Tax Tips and News
Massive council tax hikes for second homes in Scotland
Newsletter issue – May 2026 Midlothian Council has introduced a 500% council tax premium on second homes from 1 April. This means some owners now face annual bills up to about £28,000, especially for Band G properties. A typical Band D second home could now cost £14,811 per year. The premium increases depending on how…Read More
Stamp Duty nets £307m more in the year since its change
Newsletter issue – May 2026 First-time buyers are paying significantly more in stamp duty since temporary tax relief ended in April 2025. Over the past year, they collectively paid £408m in stamp duty - up from £101m the previous year. The tax-free threshold for first-time buyers dropped from £425,000 to £300,000, increasing upfront costs. On…Read More
Chancellor planning tax changes to attract wealthy back to the UK
Newsletter issue – May 2026 The Chancellor, Rachel Reeves, is preparing a package of tax breaks aimed at high earners, particularly those who left the UK following recent tax rises. The focus is on wealthy residents in Gulf countries, many of whom are reconsidering their location due to instability linked to the Iran conflict. The…Read More
178,000 taxpayers missed out on rebates sent by cheque
Newsletter issue – May 2026 178,000 people didn't receive tax rebates last year because they never cashed the cheques HMRC sent them. These uncashed cheques were worth £144m in total, averaging about £800 per taxpayer. HMRC still issues cheques when people don't respond to rebate letters within 21 days - a legacy process that hasn't…Read More
May Questions and Answers
Newsletter issue – May 2026 Q: I'm converting a non-residential property into my new home. I've heard that I may be able to use the DIY Housebuilder Scheme but am unsure what it is. Can you explain? A: This is a scheme provided by HMRC that allows people converting an existing building into a new…Read More
May Key Dates
Newsletter issue – May 2026 1st Corporation Tax payments are due for companies with a year-end of 31st July. 19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll owe HMRC, as well as the Final Payment Summary (FPS) for the previous…Read More
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