Ranas Accountancy

Not all online advice is accurate.

Submitting your VAT return late can lead to penalties, and late payments can accrue additional interest.

Always check official guidance rather than relying on AI summaries.

Find out more. 👇

https://www.gov.uk/submit-vat-return?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=vat&utm_content=hmrcverified

New changes to accounts filling

📢 Changes to accounts filings will come into effect on 1 April 2028.

An overview of what’s changing from 1 April 2028:

- all companies must file accounts digitally via software (iXBRL format)
- small companies and micro entities will need to file profit and loss accounts, but can opt-out of this being displayed on the public register – we’ll share details of the opt-out route in due course
- companies will no longer be able to file abridged accounts
- smaller technical changes, including updates to audit exemptions and accounting reference periods

We're contacting all registered email addresses between 16 and 18 June 2026 with further information about the changes.

Read more in the comments section. ⬇️

Did you know your child can have a child trust fund.

https://www.gov.uk/child-trust-funds/find-a-child-trust-fund?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=child_trust_funds

Making Tax Digital for Income Tax is here. 📢

If your combined turnover from property and self-employment is more than £50,000, you’ll need to start keeping digital records and send quarterly updates (first deadline is 7 August).

Check if Making Tax Digital applies to you and sign up today. ⬇️

https://makingtaxdigital.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=mtd

Starling offering free MTD software with their sole trader account. Ranas Accountancy

Starling Good with money

Statutory Sick Pay is changing.

Sick employees no longer need to choose between losing out on a day’s pay or returning to work while ill.

Find out more: https://ow.ly/Mipi50YEWou

Are you MTD ready?
Ranas Accountancy

Understanding Taxable vs. Non-Taxable State Benefits in the UK

Not all UK state benefits are tax-free. Being aware of which benefits are taxable can help you manage your finances effectively and avoid unexpected tax liabilities.

✅ Taxable State Benefits

According to HMRC, the following benefits are subject to Income Tax:
• State Pension
• Carer’s Allowance
• Jobseeker’s Allowance (JSA)
• Contribution-based Employment and Support Allowance (ESA)
• Incapacity Benefit (after the 28th week)
• Bereavement Allowance (formerly Widow’s Pension)
• Widowed Parent’s Allowance
• Pensions from the Industrial Death Benefit scheme 

Reference: HMRC - Tax-free and taxable state benefits

❌ Non-Taxable State Benefits

The following benefits are generally exempt from Income Tax:
• Universal Credit
• Personal Independence Payment (PIP)
• Disability Living Allowance (DLA)
• Maternity Allowance
• Attendance Allowance
• Bereavement Support Payment
• Housing Benefit
• Pension Credit
• Winter Fuel Payments & Christmas Bonus
• Child Benefit (Note: may be subject to the High Income Child Benefit Charge if your income exceeds £60,000)  

Reference: HMRC - Tax-free and taxable state benefits

Understanding the tax implications of these benefits ensures compliance with HMRC regulations and aids in accurate financial planning.

The Furnished Holiday Letting (FHL) regime has been abolished effective 6 April 2025.
Previously, married couples or civil partners could split FHL income in any proportion, regardless of actual ownership shares.​
Now, income from jointly owned properties will default to a 50:50 tax split unless unequal beneficial ownership is declared.​
To maintain an unequal income split, couples must:​

1. Hold the property as tenants in common with unequal beneficial interests.​
2. Jointly submit Form 17 to HMRC within 60 days of signing.
3. Note: Form 17 cannot be backdated and only affects income from the date of the last signature.

Example Scenario

Mark and Jess, a married couple, own an FHL property equally.​

They previously split profits 90:10 in favour of Paul, a basic rate taxpayer.​

Post-abolition, without action, profits will be taxed 50:50, potentially increasing their overall tax liability.​

To retain the 90:10 split, they must adjust their ownership shares and submit Form 17 accordingly.​

📣 Takeaway

If you’re a married couple or civil partners with jointly owned FHL properties and wish to maintain an unequal income split, review your ownership structure and consider submitting Form 17 to HMRC promptly.