The Society of Professional Accountants Ltd

The Society of Professional Accountants Ltd We support qualified accountants informally throughout the year.

Capital gains or income - should they be taxed in the same way?At first glance, aligning Capital Gains Tax with Income ...
31/07/2026

Capital gains or income - should they be taxed in the same way?

At first glance, aligning Capital Gains Tax with Income Tax may sound straightforward. But capital gains often represent years of investment, risk and patience - not simply income received at a later date.

With speculation about future tax changes growing, clients may be tempted to sell assets before new rules are announced. However, irreversible financial decisions should be based on long-term objectives, not short-term headlines.

Read the full article to explore what a change could mean for investors, business owners and financial planning:

https://spa.org.uk/capital-gains-tax-vs-income-tax/

⚠️ HMRC agent MFA deadline: 31 July 2026Agents who want multi-factor authentication activated on 19 August 2026 must sub...
30/07/2026

⚠️ HMRC agent MFA deadline: 31 July 2026

Agents who want multi-factor authentication activated on 19 August 2026 must submit HMRC’s online request form by midnight on Friday 31 July.

The form will appear when you sign in to your Agent Services Account or HMRC Online Services for Agents, unless MFA is already active.

Make sure you enter the correct agent ID. HMRC will not be able to complete the 19 August activation if incorrect details are submitted.

Read the full update and find out how to prepare: https://spa.org.uk/hmrc-agent-mfa-deadline-31-july-2026/

⚠️ Important HMRC reminders for agentsAgent Update 145 includes several deadlines and actions to review:• Second Self As...
23/07/2026

⚠️ Important HMRC reminders for agents

Agent Update 145 includes several deadlines and actions to review:

• Second Self Assessment payment on account due 31 July
• Tax adviser registration requirements from 18 August
• Early multi-factor authentication activation
• New guidance for reporting suspicious online account activity
• Updates on winter payment recovery and Corporation Tax penalty notices

Check which updates apply to your firm and clients:

https://www.gov.uk/government/publications/agent-update-issue-145/

📅 Making Tax Digital: key points for agentsThe first MTD for Income Tax quarterly update deadline is 7 August 2026.HMRC’...
22/07/2026

📅 Making Tax Digital: key points for agents

The first MTD for Income Tax quarterly update deadline is 7 August 2026.

HMRC’s latest update highlights practical guidance, instructional videos, the software finder and other resources to help agents and clients prepare.

It also explains how student and postgraduate loan repayments will be estimated during quarterly updates - and calculated in full after the fourth update.

Read the latest guidance:

https://www.gov.uk/government/publications/agent-update-issue-145/

📌 Tax updates from HMRC Agent Update 145The latest tax updates include:• Mandatory payrolling of benefits in kind being ...
21/07/2026

📌 Tax updates from HMRC Agent Update 145

The latest tax updates include:

• Mandatory payrolling of benefits in kind being introduced in phases from April 2027
• Changes to the taxation of carried interest
• New rules for voluntary National Insurance contributions for periods abroad
• A 31 July deadline for businesses affected by the new Va**ng Products Duty
• A new tax certainty service for major UK investment projects

Review the updates relevant to your practice and clients:

https://www.gov.uk/government/publications/agent-update-issue-145/

“Should I be doing something now?”With continued speculation around pensions, Capital Gains Tax, inheritance tax and fut...
20/07/2026

“Should I be doing something now?”

With continued speculation around pensions, Capital Gains Tax, inheritance tax and future tax reforms, it’s a question many clients are asking.

But irreversible financial decisions should not be driven by newspaper headlines or political rumours.

While tax rules and allowances may change, clients’ long-term objectives often remain the same: retiring comfortably, managing tax efficiently and passing wealth to the next generation.

Our latest article from James W. Melhuish of Pocknells Wealth Management explains why a clear financial plan - and collaboration between accountants and financial planners - matters more than ever.

SPA members can also access complimentary Planning Points with Pocknells sessions to discuss client cases and explore potential planning opportunities.

Read the full article:
https://spa.org.uk/planning-in-uncertain-times-why-financial-planning-matters-more-than-ever/

HMRC has started issuing P800 tax calculation letters for 2025/26.These letters tell taxpayers whether, based on HMRC’s ...
09/07/2026

HMRC has started issuing P800 tax calculation letters for 2025/26.

