A salary sacrifice pension is a tax-efficient arrangement where an employee agrees to give up part of their salary, and in return, the employer pays that amount directly into the employee’s pension. Instead of being paid as cash income, the contribution goes straight into the pension pot, which can reduce both income tax and National...
The HMRC trust registration deadline is a critical compliance requirement for trustees across the UK. Recently, HMRC has confirmed that it will not extend the end-of-year deadline for trust registration, despite growing concerns from advisers and trustees. However, there is some reassurance: HMRC has stated that it will consider ‘reasonable excuses’ where deadlines are missed...
Why HMRC Compliance 2026 Matters for Every Business As the UK continues to strengthen financial transparency and digital reporting, HMRC compliance 2026 is set to be one of the most important updates for small businesses, landlords, contractors, and limited companies. HMRC has already increased its focus on digital audit trails, accurate record-keeping, and real-time data....
Why Business Tax Planning Matters More in 2026 With new financial challenges and evolving compliance rules, business tax planning is becoming increasingly important for UK businesses in 2026. As HMRC continues to strengthen digital reporting requirements, tax efficiency is no longer optional—it’s essential. Whether you’re a sole trader, SME, or growing limited company, planning early...
Introduction to the Remittance Basis Charge The 2023/24 tax year brought several important considerations for UK taxpayers who use the remittance basis. If you are a UK resident but not domiciled in the UK, understanding how this charge applies—and whether you should claim the remittance basis at all—is crucial for planning your tax return effectively. With changing...
The interaction between student loan repayments and payrolled benefits is an important topic for both employers and employees. With HMRC’s increasing focus on real-time payroll data, understanding how these two elements work together can help businesses stay compliant and ensure accurate deductions. How Student Loan Repayments Work When an employee’s earnings cross a certain...
Rising Inheritance Tax in the UK The Inheritance Tax UK receipts have reached a record £4.4 billion in just six months, signalling how more families are being drawn into the IHT net. With property values increasing and tax thresholds remaining frozen, many once-exempt estates now face significant tax bills. HMRC’s data show that IHT has...
The UK tax system is undergoing a significant digital transformation through Making Tax Digital (MTD) — an HMRC initiative designed to modernise the way businesses, landlords, and individuals record, report, and manage taxes. The goal of MTD is simple yet powerful: to make tax administration more efficient, accurate, and easier for everyone. At Care Accountancy,...
Understanding HMRC’s data-driven tax approach In recent years, HMRC’s large-scale data analysis has become one of the UK’s most powerful tools for increasing tax revenue and improving compliance. By harnessing advanced analytics and artificial intelligence, HMRC can now identify tax irregularities, detect avoidance schemes, and recover billions of pounds in unpaid taxes. This digital transformation...
Embracing digital accounting in today’s business world The way businesses manage their finances is changing rapidly, with digital tools now at the forefront of accounting processes. For small businesses, adopting digital accounting has become more than just a trend—it’s a necessity. By moving away from manual spreadsheets and outdated systems, SMEs can enjoy greater efficiency,...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
