New data from HMRC show the Treasury’s inheritance tax (IHT) receipts have doubled since 2012/13. Source: HMRC. Of all the various taxes levied in the UK, IHT is one of the most peculiar: New figures from HMRC show that in 2021/22 the IHT receipts rose by nearly 14%, with the average IHT bill faced by … More Inheritance tax receipts double in a decade
HMRC late payment interest rates have now been raised six times during 2022 – from 2.6% at the start of the year to a current rate of 4.25%. However, at least there’s some good news, with an uplift to the tax repayment rate. The charge for late payment is set at base plus 2.5%. So, … More Six-fold increase on late payment interest rates
Although there is no general facility to contact HMRC by email, it is slowly moving into the 21st century by providing the option to receive an email response. But of course, this comes with a few conditions. Dealing with HMRC by post can be a slow process. With resources having been spread more thinly than … More Getting in touch: HMRC’s new email facility
The rise of mini umbrella company fraud continues to concern HRMC which has recently updated its guidance for businesses that either place or use temporary labour. Mini umbrella companies can be used to abuse the VAT flat rate scheme and the national insurance contribution (NIC) employment allowance. The VAT flat rate scheme can only be … More The rise of mini umbrella company fraud
The high marginal tax rates created by phasing out the personal allowance are back in the news. … More 60% income tax reappears
With strikes and cancellations affecting trains, the underground and flights, employers need to decide how they are going to treat employees who cannot get into work or are stuck overseas. … More Planes, trains and automobiles – managing employees’ transport challenges
The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT to all VAT registered businesses. … More Are you on top of Making Tax Digital’s latest developments?
No fault divorce became a reality in April. Although it brought no associated changes to the tax rules, divorcing couples should now be in a better position to focus on financial issues – particularly important if not using a lawyer or solicitor. … More Tax implications of no fault divorce
Many individuals donate to charity simply for altruistic reasons, but this doesn’t mean the tax benefit should be ignored. With Gift Aid donations saving tax at an individual’s marginal rate, donors need to watch out for any pitfalls that might preclude relief. … More Charitable giving pitfalls
In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. … More The Chancellor’s May economy statement: all about energy
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