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Financial Reporting: Major Changes for Business Sizes Take Effect
Significant changes affecting financial reporting have kicked in, meaning many businesses may be re-classified in terms of their sizes. The thresholds to determine whether a
Government Climbdown on Inheritance Tax for Family Firms
Chancellor Rachel Reeves recently reversed part of a planned inheritance tax change affecting family-owned businesses and farms. The threshold at which 20% inheritance tax applies
Government Facing Legal Challenges Over ‘Family Farms Tax’
Chancellor Rachel Reeves announced changes in her October 2024 Budget that would reduce inheritance tax relief for farms and family-owned businesses. Starting April 2026, these
Government Rejects Call to Raise Pensioners’ Tax-Free Allowance
A petition asked the Government to create a new tax code for people over state pension age and raise their personal allowance to £25,140. It
HMRC Could Get New Powers in Tax Avoidance Clampdown
Tax avoidance – and specifically those who promote it – has once again been pushed into the spotlight. That’s because of a new review launched
HMRC Criticised for Time Taken to Process Tax Refunds
HMRC is under scrutiny for taking over four months to process tax refunds, a process that previously took just a few weeks. The delays are
HMRC Helpline Axe Saga Rumbles on as Closure Looms Again
The saga over whether HMRC will axe its tax helpline continues to rumble on, with the latest comments suggesting it may still close after all.
HMRC is Chasing Down the Gig-Economy
HMRC is writing to online sellers, gig economy workers, and influencers, asking them for unpaid taxes. There are two versions of the HMRC letter. This
HMRC Issues Warning on Electronic Sales Suppression Software
Electronic sales suppression (ESS) is the term for when a sales till is programmed to hide or reduce the value of individual sales. For example,
HMRC Issues ‘Tax Refund Companies’ Alert
HMRC is warning against being hooked by self-professed ‘tax refund companies’ claiming they can help you reduce your tax bill. The organisation is running a
HMRC Questions Claims for Lettings Relief
If you have claimed lettings relief to reduce the capital gains tax (CGT) payable on the disposal of a let property after 5 April 2020,
HMRC Tax Purposes
Q. In the wake of COVID-19 pandemic, I have been reviewing my books in an effort to more accurately review unpaid sales invoices. I have identified
HMRC’s ‘Help for Hustles’ Campaign
This is a recent initiative by HMRC. The campaign is designed to assist individuals who earn extra income outside their main job, ensuring they understand
Holdover Relief Tax Trap
Some small company owners bring in adult children to take over the day to day running of the business as they approach retirement. There are
Home Working and Capital Gains Tax (CGT)
Working from home was slowly becoming more common before the Covid-19 pandemic; however, the various lockdown restrictions meant that it increased exponentially in 2020 and
How are Long Service Awards Taxed for Employees?
Q:I’ve got a couple of staff at my company who are approaching long service milestones and I want to award them with something to show
How Do I Deal with the Tax Deducted from Paid Interest in my Account?
A large UK company has made a late payment of fees owed to my company. They paid interest on the late paid amount, as they
How do I Ensure that all Fixtures Qualify for Maximum Capital Allowances?
My company has recently taken on an industrial unit that needs extensive fitting-out before it can be used by the business. How can I ensure
How do I work out my taxable profits, income and expenses for this year?
I’ve always calculated my business income for a full year to 30 April. On my tax return for 2010/11 I’ve recorded my business profits, income,
How does HMRC determine if a property is ‘inhabitable’ for SDLT purposes?
Q. How does HMRC determine if a property is ‘inhabitable’ for SDLT purposes? A. I’m looking at purchasing a property in Wiltshire and wondered if non-residential