Archives 2026

Over the years, Payments on Account have been a source of confusion for many taxpayers, particularly those who are new to the Self-Assessment system or whose tax liability has exceeded £1,000 for the first time.

Many individuals are often surprised to discover that settling their annual tax bill may also require advance payments towards the following year’s tax liability. Understanding how this system works can help you plan your finances better and avoid unexpected tax demands.

What Are Payments on Account?

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✅ A. Introduction & Overview (1–10)

1. What is Making Tax Digital for Income Tax (MTD for ITSA)?

MTD for ITSA is a new HMRC reporting system that changes how self-employed individuals and landlords report their income. Instead of submitting one annual Self Assessment tax return, taxpayers must:

• keep digital records of income and expenses
• submit quarterly updates to HMRC
• submit an End of Period Statement (EOPS) for each business
• submit a Final Declaration confirming total income and tax liability.

The aim is continuous digital reporting rather than annual reporting.

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My understanding of the Eisenhower Matrix for Time Management has significantly sharpened my leadership effectiveness over the years.

Time is one of the most precious resources a leader has. The ability to manage it wisely, not just efficiently, but intentionally, can be the difference between progress and constant fire-fighting.

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From 18 November 2025, a major regulatory shift has taken effect: All directors and Persons with significant control (PSCs) must now verify their identity with Companies House.

This new legal requirement is part of the UK government’s broader effort to enhance corporate transparency and reduce economic crime. It applies to:

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