01.05.2026
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Finances & Tax 2026/27: Key Updates You Need to Know

Since April 2026, there have been significant changes that you need to have planned for and implemented.  We have listed some of these below.

National Minimum Wage rates from 1 April 2026

Statutory Sick Pay (SSP)

SSP is now payable from day one of sickness absence. There is no longer a Lower Earnings Limit for SSP eligibility. The new rate is either £123.25 a week or 80% of average weekly earnings – whichever is lower. It’s paid for up to 28 weeks.

Making Tax Digital for Income Tax

Sole traders using Self-Assessment, who have a gross income above £50,000 will need to keep digital accounting records. If this applies to you, you will need to:

  • Use HMRC-recognised software compatible with Making Tax Digital
  • Send updates quarterly
  • Submit your tax return by 31st January every year.

Those with incomes between £30,000 and £50,000 will need to comply from April 2027.

Dividend Tax Rates

Tax on dividend income will increase by 2 percentage points. The ordinary rate will rise from 8.75% to 10.75%, and the upper rate from 33.75% to 35.75% from April 2026. The additional rate will remain unchanged at 39.35%.

Corporation Tax late filing penalties are increasing

A late return will now attract a £200 penalty (up from £100), rising to £400 if it’s more than three months late. Filing late three times in a row results in a £2,000 fine if the return is more than three months late.