Budget 2026: what it means for you and your business —

Resources

HMRC and Companies House, made simple

Clear explanations of the tasks you’re most likely to need, with a direct link to the official GOV.UK service for each one. If you’d rather we handled it for you, just get in touch.
Updated for the 2026/27 tax year (6 April 2026 – 5 April 2027)

2026/27 at a glance

Key rates and allowances 2026/27

Personal allowance

£12,570 (reduced above £100,000 income)

Income tax

20% / 40% / 45% (England, Wales & NI)

Dividend tax

10.75% / 35.75% / 39.35% — £500 allowance

Capital Gains Tax

18% / 24% — £3,000 annual exempt amount

Business Asset Disposal Relief

18% — £1m lifetime limit (£500,000 from 6 April 2027)

Corporation Tax

19% to £50,000; 25% over £250,000; marginal relief between

Employer NIC

15% above £5,000; Employment Allowance £10,500

Employee NIC

8% (£12,570–£50,270), 2% above

Self-employed Class 4 NIC

6% (£12,570–£50,270), 2% above

VAT registration threshold

£90,000

Inheritance Tax

£325,000 nil-rate band + £175,000 residence nil-rate band

Pension annual allowance

£60,000

Key dates

31 October 2026

Paper Self Assessment returns for 2025/26

7 November 2026

MTD for Income Tax: 2nd quarterly update for 2026/27

30 November 2026

Founders' Relief consultation closes

31 January 2027

Online Self Assessment returns for 2025/26; pay the 2025/26 balance and 1st payment on account for 2026/27

7 February 2027

MTD for Income Tax: 3rd quarterly update for 2026/27

5 April 2027

End of the 2026/27 tax year

6 April 2027

BADR lifetime limit falls to £500,000; property and savings income taxed at 24/44/49%; trading allowance rises to £3,000; payrolling mandatory for cars, vans, fuel and medical benefits; MTD for Income Tax extends to income over £30,000; most unused pensions come into Inheritance Tax

7 May 2027

MTD for Income Tax: 4th quarterly update for 2026/27

6 July 2027

Employment-related securities returns for 2026/27

31 July 2027

2nd payment on account for 2026/27

5 October 2027

Register for Self Assessment if you first had untaxed income in 2026/27

31 January 2028

Online Self Assessment returns and MTD final declarations for 2026/27

Updated for Budget 2026, announced on 28 October 2026.

HMRC

Tax returns, payments and registrations

Self Assessment

Do I need to file a tax return?
You usually need a Self Assessment return if you’re self-employed, a partner in a business, a landlord, or have untaxed income such as significant savings, investment or foreign income. HMRC’s checker tells you in a few minutes.
The 2026/27 tax year runs from 6 April 2026 to 5 April 2027
High earners and company directors often need a return too

Rather we did it? Talk to us

Register for Self Assessment
If you haven’t filed a return before, you need to register first. HMRC then sends you a Unique Taxpayer Reference (UTR), which can take up to 15 working days to arrive by post.
First had untaxed income in 2025/26? Register by 5 October 2026
For 2026/27, register by 5 October 2027
Lost your UTR? You can find it online

Rather we did it? Talk to us

File your Self Assessment tax return
Most people file online through their HMRC account. You’ll need your UTR, your income and expenses for the year, and details of any reliefs or pension contributions.
2025/26 returns: paper by 31 October 2026, online by 31 January 2027
2026/27 returns: online by 31 January 2028
£100 penalty for filing late, rising the longer it’s late

Rather we did it? Talk to us

Pay your Self Assessment bill
Tax for the year is due by 31 January. If your bill is over £1,000, you’ll usually also make two payments on account towards the next year. You can pay by bank transfer, debit card or Direct Debit.
31 January 2027: 2025/26 balance and 1st 2026/27 payment on account
31 July 2027: 2nd 2026/27 payment on account
Interest is charged on late payments

Rather we did it? Talk to us

Set up as a sole trader or partnership
To start trading on your own, register for Self Assessment. A partnership must also nominate a partner to register the partnership itself and file a partnership return each year.
2025/26 partnership return (SA800) due 31 January 2027
Each partner also files their own return

Rather we did it? Talk to us

UK income if you live abroad
Non-residents are generally taxed only on UK income, such as UK rents, UK employment or UK pensions. Double taxation agreements can stop the same income being taxed twice. You’ll need the SA109 residence pages, which HMRC’s free online service doesn’t support, so you’ll need commercial software, a paper return or an agent.
Residence status decides what’s taxable in the UK
File the SA109 pages with your return

Rather we did it? Talk to us

High Income Child Benefit Charge
For 2026/27, if you or your partner have adjusted net income over £60,000 and someone in your household gets Child Benefit, you may have to repay some or all of it through a tax charge.
Charge starts at £60,000 of income
Full Child Benefit is repaid at £80,000
Pension contributions can reduce the income used

