Pensioners urged to be alert to Winter Fuel Payment scams
HMRC is warning pensioners to be on high alert for scams as the recovery of Winter Fuel Payments begins this month. Almost two million people are expected to repay their…
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Higher energy prices could leave typical British households £480 worse off this year
Higher energy prices due to the conflict in the Middle East are set to make the median working-age British household £480 worse off this year, according to the Resolution Foundation.…
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Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics, including: Reminder of key dates and processes for reporting benefits in kind…
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HMRC investigations doubles additional tax from large businesses
HMRC’s large business directorate has doubled the amount of tax revenue it collects, according to the National Audit Office (NAO). A hands-on approach to tax compliance for large businesses yielded…
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HMRC takes £137 million in late payment interest
HMRC has taken in over £137 million from late payment interest so far for 2023/24, a freedom of information request from investment platform AJ Bell shows. The tax authority has…
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Hundreds of employers handed penalties for illegally underpaying workers
Almost 400 employers from across the UK have been named for failing to pay the minimum wage to tens of thousands of workers, says the government. Around 60,000 workers were…
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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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