Professional bodies responsible for tax standards have updated their guidance to address the growing use of artificial intelligence in tax work. Amendments to the Professional Conduct in Relation to Taxation (PCRT) framework aim to help advisers apply ethical principles when using AI tools, including responsibility, professional judgement and client confidentiality. STEP is among the seven...
Household energy bills are expected to rise over the coming years after Ofgem approved major investment in the UK’s energy infrastructure. The funding will be used to upgrade electricity networks and gas pipelines, supporting future demand and renewable energy projects. While the regulator says the investment should reduce long-term costs by improving efficiency, consumers are...
Retailer Mothercare has warned that its future is uncertain after breaching the terms of an emergency loan agreement. The announcement led to a sharp fall in the company’s share price. Recent financial results showed a significant drop in sales and revenue, while outstanding debt remains high. The company has acknowledged that there is material uncertainty...
International law firm Freshfields has launched resilience training programmes for university students aiming to enter the City. The sessions focus on coping with stress, handling feedback and developing professional confidence in demanding work environments. Similar initiatives have been introduced by other professional firms, including accounting and consulting practices, reflecting growing concern around wellbeing and preparedness...
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...
Financial advisers expect an increase in marriages among older couples ahead of planned inheritance tax changes. From April 2027, pensions will be included within inheritance tax calculations, potentially increasing the tax burden on families. Married couples and civil partners can combine allowances, allowing significant sums to be passed on tax-free, including additional relief linked to...
With many people selling unwanted Christmas gifts online, questions have arisen about whether HMRC will step in. Tax specialists have clarified that individuals selling personal items occasionally are not the target of HMRC’s compliance activity. The focus remains on those trading regularly as part of the hidden economy. In most cases, selling personal possessions is...
The US economy expanded faster than expected in the third quarter, driven by strong consumer spending, exports and government investment. Official figures show growth exceeded forecasts despite a slowdown in business investment. Inflation also picked up during the period, highlighting ongoing pressure on prices even as economic activity remained robust. Disclaimer The information on...
The government has confirmed that inheritance tax relief for farmers will increase, lifting the threshold from £1m to £2.5m. The move follows widespread concern within the farming community, with concern raised over plans set out in last year’s Budget that would see a 20% tax on inherited agricultural assets worth more than £1m as of...
The Financial Conduct Authority has opened a consultation on a new regulatory framework for crypto-assets, aiming to align them more closely with rules that apply to traditional financial products. The proposals are based on policy plans first published in 2023 and would bring crypto-assets under FCA supervision in a similar way to shares and other...
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Copyright by CareAccountancy. All rights reserved.
