A new report from the Institute for Fiscal Studies’ Tax Law Review Committee highlights the complexity and cost involved in setting up and running trusts for people with disabilities. The paper notes that eligibility rules are often poorly understood and compliance can be burdensome. To address this, the committee has recommended that HMRC publish a...
From April 2026, employees will no longer be able to claim tax relief on expenses for working from home. Employers can still reimburse employees for these costs, where eligible, without deducting income tax and National Insurance contributions. The policy is a response to an increase in claims where the employees were not eligible for relief....
Why family estate planning matters When it comes to protecting your wealth and ensuring your loved ones are looked after, family estate planning is essential. Whether through wills, trusts, or a combination of both, it provides peace of mind that your assets will be distributed according to your wishes while minimising complications for your family....
Why personal service companies must handle contracts correctly An important reminder for those using personal service companies: income can only be treated as company income if contracts are signed in the company’s name. A recent tribunal case involving England cricketer Paul Collingwood highlights what happens when contracts are signed personally instead of by the company....
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...
Inheritance tax (IHT) is becoming an increasing concern for many UK families. With the nil-rate band of £325,000 and the residence nil-rate band of £175,000 frozen until 2030, more estates are being caught in the tax net due to rising property values. According to HMRC data, IHT receipts have surged to £8.2 billion from April...
Inheritance Tax (IHT) planning is undergoing significant changes in the UK, making it crucial for individuals to stay informed and proactive. Recent policy shifts and upcoming reforms are set to impact how estates are taxed, emphasizing the importance of strategic planning. Key Changes to Inheritance Tax (IHT): Frozen Thresholds: The IHT nil-rate band remains at...
Selling a probate home comes with its challenges, but the Stamp Duty Land Tax (SDLT) deadline adds an extra layer of urgency. Buyers eager to save on stamp duty may walk away if delays arise. Understanding these challenges can help sellers avoid losing potential buyers. What is a Probate Home? A probate home is a...
Cryptocurrency is a growing asset class, but many individuals overlook its importance in estate planning. Unlike traditional assets, digital currencies require special considerations to ensure they are accessible and protected after an owner’s passing. Without proper planning, beneficiaries may struggle to recover these valuable assets. Why Cryptocurrency Estate Planning Matters Unlike cash or property, cryptocurrency...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