Rather we did it? Talk to us

Marriage Allowance
For 2026/27, if one spouse or civil partner earns less than the £12,570 personal allowance and the other is a basic-rate taxpayer, the lower earner can transfer £1,260 of their allowance — saving up to £252 a year.
You can backdate claims up to 4 years
Not available if either partner pays higher-rate tax

Rather we did it? Talk to us

Your HMRC personal tax account
Check your tax code, see your income and tax, claim refunds and update your details in one place.
Sign in with your Government Gateway or GOV.UK One Login

Rather we did it? Talk to us

Making Tax Digital

Does Making Tax Digital apply to me?

You usually need a Self Assessment return if you’re self-employed, a partner in a business, a landlord, or have untaxed income such as significant savings, investment or foreign income. HMRC’s checker tells you in a few minutes.

Over £50,000 on your 2024/25 return: required from 6 April 2026
Over £30,000 on your 2025/26 return: required from 6 April 2027
Over £20,000: required from 6 April 2028
No late-submission penalty points for quarterly updates in 2027/28 if you join in April 2027

Rather we did it? Talk to us

Sign up and choose your software
You’ll need MTD-compatible software before you sign up. Quarterly updates are due a month after each quarter ends, and a final declaration replaces the annual tax return.
2026/27 quarterly updates: 7 August 2026, 7 November 2026, 7 February 2027, 7 May 2027
2026/27 final declaration by 31 January 2028

Rather we did it? Talk to us

Capital Gains Tax

Report and pay Capital Gains Tax
Capital Gains Tax is due on the profit when you sell or give away an asset such as property, shares or a business. For 2026/27, gains above the £3,000 annual exempt amount are taxed at 18% (basic rate) or 24% (higher and additional rate), for all types of asset.
UK residential property: report and pay within 60 days of completion
Other 2026/27 gains: report on your tax return by 31 January 2028, or through the real-time service

Rather we did it? Talk to us

Business Asset Disposal Relief
If you sell all or part of a qualifying business, the gain can be taxed at a reduced rate up to a lifetime limit. Conditions must be met for at least two years before the sale.
18% for disposals from 6 April 2026 (14% in 2025/26)
£1 million lifetime limit until 5 April 2027
£500,000 lifetime limit for disposals from 6 April 2027
Qualifying conditions must be met for 2 years before the sale

Rather we did it? Talk to us

Property

Tax on rental income
Rental profit is taxed as income. Individual landlords can’t deduct mortgage interest; instead they get a 20% tax reduction. The first £1,000 of property income is tax-free under the property allowance. From 6 April 2027, property income will be taxed at separate rates of 24%, 44% and 49%, following Budget 2026.
Declare rental income on your Self Assessment return
Gross rents count towards the Making Tax Digital threshold

Rather we did it? Talk to us

Stamp Duty Land Tax
SDLT is due when you buy property or land in England or Northern Ireland over a certain price. Additional residential properties and purchases by companies pay a 5% surcharge on top of the standard rates.
Return and payment due within 14 days of completion
Scotland and Wales have their own taxes

Rather we did it? Talk to us

VAT

Register for VAT
You must register if your VAT-taxable turnover goes over the threshold in any rolling 12-month period, or you expect it to in the next 30 days alone. You can also register voluntarily.
2026/27 registration threshold: £90,000
Deregistration threshold: £88,000
Register within 30 days of the end of the month you went over

Rather we did it? Talk to us

Submit a VAT return and pay VAT
All VAT-registered businesses must keep digital records and file returns through Making Tax Digital-compatible software.
Returns and payment usually due 1 month and 7 days after the period ends

Rather we did it? Talk to us

Check a UK VAT number
Confirm a supplier’s or customer’s VAT number is valid before you reclaim VAT on their invoice.

Rather we did it? Talk to us

Employers & payroll

Register as an employer
You must register for PAYE before your first payday, even if you’re the only employee (for example, a director paying yourself a salary). It can take up to 5 working days to get your employer reference.
You can register up to 2 months before you start paying people
You’ll also need to set up a workplace pension

Rather we did it? Talk to us

Pay PAYE and claim Employment Allowance
PAYE tax and National Insurance are paid to HMRC monthly or quarterly. Eligible employers can reduce their employer National Insurance bill through the Employment Allowance.
2026/27: employer NIC 15% above £5,000 a year
Employment Allowance: up to £10,500 (not for a sole director who is the only employee)
Pay by the 22nd of the following tax month (electronic)

