Short Turnaround Time For MTD Direct Debits

With a five-day turnaround, taxpayers must make sure they allow ample time for setting up a direct debit instruction for a new Making Tax Digital Service. HMRC has stated that the process for setting up direct debits as the first deadline for quarterly VAT payments will occur this month for […]

making tax digital

Overhaul of Inheritance Tax and Lifetime Gifting Recommended

In order to make things far easier for people, the Office of Tax Simplification (OTS) has recommended that there be a huge reform of inheritance tax. However, they are yet to suggest a way to handle the complex residential nil rate tax band. Inheritance tax (IHT) is primarily applicable on […]

Inheritance Tax

Wealthiest Save £666m due to UK Inheritance Tax Relief

Campaigning group Tax Justice UK have gathered data from HMRC showing that the richest families in the UK are benefiting from a yearly inheritance tax (IHT) reliefs on agricultural land and business property of up to £666m. As a result, the group aim to have a cap on estates of […]

Tax relief

Increases in HMRC Tax Investigations

There has been a rise in legal cases between HMRC and taxpayers, due to HMRC collecting further data from banks and foreign tax authorities in order to send cases to tribunals. This has led to a rise of 43% over 2 years in First Tier Tax (FTT) tribunal cases. There […]


Personal Tax Rate Changes and Allowances From April 2019

Personal Allowance and Higher Rate Threshold There will be an increase in the personal tax allowance starting 6th April 2019, as it moves from £11,850 up to £12,500 and giving a typical tax reduction of £130. The higher rate tax band of income tax (40%) rises from £46,350 to £50,000. […]


2019/20 Tax Year: Business Tax Rate Changes and Allowances

With many business tax rate changes coming into place from 6th April 2019, here is a brief summary of the key points to focus on: VAT: Making Tax Digital for VAT Although Making Tax Digital for VAT is already in place, there is no requirement for companies to file their […]


Auto Enrolment Contribution Increases to 5% for Employees

The Pensions Regulator (TPR) is keen to make sure all businesses and individuals are prepared, as starting this month, there will be an increase to the minimum contributions that employers and their staff pay into their workplace pension scheme. April 6th 2019 saw is an increase from 2% to 3% […]


HMRC Seeks to be Preferential Creditor in Insolvencies

Recently announced by the government, there will be a public consultation on plans to make HMRC a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business. HMRC was once a preferential creditor for certain taxes before 2003, however once the Enterprise […]


Rise in Company Administrations Indicate Trouble Ahead for 2019

From analysis recently produced by KPMG, it has been shown that there was a large rise in the number of companies entering administration in England and Wales during the fourth quarter of 2018. According to notices in the London Gazette, there were 368 companies that fell into administration between October […]


Businesses in ‘critical’ financial distress up by 25% in 2018

According to data from the UK insolvency company, Begbies Traynor, the number of businesses in “significant” financial distress rose by 15,000 to 481,000. Within that total, there was a 25% increase of businesses classified as in “critical” distress in Q4 2018 as compared with the previous year, which amounted to […]