March Tax Tips & News

From 6 April 2026, self-employed workers and landlords earning over £50,000 in gross income will need to keep digital tax records throughout the year, submit quarterly tax updates to HMRC, and file an annual Making Tax Digital (MTD) tax return. 864,000 sole traders and landlords will be in the first group affected. This will rise to nearly 3 million people by April 2028 as lower income bands are added. The Association of Taxation Technicians warns that people must prepare now to avoid errors, missed submissions and unnecessary stress. Affected individuals are urged to confirm whether they fall under the new MTD rules, choose compatible commercial accounting software, speak to an accountant or tax adviser early to understand the new quarterly deadlines and record-keeping requirements. HMRC describes MTD as one of the biggest tax system changes in years. The goal is to modernise tax reporting and reduce errors, but it requires significant preparation from taxpayers.

HMRC issuing pensioners with new tax codes for winter fuel repayments

Newsletter issue – March 2026 Some state pensioners will receive updated PAYE tax codes. This is to recover winter fuel payments from those whose total income exceeded £35,000 in the 2025-26 tax year. The UK Government has introduced a new income-threshold system, replacing the old Pension Credit-linked eligibility rules. Around two million pensioners are expected to repay their winter fuel payment through the tax system. They will be notified by letter or via the HMRC app.

High earners actively avoiding crossing the £100k income threshold

Newsletter issue – March 2026 According to the Chartered Management Institute, 43% of managers say they or their employees have taken steps to keep income below £100k. This

HMRC is increasing tax investigations

Newsletter issue – March 2026 HMRC is intensifying checks on individuals and small businesses. Many investigations begin because of avoidable

March Questions and Answers

Newsletter issue – March 2026 Q: Are Premium Bonds a tax efficient way of saving? A:Premium Bond prizes are always tax-free, including large

March Key Dates

Newsletter issue – March 2026 1st Corporation Tax payments are due for companies with a year-end of 30th May 19th For employers operating PAYE,

Archived Tax Tips & News