An important consideration when selling your business is whether business asset disposal relief (BADR) will be available to minimise the capital gains tax (CGT) cost. BADR will be less advantageous from April 2026, so company…
Miscalculated corporation tax reliefs targeted by HMRC
Companies that may have miscalculated their corporation tax marginal relief may receive a letter from HMRC as part of a new campaign. The targeted errors could be due to ignoring associated companies. Associated companies Directors…
Changes made to pension relief claims
HMRC has tightened checks on pension relief after finding that a third of claims made by PAYE tax codes were incorrect. The problem Contributions into a personal pension are made net of basic rate tax,…
State Pension Age Under Review Again
Shortly before Parliament closed for its summer holidays, the government announced a review of the State pension age (SPA). Pensioners are a sensitive topic for the government. Not only has it been forced to make…
As summer fades, an Autumn Budget looms…
It is once more the time to turn from sunny thoughts of summer holidays to dark contemplation of the Autumn Budget. In July 2024, Rachel Reeves made her contentious House of Commons statement about the…
Company cars are having a revival
Recently published statistics show that the company car is making something of a comeback, with the number of recipients for 2023/24 up 80,000 from the previous year. From a high of 960,000 company car recipients…
HMRC’s digital roadmap shifts
HMRC has scrapped plans for Making Tax Digital (MTD) to include corporation tax. However, new digital services will be rolled out over 2025/26, as outlined in its recently published transformation roadmap. MTD for corporation tax…
Crypto transactions under new scrutiny
From 1 January 2026, crypto investors will face new reporting requirements when buying, selling, transferring or exchanging cryptoassets, such as Bitcoin. This means HMRC will be able to link cryptoasset activity to your tax record.…
An ominous update for pensions
Unfortunately, it’s all bad news. The government has confirmed that most unused pensions will fall within the scope of inheritance tax (IHT), and that it will review the State pension age (SPA). On top of…
Pre-emptive validation orders in insolvency proceedings
Advanced warning; I'm about to bang on (again) about s.127(1) of the insolvency Act 1986, and what it means for companies faced with the presentation of a winding up petition. For those not in the…