Rather we did it? Talk to us

Payrolling benefits in kind
Instead of reporting benefits on P11D forms, employers can tax them through payroll. From 6 April 2027 this becomes mandatory for company cars, vans, fuel and medical benefits, and from April 2028 for most other benefits.
2025/26 P11Ds were due 6 July 2026
Prepare payroll software and employee communications during 2026/27

Rather we did it? Talk to us

Employed or self-employed?
HMRC’s Check Employment Status for Tax tool helps you decide whether a worker or contractor should be treated as employed or self-employed for tax, including under the off-payroll (IR35) rules.
HMRC will stand by the result if your answers are accurate

Rather we did it? Talk to us

Construction Industry Scheme (CIS)
Contractors in construction must register for CIS, verify subcontractors, deduct tax from their payments and file monthly returns. Subcontractors should register to avoid the higher 30% deduction rate.
Monthly CIS return due by the 19th

Rather we did it? Talk to us

Employee share schemes (ERS returns)
If your company gives or sells shares or options to employees or directors, you must register the arrangement with HMRC and file an annual return, even if nothing happened in the year.
2026/27 returns due by 6 July 2027
Penalties start at £100 for late returns

Rather we did it? Talk to us

Corporation tax

Register a company for Corporation Tax
Once your company starts trading or doing business, you must tell HMRC within 3 months. Companies House shares your company details with HMRC, but you still need to register.
Financial year 2026: 19% up to £50,000
25% over £250,000, with marginal relief in between
Limits are shared between associated companies

Rather we did it? Talk to us

File a Company Tax Return and pay
Every company must file a Company Tax Return (CT600) with accounts and computations. HMRC’s free filing service closed on 31 March 2026, so returns now need commercial software or an agent.
Tax payable 9 months and 1 day after the year end
Return due 12 months after the year end

Rather we did it? Talk to us

Research and development (R&D) tax relief
Companies working on qualifying R&D can claim relief. If it’s your first claim, or you haven’t claimed in the last 3 years, you must notify HMRC in advance, and every claim needs an additional information form.
Claim notification due within 6 months of the end of the accounting period

Rather we did it? Talk to us

Tax on dividends
For 2026/27, dividends above the £500 allowance are taxed at 10.75% (basic rate), 35.75% (higher rate) or 39.35% (additional rate). The basic and higher rates rose by 2 percentage points on 6 April 2026.
Declare dividends over £10,000 on a tax return

Rather we did it? Talk to us

HMRC online services and business tax account
Sign in to manage your business taxes — Corporation Tax, VAT, PAYE and more — in one place.

Rather we did it? Talk to us

Inheritance tax & trusts

Inheritance Tax and valuing an estate
Inheritance Tax is charged at 40% on an estate above the available nil-rate bands. The executor values the estate and reports it to HMRC, even if no tax is due. From 6 April 2026, 100% Business and Agricultural Relief is limited to the first £2.5 million of qualifying assets per person, with 50% relief above that.
Nil-rate band £325,000, plus up to £175,000 residence nil-rate band
Most unused pensions come into Inheritance Tax from 6 April 2027
Tax due by the end of the sixth month after death

Rather we did it? Talk to us

Register a trust
Most UK trusts, and some non-UK trusts, must be registered on HMRC’s Trust Registration Service, whether or not they pay tax.
Register within 90 days of the trust being created or becoming liable

Rather we did it? Talk to us

Companies House

Company records and filings

Starting a company

Register a limited company
You can set up a company online in about 24 hours. You’ll need a company name, a registered office address, at least one director, shareholders, and details of people with significant control. Directors and PSCs must verify their identity.
Check your company name is available first
You must also register for Corporation Tax

Rather we did it? Talk to us

Register a limited liability partnership (LLP)
An LLP gives partners limited liability while being taxed like a partnership. You need at least two designated members.

Rather we did it? Talk to us

Running a company

Verify your identity
All new and existing directors, and people with significant control, must verify their identity with Companies House. Existing directors are being brought in through their company’s confirmation statement.
Required since 18 November 2025
Verify online through GOV.UK One Login, or through an authorised agent

Rather we did it? Talk to us

File your annual accounts
Every company must file accounts each year, including dormant companies. Penalties are automatic and double if you’re late two years running.
Due 9 months after your year end (21 months after incorporation for the first accounts) First had untaxed income in 2025/26? Register by 5 October 2026
Penalties from £150 to £1,500

Rather we did it? Talk to us

File your confirmation statement
At least once a year you must confirm that the information Companies House holds about your company is correct, including directors, shareholders, PSCs and your registered email address.
Due within 14 days of your review date
Fee: £50 online
Directors and PSCs must have verified their identity

Rather we did it? Talk to us

Tell Companies House about changes
Report changes such as appointing or removing a director, moving your registered office, issuing shares or changing a director’s details. Most changes must be filed within 14 days.
Most changes can be filed online free of charge

Rather we did it? Talk to us

People with significant control (PSCs)
Your company must keep a register of anyone who owns or controls more than 25% of it, and report them to Companies House.

