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...
Growing frustration over delayed repayments Many UK taxpayers are experiencing long waits for HMRC tax rebates, with some refunds taking more than a year to be paid. These delays are affecting employees, pensioners, and self-employed individuals who are owed money after overpaying tax or National Insurance. For households relying on timely repayments, the situation has...
A welcome update for succession planning The UK government has announced an increase to the IHT relief cap, bringing important changes for families, farmers, and business owners who rely on Agricultural Property Relief (APR) and Business Property Relief (BPR). This update is designed to provide greater certainty and protection for those passing on family assets,...
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...
The HMRC trust registration deadline is a critical compliance requirement for trustees across the UK. Recently, HMRC has confirmed that it will not extend the end-of-year deadline for trust registration, despite growing concerns from advisers and trustees. However, there is some reassurance: HMRC has stated that it will consider ‘reasonable excuses’ where deadlines are missed...
Gold bullion firm Direct Bullion has confirmed that a winding‑up petition issued by HMRC has been withdrawn after an administrative issue was resolved.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...
Chancellor Rachel Reeves says she and Prime Minister Keir Starmer collaborated closely on the Budget and the Government’s tax plans, saying: “We took him through all of the numbers and options and we decided it together as a team.” This came as MPs on the Treasury Committee quizzed the Chancellor on the decision not to...
Rob Perrins, executive chairman of housebuilder Berkeley Group, has urged the Bank of England to reduce interest rates to 3% by March. He argues that the current rates are too high and hinder economic growth. Mr Perrins noted that speculation around tax hikes ahead of the recent Budget had dampened demand for new homes. He...
With savers potentially facing tax charges on cash held in stocks and shares ISAs, investment experts have urged Chancellor Rachel Reeves to reconsider the reforms. The recent Budget reduced the cash ISA allowance to £12,000 while maintaining the stocks and shares limit at £20,000. Experts have voiced concern that temporary cash holdings could lead to...
HMRC is sending letters to taxpayers who it believes should ensure that any legal interpretation applied in a tax return or other document sent to HMRC is ‘correct in both fact and law’ as set out in its Guidelines for Compliance 13. HMRC says that where the taxpayer has relied on a particular interpretation of the...
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Copyright by CareAccountancy. All rights reserved.
