A High Court judge has struck out key provisions of a 92-year-old man’s will because his solicitor failed to explain to him what a life interest trust actually meant, a cautionary case with direct implications for anyone planning how their estate will pass to loved ones. (Care Accountancy Team: Leeds, Bradford, Birmingham, London, Batley ,...
The rules around a tax return for directors have recently been clarified by HMRC, particularly for directors of close companies. The changes apply to Self Assessment returns for the 2025/26 tax year onwards and mean that some directors now need to provide more information about the companies they are involved with. It is important to...
Winter Fuel Payment deadlines are coming up. If you’re a pensioner who’d rather not receive the Winter Fuel Payment for winter 2026/27, the opt-out deadlines are almost here. Payments go out automatically by default, so if you’d prefer to skip it rather than have it clawed back later through your tax, now’s the time to...
Payroll errors may seem like small mistakes, but they can quickly become expensive for a business. Incorrect pay, tax deductions, National Insurance contributions, or employee details can create extra costs, administrative work, and unnecessary stress for employers. For businesses with several employees, even a small payroll mistake repeated every month can add up. Getting payroll...
UK Inheritance Tax Liabilities Reach a New High UK inheritance tax figures are attracting renewed attention as the value of inheritance tax liabilities has surpassed £7 billion for the first time. The latest HMRC data, covering estates where the person died during the 2023–24 tax year, highlights how more families are being drawn into the scope...
Payments on account can be confusing, particularly if you are completing a Self Assessment tax return for the first time. Instead of paying only the tax you owe for the previous year, HMRC may require you to make advance payments towards your next tax bill. Understanding how the system works can help you plan your...
Managing timely tax payments could become an important part of running a business if HMRC’s latest proposals move forward. As part of its long-term vision to modernise the UK tax system, HMRC is exploring ways to bring certain tax payments closer to the time income is earned. Although these proposals are still under consultation and...
Tax compliance has always been an important responsibility for UK businesses, but recent HMRC activity shows that enforcement is becoming even more rigorous. As part of its latest compliance campaign, HMRC is increasing efforts to tackle high street tax fraud, targeting businesses suspected of deliberately underreporting income, failing to keep accurate records, or evading tax...
Cash flow management is one of the most important aspects of running a successful business, yet it is often overlooked until problems arise. Many profitable businesses still struggle financially because they fail to manage the money flowing in and out of the business effectively. Poor cash flow can lead to missed supplier payments, delayed salaries,...
The UK’s transition to Making Tax Digital represents one of the biggest changes to the tax system in recent decades. However, recent figures suggest that many taxpayers who will soon be affected by the new rules have not yet taken the necessary steps to prepare. According to analysis by the Low Incomes Tax Reform Group...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