Rather we did it? Talk to us

Closing a company

Close (strike off) a company
A solvent company that has stopped trading can apply to be struck off. You must tell HMRC, settle any debts and notify shareholders, employees and creditors first.
You can’t apply if the company has traded in the last 3 months

Rather we did it? Talk to us

Common Companies House forms

Form

What it's for

AP01

Appoint a director

TM01

Remove a director

CH01

Change a director's details

AP03

Appoint a secretary

AD01

Change registered office address

AA01

Change accounting reference date

AA02

File dormant company accounts

SH01

Return of allotment of shares

PSC01

Notify an individual person with significant control

MR01

Register a charge (e.g. a mortgage or debenture)

DS01

Apply to strike off a company

LL IN01

Register a limited liability partnership

HMRC

Tax returns, payments and registrations

Self Assessment

Do I need to file a tax return?
You usually need a Self Assessment return if you’re self-employed, a partner in a business, a landlord, or have untaxed income such as significant savings, investment or foreign income. HMRC’s checker tells you in a few minutes.
The 2026/27 tax year runs from 6 April 2026 to 5 April 2027
High earners and company directors often need a return too

Rather we did it? Talk to us

Register for Self Assessment
If you haven’t filed a return before, you need to register first. HMRC then sends you a Unique Taxpayer Reference (UTR), which can take up to 15 working days to arrive by post.
First had untaxed income in 2025/26? Register by 5 October 2026
For 2026/27, register by 5 October 2027
Lost your UTR? You can find it online

Rather we did it? Talk to us

File your Self Assessment tax return
Most people file online through their HMRC account. You’ll need your UTR, your income and expenses for the year, and details of any reliefs or pension contributions.
2025/26 returns: paper by 31 October 2026, online by 31 January 2027
2026/27 returns: online by 31 January 2028
£100 penalty for filing late, rising the longer it’s late

Rather we did it? Talk to us

Pay your Self Assessment bill
Tax for the year is due by 31 January. If your bill is over £1,000, you’ll usually also make two payments on account towards the next year. You can pay by bank transfer, debit card or Direct Debit.
31 January 2027: 2025/26 balance and 1st 2026/27 payment on account
31 July 2027: 2nd 2026/27 payment on account
Interest is charged on late payments

Rather we did it? Talk to us

Set up as a sole trader or partnership
To start trading on your own, register for Self Assessment. A partnership must also nominate a partner to register the partnership itself and file a partnership return each year.
2025/26 partnership return (SA800) due 31 January 2027
Each partner also files their own return

Rather we did it? Talk to us

UK income if you live abroad
Non-residents are generally taxed only on UK income, such as UK rents, UK employment or UK pensions. Double taxation agreements can stop the same income being taxed twice. You’ll need the SA109 residence pages, which HMRC’s free online service doesn’t support, so you’ll need commercial software, a paper return or an agent.
Residence status decides what’s taxable in the UK
File the SA109 pages with your return

Rather we did it? Talk to us

High Income Child Benefit Charge
For 2026/27, if you or your partner have adjusted net income over £60,000 and someone in your household gets Child Benefit, you may have to repay some or all of it through a tax charge.
Charge starts at £60,000 of income
Full Child Benefit is repaid at £80,000
Pension contributions can reduce the income used

Rather we did it? Talk to us

Marriage Allowance
For 2026/27, if one spouse or civil partner earns less than the £12,570 personal allowance and the other is a basic-rate taxpayer, the lower earner can transfer £1,260 of their allowance — saving up to £252 a year.
You can backdate claims up to 4 years
Not available if either partner pays higher-rate tax

Rather we did it? Talk to us

Your HMRC personal tax account
Check your tax code, see your income and tax, claim refunds and update your details in one place.
Sign in with your Government Gateway or GOV.UK One Login

Rather we did it? Talk to us

Making Tax Digital

Does Making Tax Digital apply to me?

You usually need a Self Assessment return if you’re self-employed, a partner in a business, a landlord, or have untaxed income such as significant savings, investment or foreign income. HMRC’s checker tells you in a few minutes.

