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...
The Solicitors Regulation Authority has proposed new measures to strengthen protections around client money held by law firms. Under the plans, firms would be required to submit all accountants’ reports directly to the regulator and provide an annual declaration confirming compliance. This approach was previously in place until 2014, after which only reports highlighting concerns...
A growing number of FTSE 100 companies are appointing former chief financial officers as chief executives, reflecting a preference for experienced leadership during uncertain economic conditions. Recent figures show that more than half of newly appointed CEOs previously held CFO roles. While board diversity continues to improve overall, women remain underrepresented in the most senior...
Mortgage lending in the UK is expected to grow at a much slower pace over the next year, according to industry forecasts. Lending volumes are predicted to rise only marginally, while property transaction numbers are set to fall. At the same time, repossessions are expected to increase as affordability pressures continue to affect households. Analysts...
A man posing as an accountant has been jailed for orchestrating an immigration fraud scheme that involved submitting false employment and payroll information to secure spousal visas. The ringleader charged clients annual fees for providing fake documentation and was supported by accomplices who also received prison sentences. Investigators uncovered manipulated income records and seized significant...
The head of Scottish Financial Enterprise has urged the Scottish Government to reconsider its income tax structure and bring thresholds closer to those used elsewhere in the UK. He believes the current approach discourages skilled workers and overseas talent, particularly as Scottish taxpayers begin paying higher rates at lower income levels. The warning comes ahead...
Gold bullion firm Direct Bullion has confirmed that a winding‑up petition issued by HMRC has been withdrawn after an administrative issue was resolved. The company’s chief executive stated that the matter arose from a minor error that has since been corrected. Direct Bullion said it is working closely with HMRC to ensure compliance and bring...
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Copyright by CareAccountancy. All rights reserved.
