The Upper Tribunal (Tax and Chancery Chamber) has recently provided important clarification on the question of when a company can be said to have “begun to carry on” a trade for the purposes of the Enterprise Investment Scheme (EIS). In Putney Power Ltd v HMRC [2026] UKUT 105 (TCC), the Tribunal considered whether two energy […]

Most taxpayers assume that once a tax return has been filed and the enquiry window has passed, the matter is closed. HMRC thinks otherwise. A discovery assessment allows HMRC to reopen settled tax years and demand unpaid tax — in some cases reaching back twenty years into a taxpayer's history. It is one of the […]

Capital Gains Tax (CGT) on the sale of UK residential property can result in substantial tax liabilities, particularly where there has been a significant increase in value over time. However, Principal Private Residence Relief (PPR), governed by sections 222 to 226B of the Taxation of Chargeable Gains Act 1992 (TCGA 1992), may eliminate or substantially […]

From April 2026, HMRC will begin the phased rollout of Making Tax Digital for Income Tax Self Assessment (MTD ITSA). These changes will affect many sole traders and landlords and represent a significant shift in how income tax is reported and managed in the UK. The changes are outlined in HMRC’s technical note published in […]

If you’re a landlord who has received income from residential property that hasn’t been fully declared to HMRC, now is the time to act, and act wisely. The Let Property Campaign is HMRC’s long-running initiative designed to encourage landlords to bring their tax affairs up to date. It offers those who come forward voluntarily the […]