Over £50,000 on your 2024/25 return: required from 6 April 2026
Over £30,000 on your 2025/26 return: required from 6 April 2027
Over £20,000: required from 6 April 2028
No late-submission penalty points for quarterly updates in 2027/28 if you join in April 2027

Rather we did it? Talk to us

Sign up and choose your software
You’ll need MTD-compatible software before you sign up. Quarterly updates are due a month after each quarter ends, and a final declaration replaces the annual tax return.
2026/27 quarterly updates: 7 August 2026, 7 November 2026, 7 February 2027, 7 May 2027
2026/27 final declaration by 31 January 2028

Rather we did it? Talk to us

Capital Gains Tax

Report and pay Capital Gains Tax
Capital Gains Tax is due on the profit when you sell or give away an asset such as property, shares or a business. For 2026/27, gains above the £3,000 annual exempt amount are taxed at 18% (basic rate) or 24% (higher and additional rate), for all types of asset.
UK residential property: report and pay within 60 days of completion
Other 2026/27 gains: report on your tax return by 31 January 2028, or through the real-time service

Rather we did it? Talk to us

Business Asset Disposal Relief
If you sell all or part of a qualifying business, the gain can be taxed at a reduced rate up to a lifetime limit. Conditions must be met for at least two years before the sale.
18% for disposals from 6 April 2026 (14% in 2025/26)
£1 million lifetime limit until 5 April 2027
£500,000 lifetime limit for disposals from 6 April 2027
Qualifying conditions must be met for 2 years before the sale

Rather we did it? Talk to us

Property

Tax on rental income
Rental profit is taxed as income. Individual landlords can’t deduct mortgage interest; instead they get a 20% tax reduction. The first £1,000 of property income is tax-free under the property allowance. From 6 April 2027, property income will be taxed at separate rates of 24%, 44% and 49%, following Budget 2026.
Declare rental income on your Self Assessment return
Gross rents count towards the Making Tax Digital threshold

Rather we did it? Talk to us

Stamp Duty Land Tax
SDLT is due when you buy property or land in England or Northern Ireland over a certain price. Additional residential properties and purchases by companies pay a 5% surcharge on top of the standard rates.
Return and payment due within 14 days of completion
Scotland and Wales have their own taxes

Rather we did it? Talk to us

VAT

Register for VAT
You must register if your VAT-taxable turnover goes over the threshold in any rolling 12-month period, or you expect it to in the next 30 days alone. You can also register voluntarily.
2026/27 registration threshold: £90,000
Deregistration threshold: £88,000
Register within 30 days of the end of the month you went over

Rather we did it? Talk to us

Submit a VAT return and pay VAT
All VAT-registered businesses must keep digital records and file returns through Making Tax Digital-compatible software.
Returns and payment usually due 1 month and 7 days after the period ends

Rather we did it? Talk to us

Check a UK VAT number
Confirm a supplier’s or customer’s VAT number is valid before you reclaim VAT on their invoice.

Rather we did it? Talk to us

Employers & payroll

Register as an employer
You must register for PAYE before your first payday, even if you’re the only employee (for example, a director paying yourself a salary). It can take up to 5 working days to get your employer reference.
You can register up to 2 months before you start paying people
You’ll also need to set up a workplace pension

Rather we did it? Talk to us

Pay PAYE and claim Employment Allowance
PAYE tax and National Insurance are paid to HMRC monthly or quarterly. Eligible employers can reduce their employer National Insurance bill through the Employment Allowance.
2026/27: employer NIC 15% above £5,000 a year
Employment Allowance: up to £10,500 (not for a sole director who is the only employee)
Pay by the 22nd of the following tax month (electronic)

Rather we did it? Talk to us

Payrolling benefits in kind
Instead of reporting benefits on P11D forms, employers can tax them through payroll. From 6 April 2027 this becomes mandatory for company cars, vans, fuel and medical benefits, and from April 2028 for most other benefits.
2025/26 P11Ds were due 6 July 2026
Prepare payroll software and employee communications during 2026/27

Rather we did it? Talk to us

Employed or self-employed?
HMRC’s Check Employment Status for Tax tool helps you decide whether a worker or contractor should be treated as employed or self-employed for tax, including under the off-payroll (IR35) rules.
HMRC will stand by the result if your answers are accurate

Rather we did it? Talk to us

Construction Industry Scheme (CIS)
Contractors in construction must register for CIS, verify subcontractors, deduct tax from their payments and file monthly returns. Subcontractors should register to avoid the higher 30% deduction rate.
Monthly CIS return due by the 19th

Rather we did it? Talk to us

Employee share schemes (ERS returns)
If your company gives or sells shares or options to employees or directors, you must register the arrangement with HMRC and file an annual return, even if nothing happened in the year.
2026/27 returns due by 6 July 2027
Penalties start at £100 for late returns

Rather we did it? Talk to us

Corporation tax

Register a company for Corporation Tax
Once your company starts trading or doing business, you must tell HMRC within 3 months. Companies House shares your company details with HMRC, but you still need to register.
Financial year 2026: 19% up to £50,000
25% over £250,000, with marginal relief in between
Limits are shared between associated companies

