February 2026 – Page 3 – NTR Book-Keeping Services

General

Sign up for online services

Feb 12, 2026 by Terry Harris 0 Comments

HMRC online services allow individuals, businesses and agents to manage tax matters securely over the internet. Using an HMRC online account, you can send information such as self-assessment tax returns or VAT registration applications, view important records like your business or personal tax account and make payments online.

To access these services, you will need to ensure you have set up an account with HMRC. If you do not already have sign-in details, you can easily create them. HMRC provides three types of online services accounts: individual accounts, organisation accounts and accounts for agents.

An individual account lets you set up a Personal Tax Account where you can complete tasks such as checking your Income Tax estimate and tax code, updating personal details and claiming tax refunds. You can also register for self-assessment if you need to report income from sources such as property or investments. The same sign-in details can be used for both services.

Organisation accounts are for businesses and trusts. A business tax account allows sole traders, partnerships and limited companies to register for self-assessment (if self-employed), VAT, PAYE and Corporation Tax, depending on what is required.

A number of HMRC services use a separate sign-in process, including excise, import and export services, childcare accounts and for reporting Capital Gains Tax on UK property.

Source:HM Revenue & Customs | 09-02-2026

Income Tax

31 January deadline met by more than 11.48 million people

Feb 12, 2026 by Terry Harris 0 Comments

HMRC has confirmed that more than 11.48 million people submitted their 2024-25 self-assessment tax returns by the 31 January deadline. This included 475,722 taxpayers who left their filing until the final day and almost 27,456 that filed in the last hour (between 23:00 and 23:59) before the deadline!

There are an estimated 1 million taxpayers that missed the deadline. Are you among those that missed the 31 January 2026 filing deadline for your 2024-25 self-assessment returns?

If you have missed the filing deadline then you will usually be charged a £100 fixed penalty if your return is up to 3 months late, regardless of whether you owed tax or not. If you do not file and pay before 1 May 2026 then you will face further penalties unless you have made an arrangement to pay with HMRC.

If you are unable to pay your tax bill, there is an option to set up an online time to pay payment plan to spread the cost of tax due on 31 January 2026 for up to 12 months. This option is available for debts up to £30,000 and the payment plan needs to be set up no later than 60 days after the due date of a debt.

If you owe self-assessment tax payments of over £30,000 or need longer than 12 months to pay in full, you can still apply to set up a time to pay arrangement with HMRC, but this cannot be done using the online service.

Source:HM Revenue & Customs | 09-02-2026

Employment Law

Payments made into employee benefit trusts constitute taxable income

Feb 4, 2026 by Terry Harris 0 Comments

A Tribunal recently ruled that payments made for work into a third-party trust constitute immediate employment earnings. This decision effectively precludes employers from using loan-based structures to obfuscate remuneration.

Mr. Jack was employed by an offshore company based in the Isle of Man while living and working in the UK. Under this arrangement, the fees paid for Mr. Jack’s services were split into a modest basic salary and an employee benefit trust (EBT), which would then advance these funds to Mr. Jack in the form of interest-free loans. Because these payments were categorised as loans rather than salary, they were not initially reported as taxable employment income.

Following an enquiry into Mr. Jack’s self-assessment return, HMRC issued a closure notice concluding that the £48,034 transferred to the EBT actually constituted “redirected earnings” and was, therefore, taxable as employment income under Section 62 of the Income Tax (Earnings and Pensions) Act (ITEPA) 2003. Mr. Jack appealed, arguing that a significant portion of the funds should be exempt from tax since he had repaid approximately £23,479 of those loans in April 2011.

The Tribunal upheld HMRC’s closure notice and applied the Supreme Court’s decision in RFC 2012 plc. The Judge held that, when money was paid into the EBT for work done by Mr. Jack, it effectively became taxable employment income at that exact juncture as “redirected” earnings. Mr. Jack’s argument that he had “fixed” the tax issue by repaying the loans was also rejected, as the tax charge arose on the transfer to the EBT, and anything that happened to the money afterwards did not affect the tax already owed for the 2010/11 tax year.

This ruling confirms that the legal characterisation of a relationship or a payment in a contract is secondary to the reality of the work performed. Care must be taken when creating structures to minimise tax burden and maximise profits, as the full amount transferred to a trust could be seen as ‘earnings’. Based on the Rangers case, if money is paid in return for services, it constitutes remuneration. On the other side of the coin, if a court views a loan as salary, it may also come to view the recipient as a worker who is entitled to full statutory rights.

Source:Tribunal | 03-02-2026

Business Support

Turning waste disposal into an income stream

Feb 2, 2026 by Terry Harris 0 Comments

For many businesses, waste disposal is seen purely as a cost, an unavoidable expense required to stay compliant and keep operations running smoothly. However, there is growing interest in the idea that waste, when managed differently, can become a modest but meaningful source of income rather than a drain on resources.

The starting point is recognising that much commercial waste still has value. Materials such as metals, cardboard, plastics, glass, and certain by-products can often be separated and sold for recycling. While individual returns may appear small, the cumulative effect over a year can offset disposal costs and, in some cases, generate a surplus. This is particularly relevant for manufacturing, construction, hospitality, and retail businesses where waste volumes are high.

Technology and data are also playing a role. Improved tracking of waste streams allows businesses to understand what they are throwing away, how often, and at what cost. With this information, processes can be redesigned to reduce waste at source or to segregate materials more effectively. Cleaner, well-sorted waste commands higher prices and attracts a wider range of recycling partners.

Energy recovery offers another potential income stream. Organic waste can be converted into biogas through anaerobic digestion, while some non-recyclable materials can be used in waste-to-energy facilities. Although these solutions often require collaboration with specialist providers, they can reduce landfill charges and create long-term savings or revenue-sharing opportunities.

There is also a reputational benefit. Customers, investors, and supply chain partners are increasingly focused on sustainability. Businesses that can demonstrate circular practices may find it easier to win contracts, attract investment, or justify premium pricing.

Turning waste into income is unlikely to replace core trading profits. However, with careful planning and realistic expectations, it can reduce costs, support environmental goals, and create incremental value. In a tighter economic climate, even small efficiency gains can make a noticeable difference to overall business performance.

Source:Other | 01-02-2026

General

The rise of the silver economy

Feb 2, 2026 by Terry Harris 0 Comments

The term “silver economy” is used to describe the growing economic activity linked to an ageing population. In the UK and across much of the developed world, people are living longer, healthier lives. This demographic shift is reshaping consumer demand, labour markets, and public policy, and it is creating both challenges and opportunities for businesses.

By 2040, nearly one in four people in the UK is expected to be aged 65 or over. Unlike previous generations, many older adults have higher levels of wealth, remain active for longer, and expect products and services that support independence, wellbeing, and quality of life. This has driven growth in sectors such as healthcare, home adaptations, financial planning, leisure, and technology designed for ease of use rather than novelty.

Financial services are also evolving. As people spend more years in retirement, there is greater focus on retirement planning, later-life lending, equity release, and inheritance planning. Businesses that can offer clear, trusted advice in these areas are well placed to benefit.

Importantly, the silver economy is not just about consumption. Many older individuals continue to work, volunteer, or run businesses well beyond traditional retirement age. Flexible working, part-time roles, and consultancy work allow experience and skills to remain within the economy for longer.

For policymakers and businesses alike, the key challenge is to adapt. Those who recognise the diversity, spending power, and contribution of older generations will find that the silver economy is not a burden, but a significant and growing source of economic value.