The government’s Making Tax Digital (MTD) initiative is set to transform how millions of people manage their tax affairs. According to recent reports, up to three million individuals may soon be required to comply with MTD Compliance rules, expanding the scope beyond businesses and landlords. This move highlights the UK’s ongoing efforts to modernise the...
Inheritance tax 2025 remains a significant concern for many families in the UK. It is a tax on the estate (property, money, and possessions) of someone who has passed away. As property values continue to rise, more estates are being caught in the inheritance tax net. Knowing the rules and exemptions can help families plan...
When Trust Was Broken: False LPA Witnessing Estate planning relies heavily on trust and legal integrity. A recent case of false LPA witnessing shattered that trust when an estate planner falsely claimed to witness signatures on a Lasting Power of Attorney (LPA). This misconduct has led to a professional ban, highlighting the grave consequences of...
A Win for Caregivers: PRR Relief Granted on Multiple Properties In a recent case, a caregiver who moved into his parents’ home to care for his ailing father successfully claimed Principal Private Residence Relief (PRR) on not one, but two separate property disposals. The First Tier Tribunal (FTT) sided with the taxpayer, confirming that his...
Understand Your Company’s Financial Health If you’re a company director facing growing bills and unpaid liabilities, now is the time to take control. The first step in effective company debt management is a full, honest assessment of your financial position. Review your profit and loss statement line by line. Are all expenses necessary? Are you...
Understanding Adverse Possession in Estate Contexts Adverse possession is a legal doctrine allowing someone to claim ownership of land under certain conditions if they’ve occupied it without permission. In the estate administration landscape, this concept becomes particularly complex, as seen in the High Court case of Nazir v Begum [2023]. This case clarifies the interaction...
A growing concern is emerging among small business owners, as government tax reforms could inadvertently force 15,000 family-run businesses into closure. A recent warning highlights the potentially devastating impact of proposed pension tax changes, particularly those involving Inheritance Tax (IHT) and the treatment of family business assets. Understanding the Pensions Tax Raid At the heart...
Starting from November 2025, the UK government will officially roll out a compulsory ID verification system for company directors, Persons with Significant Control (PSCs), and those filing on behalf of companies. This step is part of the broader reforms outlined in the Economic Crime and Corporate Transparency Act 2023, which aims to enhance corporate transparency and combat fraud....
Stamp Duty Land Tax (SDLT) can be a confusing area, especially when dealing with run-down or damaged properties. A recent Court of Appeal ruling in the case Mudan v HMRC ([2025] EWCA Civ 799) brings important clarity to the residential SDLT rules, especially regarding properties in poor condition at the time of purchase. Background to...
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...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