Rather we did it? Talk to us

File a Company Tax Return and pay
Every company must file a Company Tax Return (CT600) with accounts and computations. HMRC’s free filing service closed on 31 March 2026, so returns now need commercial software or an agent.
Tax payable 9 months and 1 day after the year end
Return due 12 months after the year end

Rather we did it? Talk to us

Research and development (R&D) tax relief
Companies working on qualifying R&D can claim relief. If it’s your first claim, or you haven’t claimed in the last 3 years, you must notify HMRC in advance, and every claim needs an additional information form.
Claim notification due within 6 months of the end of the accounting period

Rather we did it? Talk to us

Tax on dividends
For 2026/27, dividends above the £500 allowance are taxed at 10.75% (basic rate), 35.75% (higher rate) or 39.35% (additional rate). The basic and higher rates rose by 2 percentage points on 6 April 2026.
Declare dividends over £10,000 on a tax return

Rather we did it? Talk to us

HMRC online services and business tax account
Sign in to manage your business taxes — Corporation Tax, VAT, PAYE and more — in one place.

Rather we did it? Talk to us

Inheritance tax & trusts

Inheritance Tax and valuing an estate
Inheritance Tax is charged at 40% on an estate above the available nil-rate bands. The executor values the estate and reports it to HMRC, even if no tax is due. From 6 April 2026, 100% Business and Agricultural Relief is limited to the first £2.5 million of qualifying assets per person, with 50% relief above that.
Nil-rate band £325,000, plus up to £175,000 residence nil-rate band
Most unused pensions come into Inheritance Tax from 6 April 2027
Tax due by the end of the sixth month after death

Rather we did it? Talk to us

Register a trust
Most UK trusts, and some non-UK trusts, must be registered on HMRC’s Trust Registration Service, whether or not they pay tax.
Register within 90 days of the trust being created or becoming liable

Rather we did it? Talk to us

Companies House

Company records and filings

Starting a company

Register a limited company
You can set up a company online in about 24 hours. You’ll need a company name, a registered office address, at least one director, shareholders, and details of people with significant control. Directors and PSCs must verify their identity.
Check your company name is available first
You must also register for Corporation Tax

Rather we did it? Talk to us

Register a limited liability partnership (LLP)
An LLP gives partners limited liability while being taxed like a partnership. You need at least two designated members.

Rather we did it? Talk to us

Running a company

Verify your identity
All new and existing directors, and people with significant control, must verify their identity with Companies House. Existing directors are being brought in through their company’s confirmation statement.
Required since 18 November 2025
Verify online through GOV.UK One Login, or through an authorised agent

Rather we did it? Talk to us

File your annual accounts
Every company must file accounts each year, including dormant companies. Penalties are automatic and double if you’re late two years running.
Due 9 months after your year end (21 months after incorporation for the first accounts) First had untaxed income in 2025/26? Register by 5 October 2026
Penalties from £150 to £1,500

Rather we did it? Talk to us

File your confirmation statement
At least once a year you must confirm that the information Companies House holds about your company is correct, including directors, shareholders, PSCs and your registered email address.
Due within 14 days of your review date
Fee: £50 online
Directors and PSCs must have verified their identity

Rather we did it? Talk to us

Tell Companies House about changes
Report changes such as appointing or removing a director, moving your registered office, issuing shares or changing a director’s details. Most changes must be filed within 14 days.
Most changes can be filed online free of charge

Rather we did it? Talk to us

People with significant control (PSCs)
Your company must keep a register of anyone who owns or controls more than 25% of it, and report them to Companies House.

Rather we did it? Talk to us

Closing a company

Close (strike off) a company
A solvent company that has stopped trading can apply to be struck off. You must tell HMRC, settle any debts and notify shareholders, employees and creditors first.
You can’t apply if the company has traded in the last 3 months

Rather we did it? Talk to us

Common Companies House forms

Form

What it's for

AP01

Appoint a director

TM01

Remove a director

CH01

Change a director's details

AP03

Appoint a secretary

AD01

Change registered office address

AA01

Change accounting reference date

AA02

File dormant company accounts

SH01

Return of allotment of shares

PSC01

Notify an individual person with significant control

MR01

Register a charge (e.g. a mortgage or debenture)

DS01

Apply to strike off a company

LL IN01

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HMRC

Tax returns, payments and registrations

Self Assessment

Do I need to file a tax return?
You usually need a Self Assessment return if you’re self-employed, a partner in a business, a landlord, or have untaxed income such as significant savings, investment or foreign income. HMRC’s checker tells you in a few minutes.
The 2026/27 tax year runs from 6 April 2026 to 5 April 2027
High earners and company directors often need a return too

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Register for Self Assessment
If you haven’t filed a return before, you need to register first. HMRC then sends you a Unique Taxpayer Reference (UTR), which can take up to 15 working days to arrive by post.
First had untaxed income in 2025/26? Register by 5 October 2026
For 2026/27, register by 5 October 2027
Lost your UTR? You can find it online

