penalties by as much as possible

Changes to Business Property Relief

Trouble viewing file? Download it here instead.

Trouble viewing file? Download it here instead.

If you sell a property for more than you paid for it, the difference is liable to Capital Gains Tax (CGT). In 2025/26, you will be liable to 18% CGT when your income and gains fall in the basic rate band. You will be charged up to 24% if it is over the basic rate band. This actually works out as you paying a mixed rate, i.e 18% and 24%, and the difference in these rates can reduce the CGT bill on the sale of assets. Before your CGT exemption is deducted from your gains, any capital losses you’ve made in the same year are deducted alongside any capital losses from earlier tax years (that you haven’t already used against gains). In addition, the first £3,000 of any capital gains you make in 2025/26 is exempt. Remember, this renews every tax year and is the allowance per person, so if the asset you’re selling is joint with your spouse, the exemption increases to £6,000. Before any sale, a married couple or civil partners can change the proportion of the property they own to double up on these annual exemptions, reduce tax rates and use available capital losses to minimize the tax payable on gains from property. This can get complicated, give the team at Rustrick Accountants a call today to chat through things on  01622 738165  and see if you can save today!

MRC is now demanding that small companies and their owners will have to report all income; not just a single total figure for all dividend income. If you receive dividends from a close company in your tax return for 2025/26, you must indicate whether you were a director of it at any point in the tax year and you must now provide the company’s full name and registration number. You must also disclose details of the director’s highest percentage of share capital held in the year. Directors are not limited to just those registered at Companies House, it also includes shadow directors and if you control more than 20% of the company’s ordinary share capital. From 6th April 2025, directors of close companies must make sure they are making detailed records of dividends, changes to the company’s shareholdings and the rights attaching to every class of issued shares. If these details aren’t accurate you may face a penalty of £60 for each error. If you have alphabet shares or if your class rights/shareholdings have changed, give us a call on  01622 738165  as this could complicate things.

Trouble viewing file? Download it here instead.