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...
Understanding the MTD cessations rules update If you’ve been following the rollout of Making Tax Digital (MTD), you’ll know it’s changing how businesses report their taxes. Recently, HMRC has provided much-needed clarity on MTD cessations rules, particularly for businesses that stop trading. This update is important for sole traders, landlords, and small business owners who...
A New Consultation on HMRC Tax Return Changes The UK tax authority has launched a consultation on HMRC tax return changes that could reshape how companies prepare and submit their corporation tax returns. The proposal focuses on modernising the format of tax computations and improving how amendments to returns are submitted. These changes are part...
Rachel Reeves is facing growing pressure to address a tax loophole that benefits foreign online retailers such as Shein and Temu. High street retailers are urging the Government to remove the current rule that allows parcels valued at up to £135 to enter the UK without being subject to tax. Industry representatives argue that this creates an uneven playing...
The UK’s overall tax burden is projected to rise significantly over the coming years, with forecasts suggesting it could reach around £1.4 trillion annually by the 2030/31 tax year. This would represent approximately 38.5% of the country’s GDP, marking one of the highest levels of taxation in modern UK history. One of the key drivers...
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...
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Copyright by CareAccountancy. All rights reserved.