These letters tell taxpayers whether, based on HMRC’s end-of-year review, they have paid too much or too little tax.

HMRC expects to check around 45 million customer accounts, with the process running through to November 2026.

Clients may receive letters about:

✅ Tax repayments
✅ Underpayments
✅ Cheques issued automatically
✅ Amounts HMRC may collect through PAYE

This is likely to lead to more client queries over the summer and autumn months.

Read our latest update on what P800 letters mean and what clients need to know:
https://spa.org.uk/hmrc-p800-tax-calculation-letters/

MTD quarterly updates: 7 August deadline approachingThe first Making Tax Digital for Income Tax quarterly update deadlin...
08/07/2026

MTD quarterly updates: 7 August deadline approaching

The first Making Tax Digital for Income Tax quarterly update deadline is 7 August 2026.

HMRC has issued reminders, instructional videos and useful resources to help agents prepare - including guidance on:

✅ Adding client authorisations to your Agent Services Account
✅ Signing clients up for MTD
✅ Linking compatible software to HMRC
✅ Understanding quarterly updates and estimated tax bills

A quarterly update is not a tax return, and no accounting or tax adjustments are needed before submission.

Read the SPA summary and access the HMRC video guidance here:
https://spa.org.uk/mtd-income-tax-quarterly-update-deadline-august-2026/

Urgent HMRC Service Outage NoticeWe wanted to make you aware of various planned outages that will affect HMRC Agent Serv...
07/07/2026

Urgent HMRC Service Outage Notice

We wanted to make you aware of various planned outages that will affect HMRC Agent Services Account, Making Tax Digital and a number of other HMRC digital services over the weekend of Friday 10 July to Monday 13 July 2026.

Affected services

Making Tax Digital online service will be unavailable between 17:00 Friday 10 July until 09:00 Monday 13 July.

The Agent Services Account will be unavailable from 08:00 on Saturday 11 July until 09:00 on Monday 13 July.

Other affected services include those listed below. Users will be unable to access or complete transactions between 08:00 on Saturday 11 July until 18:30 on Sunday 12 July.

* Charities
* LISA
* ERS returns
* Register a Trust /Estate
* Maintain a Trust/ Estate
* Online Service Passengers
* Maintain a trust
* Maintain estate hub
* AWRS
* ATED
* Agent Client Mandate
* Business Customer
* Country by Country
* Employment Intermediaries
* Fulfilment house Due Diligence
* Software Drinks Industry Levy
* AMLS
* CGT Property Disposal
* EPAYE
* VAT Registration Service (VRS)
* Claim VAT Enrolment (CVE)
* VAT View and Change (V&C)
* VAT Penalties and Appeals
* Plastic Packaging Tax (PPT)
* EORI Common Components (ECC)
* Advance Valuation Ruling (AVR)
* Mandatory Disclosure Rules (MDR)
* View Child Benefit
* Economic Crime Levy (ECL)
* Pension Online Digital Service (PODS)
* Digital Platforms Reporting Service (DPRS)
* P800 online payments, TaxCalc access from PTA, and some ePAYE mobile app functionality
* Several APIs including - VAT API, Lifetime ISA API, Apprenticeship Levy API

Why this is happening

HMRC runs a vast 24/7 operation, and they have one of the largest and most complex IT estates in the UK. Like many large organisations, they are dealing with the challenge of having older technology on their IT estate.

Modernising their IT estate is essential so they can continue to offer the services tax payers expect. It also means that they can provide even better digital services in the future, in line with their ambitious plans for a digital tax system.

Please take care.

Did Budget rumours lead some retirees to make decisions they now regret?New research from Quilter suggests that 61% of r...
06/07/2026

Did Budget rumours lead some retirees to make decisions they now regret?

New research from Quilter suggests that 61% of retirees who withdrew tax-free cash from their pension ahead of last year’s Budget now regret doing so.

At the time, there was widespread speculation that the 25% tax-free pension lump sum could be reduced or capped. In the end, no change was announced.

For accountants and advisers, it' s a useful reminder: clients need calm, clear guidance when tax rumours start circulating.

Read the full update on the SPA website:
https://spa.org.uk/pension-tax-free-cash-a-cautionary-budget-lesson/

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