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File your Self Assessment tax return
Most people file online through their HMRC account. You’ll need your UTR, your income and expenses for the year, and details of any reliefs or pension contributions.
2025/26 returns: paper by 31 October 2026, online by 31 January 2027
2026/27 returns: online by 31 January 2028
£100 penalty for filing late, rising the longer it’s late

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Pay your Self Assessment bill
Tax for the year is due by 31 January. If your bill is over £1,000, you’ll usually also make two payments on account towards the next year. You can pay by bank transfer, debit card or Direct Debit.
31 January 2027: 2025/26 balance and 1st 2026/27 payment on account
31 July 2027: 2nd 2026/27 payment on account
Interest is charged on late payments

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Set up as a sole trader or partnership
To start trading on your own, register for Self Assessment. A partnership must also nominate a partner to register the partnership itself and file a partnership return each year.
2025/26 partnership return (SA800) due 31 January 2027
Each partner also files their own return

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UK income if you live abroad
Non-residents are generally taxed only on UK income, such as UK rents, UK employment or UK pensions. Double taxation agreements can stop the same income being taxed twice. You’ll need the SA109 residence pages, which HMRC’s free online service doesn’t support, so you’ll need commercial software, a paper return or an agent.
Residence status decides what’s taxable in the UK
File the SA109 pages with your return

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High Income Child Benefit Charge
For 2026/27, if you or your partner have adjusted net income over £60,000 and someone in your household gets Child Benefit, you may have to repay some or all of it through a tax charge.
Charge starts at £60,000 of income
Full Child Benefit is repaid at £80,000
Pension contributions can reduce the income used

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Marriage Allowance
For 2026/27, if one spouse or civil partner earns less than the £12,570 personal allowance and the other is a basic-rate taxpayer, the lower earner can transfer £1,260 of their allowance — saving up to £252 a year.
You can backdate claims up to 4 years
Not available if either partner pays higher-rate tax

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Your HMRC personal tax account
Check your tax code, see your income and tax, claim refunds and update your details in one place.
Sign in with your Government Gateway or GOV.UK One Login

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HMRC

Tax returns, payments and registrations

Making Tax Digital

Does Making Tax Digital apply to me?

You usually need a Self Assessment return if you’re self-employed, a partner in a business, a landlord, or have untaxed income such as significant savings, investment or foreign income. HMRC’s checker tells you in a few minutes.

Over £50,000 on your 2024/25 return: required from 6 April 2026
Over £30,000 on your 2025/26 return: required from 6 April 2027
Over £20,000: required from 6 April 2028
No late-submission penalty points for quarterly updates in 2027/28 if you join in April 2027

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Sign up and choose your software
You’ll need MTD-compatible software before you sign up. Quarterly updates are due a month after each quarter ends, and a final declaration replaces the annual tax return.
2026/27 quarterly updates: 7 August 2026, 7 November 2026, 7 February 2027, 7 May 2027
2026/27 final declaration by 31 January 2028

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HMRC

Tax returns, payments and registrations

Capital Gains Tax

Report and pay Capital Gains Tax
Capital Gains Tax is due on the profit when you sell or give away an asset such as property, shares or a business. For 2026/27, gains above the £3,000 annual exempt amount are taxed at 18% (basic rate) or 24% (higher and additional rate), for all types of asset.
UK residential property: report and pay within 60 days of completion
Other 2026/27 gains: report on your tax return by 31 January 2028, or through the real-time service

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Business Asset Disposal Relief
If you sell all or part of a qualifying business, the gain can be taxed at a reduced rate up to a lifetime limit. Conditions must be met for at least two years before the sale.
18% for disposals from 6 April 2026 (14% in 2025/26)
£1 million lifetime limit until 5 April 2027
£500,000 lifetime limit for disposals from 6 April 2027
Qualifying conditions must be met for 2 years before the sale

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HMRC

Tax returns, payments and registrations

Property

Tax on rental income
Rental profit is taxed as income. Individual landlords can’t deduct mortgage interest; instead they get a 20% tax reduction. The first £1,000 of property income is tax-free under the property allowance. From 6 April 2027, property income will be taxed at separate rates of 24%, 44% and 49%, following Budget 2026.
Declare rental income on your Self Assessment return
Gross rents count towards the Making Tax Digital threshold

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Stamp Duty Land Tax
SDLT is due when you buy property or land in England or Northern Ireland over a certain price. Additional residential properties and purchases by companies pay a 5% surcharge on top of the standard rates.
Return and payment due within 14 days of completion
Scotland and Wales have their own taxes

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HMRC

Tax returns, payments and registrations

VAT

Register for VAT
You must register if your VAT-taxable turnover goes over the threshold in any rolling 12-month period, or you expect it to in the next 30 days alone. You can also register voluntarily.
2026/27 registration threshold: £90,000
Deregistration threshold: £88,000
Register within 30 days of the end of the month you went over

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Submit a VAT return and pay VAT
All VAT-registered businesses must keep digital records and file returns through Making Tax Digital-compatible software.
Returns and payment usually due 1 month and 7 days after the period ends

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Check a UK VAT number
Confirm a supplier’s or customer’s VAT number is valid before you reclaim VAT on their invoice.

