HMRC clarifies its position on AI in tax software HMRC has recently set out its expectations for AI in tax software, signalling a clear message to developers, accountants, and taxpayers alike. As artificial intelligence becomes more common in tax calculations and compliance tools, HMRC wants to ensure these technologies are used responsibly, transparently, and accurately....
UK travel firms are reporting changes in consumer booking behaviour as rising taxes reduce disposable income. While January has become the most popular month for booking holidays, industry leaders say many customers are delaying decisions in the hope of last-minute deals. Recent Budget measures, including the continued freeze on income tax thresholds and increases to...
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...
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...
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...
Kunal Shah, co-head of Goldman Sachs International, has warned that uncertainty over tax and regulation is hindering small businesses, saying the concerns are causing companies to hesitate on investments and hiring. Noting the impact of the tax burden in the UK, he said the recent Budget “was a focal point for everyone to see again...
Introduction to the Remittance Basis Charge The 2023/24 tax year brought several important considerations for UK taxpayers who use the remittance basis. If you are a UK resident but not domiciled in the UK, understanding how this charge applies—and whether you should claim the remittance basis at all—is crucial for planning your tax return effectively. With changing...
Why VAT Needs a Fresh Look The UK’s Value Added Tax (VAT) system, first introduced in 1973, has become increasingly complex. With thousands of exceptions and outdated thresholds, businesses often find compliance time-consuming and costly. A VAT reform is long overdue—not just to simplify administration, but also to ensure fairness and efficiency for both small...
Stamp Duty Land Tax (SDLT) can be a confusing area, especially when dealing with run-down or damaged properties. A recent Court of Appeal ruling in the case Mudan v HMRC ([2025] EWCA Civ 799) brings important clarity to the residential SDLT rules, especially regarding properties in poor condition at the time of purchase. Background to...
The UK government’s decision to abolish the non-domicile (non-Dom) tax regime marks a significant shift for international individuals living there. This change brings both challenges and new opportunities for those affected. Understanding the implications and exploring strategic solutions is essential to staying ahead. What Is the Non-Dom Regime? The non-Dom regime allowed individuals who are...
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Copyright by CareAccountancy. All rights reserved.
