July 2025 - Newby Castleman

28th July 202528th July 2025

Scrapped – Making Tax Digital for Corporation Tax

< 1 minute to readHMRC has announced that Making Tax Digital for Corporation Tax (MTD for CT) will not be introduced. Corporate tax draws in very small owner-managed businesses on one side, and large multinational enterprises on the other. In between are a myriad of entities, so any change to the corporation tax system needs to be right for …

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15th July 202515th July 2025

Self Assessment – 31 July payment on account deadline

< 1 minute to readThe second payment on account for the 2024/2025 tax year is due for payment by 31 July 2025. Payments on account may be due if your tax and Class 4 National Insurance bill for 2023/24 was £1,000 or more. Each payment on account is 50% of your 2023/24 tax and Class 4 National Insurance liability. …

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9th July 202515th July 2025

Tax compliance – is it your responsibility?

2 minutes to readIn a recent case brought to the tribunal, a taxpayer, Mr Hammant, was liable for penalties of £1,200 despite no tax being owed to HMRC. Mr Hammant filed his Self Assessment tax return online however the submission had not completed correctly which he did not discover until over a year later. He was signed up …

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