From Yahoo Finance: 2025-06-05 11:33:00

The Institute of Chartered Accountants in England and Wales (ICAEW) has outlined five key changes for taxpayers completing their 2024/25 Income Tax Self-Assessment (ITSA) return. Around 780,000 taxpayers filed their 2023/24 return on the final day, with nearly 33,000 doing so in the last hour. The first change highlighted was the increase in capital gains tax (CGT) rates. The second change included new boxes in the 2024/25 tax return for reporting profits and losses from crypto asset disposals. The third change was the default switch to the cash basis for most sole traders and partners. The fourth change involved calculating trading profits on a tax year basis. Lastly, from 6 April 2026, sole traders and landlords with combined gross sales and rents over £50,000 must comply with Making Tax Digital for income tax. The ICAEW advised taxpayers to understand these changes to avoid last-minute difficulties.



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