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July 30, 2025
Single-Director Companies and the Employment Allowance

Employment Allowance is a valuable government scheme that allows eligible employers to reduce their annual National Insurance liability by up to £5,000. While this relief can benefit many businesses, there are certain restrictions in place—and one of the most misunderstood is the employment allowance exclusion for single-director companies. In this article, we break down what...

July 15, 2025
Companies Encouraged to Review Loan Relationships

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...

July 8, 2025
When Inheritance Tax (IHT) Can Be Helpful in a Company of Own Shares

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...

June 30, 2025
FTT Upholds HMRC Penalties Despite Misunderstanding of SA Tax Return Filing

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...

June 18, 2025
UK Inheritance Tax (IHT) Receipts Forecasted to Hit £9 Billion by 2027

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...

May 15, 2025
Inheritance Tax (IHT) Planning – What Does the Future Hold?

Inheritance Tax (IHT) planning is undergoing significant changes in the UK, making it crucial for individuals to stay informed and proactive. Recent policy shifts and upcoming reforms are set to impact how estates are taxed, emphasizing the importance of strategic planning. Key Changes to Inheritance Tax (IHT): Frozen Thresholds: The IHT nil-rate band remains at...

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CareAccountancyOffices
Leeds: 94 Street Lane, Leeds

Batley: 504B Bradford Road, WF17 5JY

Bradford: 22 Muirhead Drive, Bradford, BD4 0HJ

Birmingham: 9 Sheaf Lane, Coventry Road, Birmingham

London: Suite 2462, Unit 3A,34-35 Hatton Garden,London, EC1N 8DX

OUR LOCATIONSWhere to find us
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GET IN TOUCHCare Accountancy Social Links

 

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