The UK tax authority, HMRC, has once again enforced IR35 tax rules, targeting a well-known football commentator. The Upper Tax Tribunal has upheld a £300,000 tax bill against the sports broadcaster for his contract work with Sky TV. This case highlights the strict application of IR35 regulations and the financial impact on freelancers in the...
The First-tier Tax Tribunal (FTT) has disallowed multiple dwellings relief from stamp duty for an annexe whose planning permission specified that it could be used only for ancillary purposes to the house. Together with the annexe’s lack of privacy, this implied it was not a separate unit of residential accommodation (Fitzgerald v HMRC, 2025 TC09415).
The UK government is considering making e-invoicing mandatory for businesses. This move aims to enhance efficiency, reduce fraud, and simplify tax compliance. The consultation seeks input from businesses on how best to implement this system. What is E-Invoicing? E-invoicing refers to the digital exchange of invoices between businesses and tax authorities. Unlike traditional paper or...
HM Revenue and Customs (HMRC) has announced a reduction in late payment and repayment interest rates, offering some relief to taxpayers and businesses managing their financial obligations. Understanding these changes can help individuals and businesses plan their tax payments more efficiently. Why has HMRC reduced interest rates? The changes in interest rates are directly linked...
The UK’s tax authority, HMRC, has recently intensified its scrutiny of companies owning residential property. This move aims to ensure compliance with tax regulations, particularly regarding Annual Tax on Enveloped Dwellings (ATED) and Capital Gains Tax (CGT) obligations. Property – owning companies must now ensure their tax affairs are in order to avoid penalties. ...
Starting 5 April 2025, significant changes will affect sole traders and company directors regarding their Self-assessment tax returns. The UK government has enacted legislation mandating additional disclosures to enhance transparency and accuracy in tax reporting. Key Changes for Sole Traders For sole traders, the new requirements focus on the commencement and cessation of trading activities:...
Cryptocurrency is a growing asset class, but many individuals overlook its importance in estate planning. Unlike traditional assets, digital currencies require special considerations to ensure they are accessible and protected after an owner’s passing. Without proper planning, beneficiaries may struggle to recover these valuable assets. Why Cryptocurrency Estate Planning Matters Unlike cash or property, cryptocurrency...
Inheritance Tax (IHT) can significantly burden families and businesses, but Agricultural Property Relief (APR) and Business Property Relief (BPR) have traditionally helped reduce liabilities. Recent discussions on reforming these reliefs have raised concerns for farmers and business owners. Understanding these changes is essential for effective inheritance tax planning and ensuring tax-efficient asset transfers. Understanding Agricultural...
The UK government has reported record-high inheritance tax (IHT) receipts, largely due to the continued freeze on thresholds. With property values rising and tax-free allowances unchanged, more families are now facing increased tax liabilities. According to a Euronews report, the total IHT receipts have reached unprecedented levels, raising concerns among taxpayers. Why Are UK Inheritance...
How to Avoid a Will Dispute Creating a Will is essential for ensuring your estate is distributed according to your wishes after passing. However, disputes over Wills are more common than you might think. Family disagreements, unclear instructions, and questions of legality can all lead to challenges in court. Taking a few proactive steps can...
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Copyright by CareAccountancy. All rights reserved.
