Snap Report Finance 5 stories

HMRC Launches New Side-Income Crackdown

Good morning. HMRC is chasing platform sellers and landlords under new rules, plus energy cap confirmation and the new ISA year begins.

1

HMRC Contacts Sellers on Vinted, Etsy and Airbnb Under New Reporting Rules

Thousands of people earning money through platforms like Vinted, Etsy and Airbnb are being contacted by HMRC under expanded digital platform reporting rules that came into force at the start of 2026. Platforms are now required to share seller data with HMRC for anyone earning above £1,700 per year or making 30 or more transactions. Letters are going out to those who may have undeclared income.

So what: If you sell regularly on any online platform and haven't declared the income, HMRC may already have your data. The trading allowance is £1,000 per year — above that, it should be on your tax return. Now is a reasonable time to check.

Source: HMRC

2

Halifax and Nationwide Cut Two-Year Fixed Mortgage Rates

Halifax has cut selected two-year fixed mortgage rates by up to 0.14 percentage points, with Nationwide following with smaller reductions on its own range. The moves come as lenders compete for spring remortgage business. Five-year fixes remain broadly unchanged, and tracker rates have not moved.

So what: If your fixed deal ends in the next six months, now is a reasonable time to speak to a broker — rates could move either way before your deal expires, and locking in early typically costs nothing.

Source: MoneySavingExpert

3

Energy Price Cap Rises 6.4% From April — Ofgem Confirms

Ofgem has confirmed the energy price cap will rise by 6.4% from 1 April, adding around £111 to the average annual household bill. The increase reflects higher wholesale gas prices over winter. The next quarterly review will be announced in June.

So what: If you're on a standard variable tariff, your bills are rising from this week. Some fixed deals currently on the market sit below the new cap — ten minutes comparing could lock in savings for a year.

Source: Ofgem

4

ISA Season Opens Tomorrow — Allowance Stays Frozen at £20,000

The new tax year begins on 6 April, bringing the ISA season with it. The annual allowance remains frozen at £20,000 for another year. The government has confirmed no change to the limit despite inflation having eroded its real value by roughly a third since it was last raised in 2017. Cash ISA rates from several providers have nudged down ahead of the new year.

So what: If you haven't used this year's allowance, you have until midnight tonight. Tomorrow's £20,000 is a fresh allowance — use it or lose it by 5 April 2027.

Source: HMRC

5

Auto-Enrolment Age Threshold Lowered to 18

The government has confirmed that the auto-enrolment minimum age will drop from 22 to 18 from 2026, bringing an estimated 900,000 more young workers into workplace pension saving. The earnings threshold at which contributions kick in will also be removed, meaning contributions apply from the first pound earned.

So what: If you have children or young workers in your household, they'll be enrolled automatically at 18 — starting pension saving earlier means compound growth has longer to work.

Source: DWP

That's it for today. Back Wednesday.

— James

Nothing in Snap Report is financial advice. James Holt is not a financial adviser.