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...
Court Rules Executors Need Not Remain Neutral in Cases of Suspected Deception The England and Wales High Court has confirmed that executors are not always required to remain neutral when there is evidence suggesting dishonesty or deception in relation to an estate. In Teixeira v Moaven [2026] EWHC 1215 Ch, the court examined a deathbed declaration...
Trustees selling property should be aware of an important compliance step: trust property disposal reporting cannot be completed unless the trust is first registered with HMRC. This requirement applies where a trust disposes of UK property and needs to report capital gains within the relevant deadlines. Failing to register the trust in advance can lead...
Dealing with HMRC queries can sometimes be complex, especially when cases involve delays, unclear responses, or technical disagreements. Understanding how to use HMRC resolution services effectively can help agents and taxpayers resolve issues faster and avoid unnecessary stress. HMRC provides structured escalation routes designed to handle disputes, technical concerns, and service-related problems, but using them...
Many taxpayers may be missing tax refunds Thousands of individuals across the UK could be entitled to money back from HMRC but may not even realise it. Every year, tax overpayments occur for various reasons, and many people never claim what they are owed. If you have changed jobs, worked part-time, stopped working, or had...
BlueCrest Capital Management is set to appear before the UK Supreme Court in a high-profile tax case involving the employment status of its members. HMRC argues that most members should be treated as salaried employees rather than self-employed partners, which could result in tax liabilities approaching £200 million. The case will focus on the interpretation...
HMRC begins direct contact with taxpayers HMRC has confirmed that the first MTD mandation letters are being issued this month, marking a major step forward in the rollout of Making Tax Digital (MTD) for Income Tax. These letters are being sent to individuals and businesses who will be required to follow MTD rules from April...
HMRC has lowered the interest charged on late self assessment tax payments, reducing the rate from 8% to 7.75%. The change reflects the link between late payment interest and the Bank of England base rate. Taxpayers who miss the 31 January deadline still face fixed penalties, followed by daily charges and further percentage-based penalties if...
The Treasury has confirmed plans to introduce new legislation that will bring cryptocurrency firms under the oversight of the Financial Conduct Authority from 2027. The proposals aim to regulate digital assets such as Bitcoin in a similar way to traditional financial products, strengthening consumer protection and improving market transparency. Ministers say the move will help...
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Copyright by CareAccountancy. All rights reserved.