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HMRC

Tax returns, payments and registrations

Employers & payroll

Register as an employer
You must register for PAYE before your first payday, even if you’re the only employee (for example, a director paying yourself a salary). It can take up to 5 working days to get your employer reference.
You can register up to 2 months before you start paying people
You’ll also need to set up a workplace pension

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Pay PAYE and claim Employment Allowance
PAYE tax and National Insurance are paid to HMRC monthly or quarterly. Eligible employers can reduce their employer National Insurance bill through the Employment Allowance.
2026/27: employer NIC 15% above £5,000 a year
Employment Allowance: up to £10,500 (not for a sole director who is the only employee)
Pay by the 22nd of the following tax month (electronic)

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Payrolling benefits in kind
Instead of reporting benefits on P11D forms, employers can tax them through payroll. From 6 April 2027 this becomes mandatory for company cars, vans, fuel and medical benefits, and from April 2028 for most other benefits.
2025/26 P11Ds were due 6 July 2026
Prepare payroll software and employee communications during 2026/27

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Employed or self-employed?
HMRC’s Check Employment Status for Tax tool helps you decide whether a worker or contractor should be treated as employed or self-employed for tax, including under the off-payroll (IR35) rules.
HMRC will stand by the result if your answers are accurate

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Construction Industry Scheme (CIS)
Contractors in construction must register for CIS, verify subcontractors, deduct tax from their payments and file monthly returns. Subcontractors should register to avoid the higher 30% deduction rate.
Monthly CIS return due by the 19th

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Employee share schemes (ERS returns)
If your company gives or sells shares or options to employees or directors, you must register the arrangement with HMRC and file an annual return, even if nothing happened in the year.
2026/27 returns due by 6 July 2027
Penalties start at £100 for late returns

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HMRC

Tax returns, payments and registrations

Corporation tax

Register a company for Corporation Tax
Once your company starts trading or doing business, you must tell HMRC within 3 months. Companies House shares your company details with HMRC, but you still need to register.
Financial year 2026: 19% up to £50,000
25% over £250,000, with marginal relief in between
Limits are shared between associated companies

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File a Company Tax Return and pay
Every company must file a Company Tax Return (CT600) with accounts and computations. HMRC’s free filing service closed on 31 March 2026, so returns now need commercial software or an agent.
Tax payable 9 months and 1 day after the year end
Return due 12 months after the year end

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Research and development (R&D) tax relief
Companies working on qualifying R&D can claim relief. If it’s your first claim, or you haven’t claimed in the last 3 years, you must notify HMRC in advance, and every claim needs an additional information form.
Claim notification due within 6 months of the end of the accounting period

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Tax on dividends
For 2026/27, dividends above the £500 allowance are taxed at 10.75% (basic rate), 35.75% (higher rate) or 39.35% (additional rate). The basic and higher rates rose by 2 percentage points on 6 April 2026.
Declare dividends over £10,000 on a tax return

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HMRC online services and business tax account
Sign in to manage your business taxes — Corporation Tax, VAT, PAYE and more — in one place.

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HMRC

Tax returns, payments and registrations

Inheritance tax & trusts

Inheritance Tax and valuing an estate
Inheritance Tax is charged at 40% on an estate above the available nil-rate bands. The executor values the estate and reports it to HMRC, even if no tax is due. From 6 April 2026, 100% Business and Agricultural Relief is limited to the first £2.5 million of qualifying assets per person, with 50% relief above that.
Nil-rate band £325,000, plus up to £175,000 residence nil-rate band
Most unused pensions come into Inheritance Tax from 6 April 2027
Tax due by the end of the sixth month after death

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Register a trust
Most UK trusts, and some non-UK trusts, must be registered on HMRC’s Trust Registration Service, whether or not they pay tax.
Register within 90 days of the trust being created or becoming liable

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Not sure which form you need?

Call 0330 390 5959 or email sales@lmjgroup.co.uk and one of our team will point you in the right direction — or handle it for you.

Links take you to official GOV.UK services. LMJ Group is not responsible for the content of external websites. Information correct as at 29 October 2026 — rates and deadlines can change, including at the Budget on 28 October 2026. This page is general information, not advice on your circumstances.

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