With around 670,000 child trust fund (CTF) accounts sitting unclaimed by Generation Z adults aged between 18 and 22, HMRC is concerned. CTFs were opened for every child born between 1 September 2002 and 2…
Tips and troncs – what does it mean for your business?
Since July, it has been illegal for employers to withhold tips from staff. The payment of tips will probably result in a national insurance contribution (NIC) cost for both employer and employees, but this extra…
Will increased capital gains tax (CGT) mean less tax gets paid?
Capital gains tax: a minority sport? The Labour Party’s 2024 manifesto said, ‘We will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.’ The absence of any comment on…
Court of Appeal rejects HMRC’s argument for special treatment in winding-up dispute
There’s a new government in Westminster and a “black hole” in the public finances so, HMRC might be forgiven for feeling under pressure to increase its recovery of unpaid taxes. But what is unforgivable is…
Student loan threshold frozen
The student loan repayment threshold for England and Wales has been frozen at £25,000 until 2027, to the detriment of many new university students this September. Increased numbers of UK students are going to university…
Can you spot a fake HMRC letter?
Unfortunately, scam warnings have become a regular occurrence. The latest scam highlighted by HMRC is rather ‘old school’, involving letters posted to companies instead of the more usual digital communication. The scam letters being sent…
Dividend allowance cut doubles taxpayers
With the dividend allowance now cut to just £500, the number of taxpayers paying tax on dividend income for 2024/25 is expected to be double what it was three years ago. Previously set at £2,000,…
HMRC launches VAT registration estimator
HMRC has launched a new digital tool to help businesses estimate the potential impact of their VAT registration. This will be useful for established business owners and those planning to start a business. VAT registration…
Unveiling plans for the Renters’ Rights Bill
While only briefly mentioned in the King’s Speech, the government has now revealed more details of the Renters’ Rights Bill. The Bill will overhaul the private rented sector in England, with some elements also applicable…
Fiscal Drag: Caught in the 60% tax trap?
The number of taxpayers caught in the 60% tax trap has increased by nearly 25% over the past year. More than 500,000 people are now affected by higher tax rates due to their income exceeding…