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CIOT calls for implementation of IHT transitional gifting rule

The Chartered Institute of Taxation (CIOT) has urged the government to implement a transitional rule to allow older farmers and other business owners to gift assets to the younger generation…
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Self-employed overcounted for decades by official data

Official statistics have overstated the size of the UK’s self-employed population for two decades, according to the Institute for Fiscal Studies (IFS). The share of national income flowing to those…
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Bank deposit protection limit to be increased to £120,000

UK bank customers will benefit from an increase to the maximum amount they would be reimbursed for if their bank were to fail from 1 December, the Prudential Regulation Authority…
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UK could fall behind in net zero race, BCC warns

The British Chambers of Commerce (BCC) has warned that the UK could fall behind in the race to achieve net zero. Research carried out by global management consulting firm McKinsey…
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AI will shrink headcount as hiring confidence remains at record low

One in six employers expect AI to shrink their workforce over the next year, with junior roles most at risk, according to a survey conducted by the Chartered Institute of…
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Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 December 2025. The guidance states: ‘you can use the previous rates for up to one month from…
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Over 110,000 taxpayers yet to register for MTD

More than 110,000 unrepresented taxpayers who must register for Making Tax Digital (MTD) from April 2026 have still not done so, according to the Low Incomes Tax Reform Group (LITRG).…
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Expansion of ‘uncertain tax treatment’ rules cause for concern

Government plans to extend the rules requiring some taxpayers to declare ‘uncertain’ tax positions risk creating more uncertainty, compliance burdens and tax disputes according to the CIOT. The uncertain tax…
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Phased rollout of payrolling for employee benefits a ‘welcome step’

The decision to phase in the mandatory payrolling of benefits in kind is a ‘welcome step’ to allow employers and payroll software providers more time to prepare for significant changes,…
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HMRC boosts funding for taxpayers needing extra support

More than £11 million in funding has been made available to taxpayers struggling with their tax affairs. The doubling of funding comes as part of HMRC’s Voluntary and Community Sector…
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Hospitality sector calls for 10% VAT rate

Hospitality businesses, teams and organisations are being urged to sign a new petition calling for the government to cut the VAT rate for the sector to 10% by UKHospitality. The…
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Small businesses to benefit from strengthened debt advice services

Small businesses and the self-employed struggling with their finances to receive a helping hand as debt advice services are strengthened, the Treasury has announced. The Treasury is making a £4…
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MTD for Income Tax: Is Your Record-Keeping Ready for Quarterly Reporting?

The introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) marks a significant change for self-employed individuals and landlords with certain levels of qualifying income. Businesses…
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P11Ds Filed? Don’t Forget Your Class 1A NIC Payment

P11Ds were due for submission on 6 July. However, once benefits and expenses have been reported to HMRC, employers must also ensure that any Class 1A National Insurance Contributions (NICs)…
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Could Your Retirement and Estate Plans Benefit From a Fresh Review?

Retirement planning in the UK is becoming increasingly complex with major changes to pensions, inheritance tax and the wider fiscal framework. Planning for the future, and for the next generation,…
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Autumn Budget 2025

The Chancellor, Rachel Reeves, presented her 2025 Budget to Parliament on 26 November 2025. She made it clear that this would be an Autumn Budget that focused on fairness, with…
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FW Smith Riches & Co Recognised for Client Service Excellence

FW Smith Riches & Co, a London-based firm of ICAEW Chartered Accountants with roots dating back to the 1880s, has been shortlisted for the Client Service Award (Medium and Large…
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Spring Statement 2025

Chancellor Rachel Reeves delivered the Spring Statement on Wednesday 26th March 2025, outlining the economic priorities of the Labour Government and reaffirming a commitment to fiscal discipline and long-term investment.…
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