Tax compliance has always been an important responsibility for UK businesses, but recent HMRC activity shows that enforcement is becoming even more rigorous. As part of its latest compliance campaign, HMRC is increasing efforts to tackle high street tax fraud, targeting businesses suspected of deliberately underreporting income, failing to keep accurate records, or evading tax...
The UK’s transition to Making Tax Digital represents one of the biggest changes to the tax system in recent decades. However, recent figures suggest that many taxpayers who will soon be affected by the new rules have not yet taken the necessary steps to prepare. According to analysis by the Low Incomes Tax Reform Group...
The UK tax system is moving towards a fully digital future, and MTD Compliance is at the centre of this transformation. HMRC is encouraging taxpayers, landlords, self-employed individuals, and business owners to prepare early by understanding the upcoming requirements and adopting digital systems before compliance becomes mandatory. While some taxpayers may still think there is...
Director tax returns are now at the heart of evolving UK tax rules, prompting urgent discussions among business owners, accountants, and company directors. According to recent updates from ICAEW, new reporting requirements will apply to the 2025/26 tax year onwards. Directors and self-employed individuals across the UK will be affected. These changes were introduced through...
Dealing with HMRC queries can sometimes be complex, especially when cases involve delays, unclear responses, or technical disagreements. Understanding how to use HMRC resolution services effectively can help agents and taxpayers resolve issues faster and avoid unnecessary stress. HMRC provides structured escalation routes designed to handle disputes, technical concerns, and service-related problems, but using them...
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...
Investors across the UK may see a notable increase in their tax liabilities as capital gains tax (CGT) receipts are forecast to grow significantly over the coming years. Government projections suggest that annual CGT revenues could reach around £5 billion by the 2030/31 tax year. This increase is largely linked to stronger equity market performance,...
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...
HMRC has significantly increased its scrutiny of property deals, with the number of investigations rising by 88% in the 2024/25 tax year. The tax authority has also reported a sharp increase in additional Stamp Duty Land Tax recovered, reaching £200 million. Advisers warn that complex SDLT rules, particularly around main residence status and second property...
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...
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Copyright by CareAccountancy. All rights reserved.
