As tax rules become more complex, UK companies are being urged to reassess their loan relationships—a crucial yet often overlooked aspect of their financial planning. HMRC’s ongoing scrutiny in this area makes it even more essential for businesses to assess how loans and financing arrangements are being reported. Why Loan Relationships Matter A loan relationship is broadly defined...
Inheritance tax (IHT) is often viewed as a financial burden; however, in certain situations, it can provide strategic advantages, particularly when a company repurchases its shares. For family-run businesses, this can be a tax-efficient opportunity that turns a challenge into an advantage. Understanding Share Buybacks and Inheritance Tax (IHT) When a shareholder passes away, their...
Why did HMRC issue penalties? A recent decision by the First-tier Tribunal (FTT) has highlighted the importance of fully understanding your self-assessment (SA) tax return obligations. The case involved a taxpayer who misunderstood the requirement to file a return and faced HMRC penalties as a result. Despite the individual’s claim of confusion, the tribunal ruled...
The UK government’s inheritance tax (IHT) receipts are on track to hit a staggering £9 billion by 2027, according to forecasts from the Office for Budget Responsibility (OBR). This sharp rise in UK Inheritance Tax (IHT) revenue reflects a combination of frozen thresholds and rising property values — factors that could impact many families who...
The UK government has announced a significant change to how winter fuel payments will be managed going forward. From 2025, these payments will be recovered through the tax system for higher-income pensioners. The goal? To ensure that public support is better targeted toward those who need it most. What Are Winter Fuel Payments? Winter fuel...
A major development in English probate law has emerged as the England and Wales Court of Appeal (EWCA) ruled that a secret trust claim over an estate may proceed to trial. This case is expected to have wide-reaching effects on how verbal agreements and informal understandings around inheritance are treated under UK law. If you’re...
The Solicitors Regulation Authority (SRA) has imposed a GBP77,784 fine on a London-based law firm. It was fined for failing to comply with the client risk assessment rules for three years and failing to carry out an independent anti-money laundering (AML) compliance audit. There was no evidence of any harm to consumers or to third...
Criminals have hacked the online tax accounts of 100,000 taxpayers to claim GBP47 million of fraudulent repayments, HMRC has acknowledged. Most of the attacks were conducted by phishing using credentials obtained from non-HMRC sources to either set up new HMRC accounts or hijack existing ones, rather than by breaches of HMRC security. HMRC is writing...
The England and Wales High Court has agreed to immediate committal of a defendant after he failed to distribute to the claimant the GBP138,000 proceeds of an estate of which he was sole executor (Saleemi v Asif Parvez, 2025 EWHC 1340 Ch). The defendant had sent the estate accounts by email to the claimant’s solicitor in December...
The UK Supreme Court (UKSC) has overruled all lower courts in deciding that One Savings Bank should have realised that Catherine Waller-Edwards was acting under the undue influence of her cohabitant when she agreed a remortgage of their home. The UKSC unanimously held that a creditor is put on inquiry in any non-commercial hybrid transaction...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
